"Bron Suchecki of the Perth Mint has done his homework on this subject here. Bron’s background and his tendency towards understatement in a gold world full of hyperbole mean his judgment on this is as sound as anyone’s.
He makes the point that China has encouraged private accumulation. Studying gold flows, he argues that China is aiming for private citizens to accumulate 55% of flow – with the remaining 45% going to commercial banks and the central bank (the People’s Bank of China – PBOC).
His conclusion is that China has understated its official gold – but not by as much as many people were hoping. He arrives at the overall figure of 2,400 tonnes.
Commercial banks are holding another 2,060 tonnes, while there are 6,490 tonnes in the hands of private buyers – for a grand total of 10,950 tonnes in China
Read more:
http://uk.*.com/china-is-hiding-9500-tonnes-of-gold-2015-8#ixzz3k7j7BAK2"
Whether China has 10,000 or in excess of 14,000 tonnes according to that report, they have certainly pulled the wool over the market's eyes.
They must have aggregate gold holdings in excess of 15,000 tonnes, and counting!
Have a drink on that. skol !
