China’s reported gold reserves appear to have doubled in a month! China’s has added to its gold reserves and now holds 1,054 metric tons of the yellow metal, according to a report by the Xinhua News Agency. Xinhua cited Hu Xiaolian, head of the State Administration of Foreign Exchange.
From the Dow Jones report …
Official news agency Xinhua quoted the country’s top foreign exchange regulator, Hu Xiaolian, as saying that China’s gold reserves had risen 454 tons since 2003, the first public acknowledgment of a rise in China’s gold holdings in years.
Government data at the end of March had pegged its gold holdings at 600 tons, a figure unchanged since December 2002. However, the increase in recent years in China’s foreign exchange reserves to nearly $2 trillion suggests the proportion of reserves held in gold might also rise accordingly.
Now, there are some unanswered questions. Xinhua wan’t clear which measure of gold holdings Hu was talking about. As Dow Jones explains …
Another theory is that some of the reserves increase could be the result of refining existing holdings: gold previously held by China that wasn’t of sufficient quality to be included in official reserves has since been refined to an acceptable standard.
Now let’s look at a WEEKLY chart of gold …
I did have a target on gold between $800 and $765, but we don’t have to go there. I’d be happy if this is the bottom.
OTHER NEWS
Orders for Durable Goods in U.S. Fall 0.8%, Less Than Economists Forecast
The 0.8 percent decrease reported by the Commerce Department today in Washington compares with an anticipated 1.5 percent drop, according to the median of 68 estimates in a Bloomberg News survey of economists. The news was tempered by revisions to February figures that showed a much smaller gain than the government previously projected.
Copper Heads for Weekly Decline in London Trading on Outlook for Demand
Copper headed for its first weekly decline since March on speculation that demand is still weakening. Lead dropped after inventories jumped 13 percent.
I’ll have another blog post this weekend for the news I couldn’t find places for this week. Have a good one.
Related Posts
- Gold Chart and China News (07/16/09)
- The China Gold Conundrum (02/18/10)
- China Sovereign Fund Dumps Dollars for Gold and Oil (09/11/09)
- Will China Ban Exports of Gold and Silver? (09/17/09)
- Is China on the Rocks or Not? (09/10/08)
{ 2 trackbacks }
{ 9 comments… read them below or add one }
Thanks Sean,
For all your insight these past many months.
Q: Why is everyone leaving the Money and Markets site?
Ron
How can I track the US dollar? What symbol to use? I use big charts mosty- what symbol can I use?
Thanks, wk
9/4 Why do you include old columns in some of your “Uncommon” columns? If you plan to continue doing this, would you please include the date of the original release of such columns in your “current” column along with a short statement as to why you think it is appropriate for us to read it? It would save me time in waiting for my computer to load what I many times consider to be stale news. Thank you.
Sean,
Great blog - both content and accuracy - and how you say what you think, based on what you see. Well done.
Question: what exactly are you seeing that leads you to think that $GOLD may retest $800 and $765?
Thanks much.
Bill
Tokyo
Hi, Ron
The decision was made to spin Larry, Tony and me off on our own. There are a few reasons for this.
1) We tend to write about global opportunities and natural resources. Martin, Mike and others tend to write about interest rates, etc. There is some overlap — I can think of some articles I’ve written lately where I seem to be channeling Martin (LOL). But this presented an opportunity to give us two groups.
2) By spinning off the Larry/Tony/Sean group, we can focus on our strengths there. Martin and Mike can focus on their strengths at Money and Markets.
3) This will also allow Martin to present new voices — people you haven’t heard much about yet. And Larry, Tony and I should also be able to find similar, interesting people to write on the Uncommon Wisdom website.
The one constant in life is change. So, I’m trying to embrace this change and see it for the opportunity it is. As for readers like yourself, you may have to visit TWO Weiss websites now, but that should lead to more interesting reading for you.
Best,
Sean
Webster, I answered you in my post today. Thanks for writing in.
best,
Sean
sean,
really enjoy your articles, thanks! Since gold is one of your “hot topics” who/where would you suggest/reccomend buying physical gold?
Have a good holiday,
elle
Can you give me an example, Greg? Some stuff may have been copied over on the back end.
i live in kirklandlake ontario canada this is the gold belt where all the gold mines are and i want to know if gold is going to get better or is this it