China has a two-stage gold domination plan. Stage 1 is well advanced with the domestic accumulation of gold rising rapidly, both through importing the metal and banning the export of gold mined within China. Stage 2 is to buy as many gold deposits abroad, and this week we saw another move in this direction.
First, where is Stage 1 up to? Does China’s central bank really have gold reserves of between 25,000 and 30,000 tonnes of gold – which, even at the lower figure, would have given Beijing reserves greater than the other seventeen largest reserves holders put together, including the U.S., the IMF, the European Central Bank, France, Italy and Germany? That’s the view of Alasdair Macleod, a member of the London Stock Exchange since 1974 and who is now a frequent writer on the subject of sound money.
Just last month the Russian newspaper Pravda quoted “unconfirmed reports” that China had 30,000 tonnes of gold and added: “If this is true, it means that China will be capable of bringing down the U.S. dollar in an instant”, referring to the oft suggested idea that Beijing is aiming to have the yuan as the world’s prime reserve currency.
- See more at: http://investorintel.com/market-analysis-intel/china-moves-to-stage-2-of-its-great-gold-grab/#sthash.US7Ki4jH.dpuf
