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China currently is a distant 5th behind the U.S. in the extent of gold
reserves it currently owns but gives every indication that it is intent on adding more. How long might it take for China to be number one in gold reserves?
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has edited the article below for length and clarity – see Editor’s Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.
Katchum goes on to say, in part:
The latest data (end of 2011) on gold reserves is given below (CNBC):
1. United States: 8,965.6 tonnes
2. Germany: 3,743.7 tonnes
3. IMF: 3,101 tonnes
4. Italy: 2,702.6 tonnes
5. France: 2,684.6 tonnes
6. SPDR Gold ETF GLD: 1,213.9 tonnes
7. China: 1,161.9 tonnes
8. Switzerland: 1,146.5 tonnes
9. Russia: 960.1 tonnes
10. Japan: 843.5 tonnes
We already know China bought approximately 240 tonnes gold since 2012 started. This puts China’s gold reserves at 1400 tonnes. If China were to buy more than 100 tonnes of gold each month and if we assume that the United States doesn’t increase its gold reserves, China will catch up with the United States in approximately 6 years and 3 months.
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Conclusion
[As early as] 2018 China could conceivably have the largest gold reserves in the world and at the same time… have the largest foreign exchange reserves in the world.
* Original Source
Editor’s Note: The above article may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
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