Today Stephen Leeb told King World News:
"... In the past, if the Chinese could step out of the way and let gold tumble in price so they could purchase it cheaper they would. Right now I think they just don’t want to add to their citizen’s frustrations with key markets, gold being one of them. If I’m right, then the Chinese will continue to support the price of this metal.
"I would also note that China mined an unbelievable 20% of their proven reserves of gold last year. That’s an almost impossible achievement. That number was reported by the USGS, which is a very credible source for this type of information.
"China mined a total of 355 tons, which was by far the largest amount of gold mined for any country. And yet they are still buying every single available ounce they can get in the open market. Australia was second with 270 tons. Keep in mind that Australia has 4 times the reserves that China has. I have never seen any country mine that percentage of any commodity. What China has done in truly a Herculean feat. ..."