Gold, China and the civilization shift
They would have to buy $115bn of gold at current prices to raise their bullion to just 5pc of total reserves, and $700bn to reach just half western levels. The killer-term here is at current prices since any such move in the tiny global … So far, China has just 1.7pc of its reserves in gold, or 34m troy ounces. I was told by a top Chinese official that they are buying on the dips so as not to crowd out the market, which means of course that gold cannot “crash” unless …
Tags: bullion, china, chinese, crowd-out, dips, half-western, its-reserves, market, sharp-recovery, such-move, warned-eight, which-sucked
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