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Sunday, March 26, 2023

China’s gold reserves turn out to be twice as large as Western experts thought

China is issuing a full-fledged geopolitical challenge to the United States, ranging from military and economics to financial resources. The amount of gold has always been large in China, however, according to Western experts, in fact, China’s gold reserves turned out to be twice as large as previously thought.

Thus, according to unofficial statistics, as of December 31, 2022, the Central Bank of China owned 4,309 tons of gold, more than double the officially reported data. If you disregard certain factors, China becomes the second country in the world with the largest gold reserves after the United States. The results of the calculations are provided by the Zerohedge resource.

However, the Chinese private sector owns 23,745 tonnes of the precious metal physically located in the country, bringing the total amount of gold in China to 28,054 tonnes, which is apparently a world record.

Thus, any analysis of NBK’s gold reserves based on known import and domestic production data is flawed, the analysts conclude.

After the unpleasant situation with the freezing of Russian gold and currency reserves by a coalition in Europe and the United States, China is in a hurry to diversify its financial savings in the amount of 3 trillion dollars by replacing the dollar by gold. This explains the interest in the development and production, as well as in the purchase of precious metals, in particular with the preservation of the relative secrecy of the process.

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