Author: Lawrence Williams
Posted: Wednesday , 13 Nov 2013
LONDON (MINEWEB) -
Since writing a recent article suggesting that China’s Reserve Bank, the Peoples Bank of China (PBOC), has been building up its gold holdings, but without reporting this to the IMF (see:China’s gold appetite key price driver – Nichols, Klapwijk) we have been contacted by a Bloomberg research analyst, Andrew Cosgrove, who has, with his colleague Kenneth Hoffmann, been working on Chinese gold data, and who has come up with a somewhat similar conclusion. In this case some specific figures have been developed in the research which do tie in well with Philip Klapwijk’s assertion that China has taken some 300 tonnes of gold into reserves in the first half of the current year.
The Bloomberg data, which has been available on Bloomberg terminals since mid October, puts a more precise figure on this, suggesting that in the current year the PBOC will likely add some 620 tonnes into its gold reserves, and possibly even more next given the current lower gold price. China can do this without reporting the increase to the IMF by the simple mechanism of holding the newly acquired gold in a separate account from its official reserves and only transferring it into the ...