The Daily Ticker’s Lauren Lyster interviewed Jim Rickards regarding the Bundesbank’s recent announcement that it will repatriate over 600 tons of German gold from the NY Fed and the Bank of France, and its implications on the gold market over the short and long term.
Rickards stated that the Bundesbank’s gold repatriation is world historical, is massively bullish for gold, and believes that China has doubled to tripled its gold reserves since the last official statement of 1,054 tonnes in 2009!
Lyster asked Rickards how much China’s gold reserves might actually be increasing:
China’s gold reserves are going up. We don’t know officially how much they’re going up, officially they say its 1,054 tonnes. But when they announced that in 2009, their previous announcement was 600 tonnes in 2004. They spent 5 years acquiring 500 tonnes secretly. Not it’s been 4 years since then, and I’m certain they’ve been acquiring it secretly in the meantime. In fact I know, as I’ve been to China and Hong Kong recently and spoken to the people who have been buying the gold for the Chinese account. So we don’t know exactly how much they have, I estimate over 2,000 tonnes, but I’ve heard some estimates of 3,000 tonnes. And they don’t have to move their gold from London, because they send it directly to their vaults in Shanghai.
Full article: Jim Rickards: China likely has accumulated 2,000 — 3,000 tonnes of gold reserves! (Silver Doctors)