China Seen by Klapwijk Boosting Gold Reserves as Prices Drop
From Global Research - China and Russia acquiring more gold, dumping dollars
From Gold Seek - Central Bank Gold Reserves growing
China may have increased its gold bullion reserves by as much as 300 metric tons during the first half of the year according to Klapwijk of Precious Metals Insights, to diversify its currency reserves, the biggest in the world. In 2009, China announced its gold bullion reserves to be over l,000 metric tons.
Such purchases may have limited the gold price drops which was at $1,319 per ounce, and gold entered the bear market since April in and fell 23% in second quarter, the steepest since 1920.
Gold is but mere 1.3 % of the total currency reserves of China which stands at $3.66 trillion; US has 73% and has the biggest gold reserves at 8,1335 tons. Germany has 3390 tons
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