A look at Chinese gold demand, as the Dragon moves into pole position among global gold consumers, and a view that gold?s downside risks have been substantially reduced.
by Lawrence Williams
Mine Web
LONDON (Mineweb) ? How much can one believe in the various pronouncements on official gold purchases from China? We have reports of key party officials pointing out that the country?s gold holdings are vastly underweight in comparison to those of most of the major Western nations and that China should be building its reserve base accordingly (and many analysts believe it is indeed so doing). On the other hand, we have had a recent categorical statement from Yi Gang, Vice Governor of the People?s bank of China, that the nation?s official gold holdings remain at 1,054 tonnes ? the stated level last time the country restated its gold reserve back in April 2009.
Well ? the answer is that both positions could be technically correct in politician-speak ? it very much depends on interpretation of the way China treats its gold internally.
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