This month, already vast China gold reserves grew even larger...
The Shandong Provincial No. 3 Institute of Geological and Mineral Survey announced on Nov. 9 it discovered a 470.4-ton gold deposit in the East China Sea. That's the largest and first-ever undersea gold mine found in the country. At the current price of gold, that amount is worth roughly $16.4 billion.
China has noticeably increased efforts to mine and stockpile gold this year.
This month, already vast China gold reserves grew even larger...
The Shandong Provincial No. 3 Institute of Geological and Mineral Survey announced on Nov. 9 it discovered a 470.4-ton gold deposit in the East China Sea. That's the largest and first-ever undersea gold mine found in the country. At the current price of gold, that amount is worth roughly $16.4 billion.
China has noticeably increased efforts to mine and stockpile gold this year.
China and Russia have finally had enough of Western central bankers' clandestine gold market manipulation to prop up the U.S. dollar.
F. William Engdahl, an American-German economic researcher and best-selling geopolitical author, was quoted by business blog Sputnik on Aug. 16. He said that Russia, China, and other emerging economies are involved in & the genial move & to establish an entirely different gold market.
& They stand to add to the new energy surrounding a renaissance in gold as a support of solid, well-based currencies to replace the diluted and devalued dollar system...&
Start the conversation
Leave a Reply
China gold reserves have been kept secret – but we know China is stockpiling faster than ever. And with enough of the yellow metal, China gold reserves could actually harm the U.S. dollar.
China gold demand is insatiable, and its next target is the rainforest of Ecuador. While socialist President Correa sold out to China, the indigenous population is fighting back.
"To get the gold, they will have to kill every one of us first," Shuar chief Domingo Ankwash told Salon journalist Alexander Zaitchik in February.
Can Ecuadorians stop China's march for gold? Here's the full story...
China gold reserves have been secret for six years.
We know two things: China has been amassing the yellow metal, and that with enough of it, China could take down the U.S. dollar.
According to new Bloomberg Intelligence estimates, China may reveal its figures as soon as next month.
Here's the whole story behind China gold reserves and its hold over the U.S. dollar
No one knows exactly how much gold China has. Last disclosed in April 2009, China gold reserves were at 1,054 tonnes. At least, that was the official number given.
You see, China only reports its gold reserves every few years.
While we don't know exactly how much gold China has, we do know one thing: it is accumulating more.
Gold fell by 28% in 2013. That's a huge reversal of a decade-plus trend.
Between 2001 and 2012, gold managed positive gains every single year, a track record unmatched by any major asset.
The precious metal went from a low of $255 in April 2001 to a high of $1,900 in September 2011, for a peak return of 745%.
Since then, gold has given back 35% from its $1,900 high, leading many to call the end of the gold bull market.
But is it really finished?
By looking at history and numerous indicators, I've found a different story.
One that will jumpstart your 2014 profits...
Start the conversation