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For many years now, the big question in the world gold picture has been Just How Much Gold Does China Have? Not gold in the ground, but gold held in their central bank reserves. Early this month China said they added 10 tonnes to their strategic holdings, but does that make sense? China’s “policy” is that no raw gold can leave the country.
Yet Chinese miners produce gold every year, some of which is used by industry for things like electronics and jewelry. And we know China imports gold through the Shanghai market for jewelry production. Market watchers believe the figures don’t add up, and China must have accumulated a lot more gold than they’re admitting. Market watcher Ronan Manley published an article Friday detailing the Chinese gold picture and gives a projection on the possible true size of the Chinese stockpile. Great reading for a Monday morning!