China’s Secretive Gold Holdings May Soon Be Revealed To All

gold reservesThe Silver Bug: Next month could usher in a new era for the gold market. Policy makers in China have been pushing hard in their attempts to get the Yuan included in the IMF’s elite fiat currency basket, the SDR, also known as the Special Drawing Right.

This fiat currency is the king of all fiat currencies.

It is exclusive to central banks and is valued even more highly than dollars, which has lead to much speculation about the future of its use.

Some experts have even gone as far to say, that it will one day replace the US dollar as the reserve currency of the world, creating one global currency.

Personally, I highly doubt that this will be the case.

I have higher hopes for the world and I am optimistic that one day, gold will return to its rightful place in some way, shape, or form.

One country that has intentions of usurping the US dollar as the reserve currency of the world, is China.

China has been steadily and vigorously accumulating hard assets for decades.

They have not sat idly by and have been hard at work, diversifying out of their massive stockpiles of US dollars and moving into gold, oil and just about any hard asset you can name.

Yet, China knows that to most effectively diversify out of US dollars, they must do so as secretly as possible.

If not, they will explode whatever market they are attempting to move into through their diversification, and thusly lessen their ability to acquire the desired asset.

One such asset that China has been especially secretive of is gold.

Since 2009, China has kept a tight lid on its total gold holdings.

At that time period, it was reported that China held 1,054.1 tons of gold.

Since then, China has not updated its official numbers. We know that China is the worlds largest gold producer, yet doesn’t export an ounce.

We know that China imports a massive amount of the yellow metal and is the second largest consumer of gold, only behind India.

Yet, we don’t know how much they have acquired.

(…)Click here to continue reading the original ETFDailyNews.com article: China’s Secretive Gold Holdings May Soon Be Revealed To All [SPDR Gold Trust (ETF), iShares Silver Trust (ETF)]
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)