China Takes Steps to Further Conceal Gold Holdings

I really think China has a gold backed currency in it's future plans - Gary

Sprott Money Blog, The Silver Bug

It has long been public knowledge that China has been secretly adding to its gold reserves. Speculation abounds as to the quantity of gold that China holds, and even further speculation surrounds what they plan on doing with it.

Many precious metals experts believe that China is gearing up for the “end game” in which they will usher in a new global currency, a currency that will displace the US dollar and bring about a new age of prosperity for China. The truth of the matter is we don’t know.

Up until now, the only way investors could get any indication of how much gold China was accumulating was from the monthly release of export data from Hong Kong, which last year supplied $53 billion worth of gold to China last year. All that is about to change.

China has announced that it will begin allowing gold imports directly through its capital, Beijing. China would have no obligation to release or disclose its import numbers, thus making its accumulation of gold even more discreet.

The People’s Bank of China is likely to continue its trend of secrecy; they have made it well known that they intend to diversify out of US treasuries, much to the disappointment of the Federal Reserve.


More…