China could crash US dollar with 30,000 tons of gold: commentary

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China has the ability to crash the unstable US dollar with 30,000 tons of gold reserves, says Chinese economic observer Jin Zihou.

In a commentary posted online, Jin noted that former US Federal Reserve chair Alan Greenspan once said that the renminbi could become unexpectedly powerful in today’s financial system if Beijing would convert its US$4 trillion in foreign reserves into gold.

With the US dollar growing more unstable and China being America’s largest creditor, Beijing could potentially crash the US dollar with 30,000 tons of gold, Jin said. Continue reading

China ‘has more gold than official figures show’

In other words, they could be getting ready to pull the plug.

China could be holding even more gold than previously realised, according to Alasdair Macleod, a researcher at online precious metals trader,GoldMoney.

Official figures from China Gold Association (CGA) show that the Asian superpower consumed 1,176 tonnes of gold in 2013, 41pc higher than in 2012.

However, about 500 tonnes of gold from Chinese mines and scrap is unaccounted for by the CGA.

Mr Macleod believes the country holds more gold that the stated figures suggest, and in fact consumed 4,843 tonnes in 2013 alone. He raised his estimate after researching Chinese Gold Reports, where he said he found details of the amount of gold vaulted.

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