By Matthew Kerkhoff
After six years of silence, China has finally released an update on their gold holdings. As of June, the People’s Bank of China (PBOC) owns 53.32 million troy ounces. This represents a 57% increase from the last time they reported, back in April of 2009.
With the additional gold, China moves into the number five spot in terms of total government holdings. Topping that list is the U.S. with a supposed 261.5 million ounces of gold. The next three largest owners of gold are Germany, Italy and France.
Rumors have been circulating for years that China has been accumulating significant quantities of the precious metal. The figure just released validates many of those rumors; however, it falls short of what many analysts were predicting. Depending on who you ask, the rise in China’s holdings represent only about half of what was expected.
Whether the figure is accurate is up for debate. But ... Log in or subscribe to continue reading.