Tag Archives: PBOC

Pravda: China Has 30,000 Tonnes Of Gold

I have not been able to find any analyst who can say for sure when China will announce the updated status of the PBoC’s (China’s Central Bank) “official” gold holdings.  Even more uncertain is the guesstimates on what number China will report.  While no one expects China to report its true gold holdings, we will be releasing a video on our Shadow of Truth channel shortly in which Alisdair Macleod discusses why he thinks China will report somewhere between 3,500 and 8,100 tonnes.

Pravda published an article in which it asserts that China has accumulated 30,000 tonnes of gold:

According to Duowei News, to ensure its domination, China is saving up gold. According to unconfirmed reports, China already has about 30,000 tons of the precious metal. If this is true, it means that China will be capable of brining the US dollar down in an instant.

You can read the rest of this here:  Pravda/China’s Gold

ChinasgoldWhile no one with any sort of knowledge about the gold market believes that the United States has anywhere close to the 8,100 tonnes it has been reporting since 1971 – in fact, any remaining gold likely has been or will be leased/hypothecated – there is a raging debate as to how much gold China owns.  Again, I believe Alisdair Macleod has what I believe is the most definitive estimate, which he has backed up with painstaking research and documentation:  China’s Gold Strategy

Chinese Gold Buying Stampede

It seems the longer the Federal Reserve and its representative bullion banks keep a manipulative lid on the price of gold using paper gold naked shorts, the more physical gold the Chinese buy:

We can see elevated gold purchases on wholesale level (SGE withdrawals) of late, rapidly being sold to end consumers in the shops at the moment. China Gate News Channel reported on January 3rd a “stampede phenomenon” in a shopping mall in Beijing, were gold was sold at a rate of 400,000 yuan per minute (Bullionstar.com)

On the Shanghai Gold Exchange itself, another 59 tonnes were withdrawn last week (Bullionstar.com).  That makes a total of 374 tonnes YTD, which is up 17% year over year.  Please note:   This does not take into account the amount of gold being accumulated by China’s Central Bank, The Peoples Bank of China.   The PBOC is the only entity in China that is not required to source its gold from the SGE.   Here’s a snapshot of the of the massive gold accumulation going on in China (source:  goldchartsrus.com):

SGE

It is highly probable that China’s gold accumulation, including whatever amount the PBOC is taking down, exceeds the annual global mine supply. While the Fed/US Government maintains a tight policy of using paper gold to suppress the natural market price, the eastern hemisphere continues to gorge on cheap gold. By the time the mainstream in the west wakes up to what is going on, it will be too late.

While everyone is currently worried about what will happen to the euro and the EU if Greece defaults on its debt, one has to wonder what will happen when the west – specifically the Fed/bullion banks – defaults on its massive paper/leased/hypothecated gold short position, the size of which dwarfs the amount of outstanding sovereign Greek debt…

Central Banks Buy 75 Boeing Dreamliners Worth Of Gold In 2014

Please note – And this is extremely important – the amount of gold purchased by Central Banks in 2014 DOES NOT include any amount of gold that was accumulated by China’s Central Bank, the Peoples Bank of China. This is a fact that mainstream media or the World Gold Council will not report.

The World Gold Council is reporting that Central Banks purchased 477.2 metric tonnes of gold in 2014.  Apparently this would be enough to purchase 75 Boeing 787 Dreamliners.  Governments added 477.2 metric tons to their reserves, the second-biggest increase in 50 years and 17 percent more than a year earlier, the World Gold Council said in a report Thursday. Based on the average price of gold in 2014, central banks probably paid about $19.4 billion. A Boeing 787-9 has a $257.1 million retail price, according to the company’s website.  Bloomberg News

This amount represents roughly 25% of total amount of gold produced by mines globally during 2014.  That’s another fact that won’t be reported.

The report lists Russia as being the biggest buyer.  Of course, in what has become standard western media fraudulent and misleading journalism,  recall that American business news made an attempt at reporting that Russia was unloading gold toward the end of 2014.  Subsequent disclosure from Russia’s Central Bank revealed that Russia was in fact buying up large quantities (www.goldchartsrus.com, edit in white is mine – click to enlarge):

150123Russian_Reserves

Further, please note that the number from the WGC does not include any gold hoovered up by the PBOC.  The WGC notoriously is incredibly inaccurate with its estimates on gold imported into China.  It has absolutely no clue how much gold is being accumulated by the PBOC.  Of course, no one else outside of the highest circles of Chinese Government knows this either.

Thus, any estimate of Central Bank gold buying during ANY time period should be asterisked with a note that states explicitly that the number is an estimate that does not include PBOC purchases.