Seeking Alpha

Sufiy's  Instablog

Sufiy
Send Message
Sufiy is a Seeking Alpha contributor.
My blog:
Sufiy
  • China Expands Gold Reserves To 2,710 Tons - Third Largest In The World GLD, TNR,v, MUX, GDX 0 comments
    Jan 17, 2014 10:31 AM | about stocks: ABX, TRRXF, MUX, GDX, GG, GLD, SLV, NEM, RGLD, AUY, SLW, FCX, RIO, BHP, TCK, VALE, SSRI, PAAS, NG, KGC, EGO, GDXJ, FXI, CU, BVN, PPP, GORO, ASM, HL

    Now we have the confirmation from China IMF reporting to the previous report from Bloomberg. China is very serious in accumulation Gold and latest reports from Germany about the Gold price manipulation are coming now with the record leverage at COMEX with 112 owners per each ounce of Gold!

     

    ZeroHedge: Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says GLD, TNR.v, MUX, GDX


    "ZeroHedge reports on latest news from Bloomberg about Gold manipulation investigation in Europe. No surprises for us here - it is worse than Libor scandal. Will this news propel Gold above $1270 now to confirm the Double Bottom Reversal in 2013?"

     

    Arthur Cutten: COMEX Gold Potential Claims Per Deliverable Ounce Rises to Historical High 112 to 1 GLD, TNR.v, MUX, GDX


    "After issuing his Buy Signal on Gold, Arthur reports the new historical all-time-high leverage at COMEX with 112 potential owners for each one ounce of Gold!"

     

    Bloomberg: China May Become The Third-largest Holder Of Gold GDX, TNR.v, MUX, GDX

    "Here it comes and a lot of people will be taken totally by surprise. Record buying of Gold by China last year will be translated in the much higher Gold holdings by PBOC. Bloomberg reports that these holdings could surpass now those of Italy and France - Jim Rickards talks about the announcement by Chinese Central Bank of 5,000 t of Gold holdings in the nearest future. It will be the game changer and puts Gold solidly into the investment game as well. Yesterday shock with Jobs numbers can be the sign of the real state of US Economy and it means that FED does not have any real exit strategy from QE permanent state. In another news Royal Mint in UK has run out of gold coins due to the exceptionally high demand."

    Shangahai Metals Markets:

     

    China Expands Gold Reserves, Surged Past Italy & France in Ranking


    14 Jan 2014 Last updated at 06:47:50 GMT

    BEIJING (Scrap Monster) : Claiming to have vaulted France and Italy in terms of gold reserves, China has announced that they have expanded their gold reserves by 76 %, thus becoming 3rd largest gold reserves in the world. According to the voluntary reporting system of IMF which monitors international gold reserves, China's gold reserve have increased from the last reported holdings of 1,054 Tons in 2009, April to 2,710 metric tons currently.

    China claims to have surged past Italy which has current holdings of 2,451.8 tons of gold reserves followed by France having 2,435.4 tons. The accurate reports released by the World Gold Council Data has placed US at the first position of world ranking for holding largest gold reserves which is 8,133.5 tons. The percentage of foreign reserve in gold in US is 75.1 %. Germany holds the second position with 3,391.3 tons of gold reserves.

    In order to acquire the position, the Central Bank of China had added 622 tons of gold last year which was a massive boosting from the 380 tons of 2012 estimate. China had surged several nations to become the largest producer of gold. It has boosted its gold reserve without purchasing gold from global bullion market. While most of the major gold producing nations are reporting the decline of production, China remains to increase the production.

    Author: Paul Ploumis"

Back To Sufiy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.