China has reportedly imported 68 tons of gold from Hong Kong in June, bringing China’s 1st half 2012 gold imports total to a staggering 383 tons of gold!
To put this number in perspective, China’s gold imports over just the first half of 2012 would rank China as the World’s 14th largest owner of physical gold!!
Got Phyzz?
China continues to do one thing. Buy. Because while earlier today we were wondering (rhetorically, of course) what China is doing with all that excess trade surplus if it is not recycling it back into Treasurys, now we once again find out that instead of purchasing US paper, Beijing continues to buy non-US gold, in the form of 68 tons in imports from Hong Kong in the month of June. The year to date total (6 months)? 383 tons. In other words, in half a year China, whose official total tally is still a massively underrepresented 1054 tons, has imported more gold than the official gold reserves of Portugal, Venezuela, Saudi Arabia, the UK, and so on, and whose YTD imports alone make it the 14th largest holder of gold in the world. Realistically, by now China, which hasn’t provided an honest gold reserve holdings update to the IMF in years, most certainly has more gold than the IMF, and its 2814 tons, itself. Of course, the moment the PBOC does announce its official updated gold stash, a gold price in the mid-$1000 range will be a long gone memory.
Read more:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
He who owns the gold, makes the rules. As much as I like gold and how I feel when I buy gold, silver fundamentals are astounding.
China admits to importing 383 tons of gold. That’s what they couldn’t hide. They are trying to buy without running the price up. One way they do this is by buying gold ore concentrate out of Alaska.
Another 383 tons known, and more than that hidden. Plus all that India and the middle east nations are buying and Russia too! Where the *^5@ is all this gold coming from?
Hi rocketsredglare, good question. Look up what Bix Wier has to say about how much gold the world has, I think you will be amazed.
Right on, UD. Another way is to simply buy gold mining properties via a trust or syndicate that doesn’t have Bank of China stamped all over it. It is more than about time for ALL Americans to wake up and ask themselves, “Why is China diversifying out of US dollars and Treasury paper?”. The next question is, “Why aren’t we doing some of that as well?”.
Diversification is one of only 2 free lunches that small investors will ever get. Failing to understand its importance and making use of it is nothing more than throwing away one of our two advantages in the markets. IMHO, anyone who holds ALL of their wealth in US dollars or in US dollar denominated assets is not properly diversified. Diversification can be applied in many ways: asset classes; regions within the US; world regions; alternative assets; commodities; agricultural assets; and currencies (including gold, which IS an alternative currency, Uncle Ben’s and Warren Buffet’s distaste for the stuff notwithstanding.
Ditto. We have all heard Kramer play “Are You Diversified?”. Not if everything is in U.S. denominated paper you are not. Sorry Jim. No Booyah. For the little guy, EverBank(located here in the U.S.) has foreign currency accounts.
Buy it up China! Drive up the price!!1
Bigrsoul: Good read, that would explain many things wouldn’t it! I have read stories of Yamashita’s gold and the Grand Canyon mines and Chocolate Mt. Ca, When Clinton turned clean burning coal deposits in Wyoming into a national park gives validity to the hiding of resources theory. Of course that action also gave Red China a global monopoly in clean burning coal, The Wyoming coal wasn’t a secret, so his motives I question!
Better sources than Bix Weir report that Yamashita’s gold was real, but it’s all been liquidated years ago by the CIA, etc to pay for operations. I’ve been down in the Grand Canyon, geology isn’t right for gold. And Chocolate Mt. is interesting. It may hold a really big placer deposit. But who knows, can’t get near the area anymore.
The Chinese are really taking over the bullion market. Soon the YUAN will be backed by the Shiny stuff. New world currency coming, lookout greenback
Meanwhile the U.S.’s supply of gold assets is looking more like this:
