China has world’s second largest gold resource
By GCRU Gold News on Thursday, June 12 2014, 07:44 - Permalink
According to a report on Asia First Chan Yanhua, Director of the Bureau has said that reserves found through geological prospecting had been increasing faster than the country’s mining rate – and had seen a substantial rise over the past three years. The Bureau put China’s gold resources as being 8,200 tonnes (263.6 million ounces), which it says is only exceeded by known South African resources of 31,000 tonnes (close to 1 billion ounces).
--- There is, of course, also much speculation that China has been quietly building up its government controlled gold holdings similarly, but not reporting any increases to the IMF until it considers it politically expedient to do so. At Mineweb we would not be at all surprised if China is now the world’s No. 2 holder of gold as well, ahead of Germany whose central bank retains around 3,387 tonnes. The U.S. is comfortably in first place here with holdings reckoned to be 8,133.5 tonnes – but speculative reports suggest that China may well be aiming ultimately to exceed this figure, taking the view that its gold reserves will stand it in good stead in any changes which might be forthcoming in the world financial order – and in particular in any move to replace the U.S. dollar as the world’s reserve currency.