Hoarders: China Has Imported 383 Tons of Gold in the Last 6 Months
- Posted on August 16, 2012 at 7:24am by
Becket Adams
- Print »
- Email »
Not impressed by the headline? Consider the following: China has acquired more gold in the last six months than there is in all of Portugal, one of the EU’s largest holders of the precious metal.
Does that sound a bit more impressive?
“While the highly ‘sophisticated’ traders that make up the gold market continue to buy or sell the precious metal based on whether the Fed will or will not do the NEW QE [Quantitative Easing] tomorrow … China continues to do one thing. Buy,” writers at Zero Hedge report.
And they’re not kidding. China is on a mission:
Courtesy Zero Hedge (click to enlarge)
You know, we may have found the answer to yesterday’s question about China’s U.S. Treasury sell-off goals.
“[I]nstead of purchasing US paper, Beijing continues to buy non-US gold, in the form of 68 tons in imports from Hong Kong in the month of June. The year to date total (6 months)? 383 tons,” the Hedge reports.
“In other words, in half a year China, whose official total tally is still a massively underrepresented 1054 tons, has imported more gold than the official gold reserves of Portugal, Venezuela, Saudi Arabia, the UK, and so on, and whose YTD [Year to Date] imports alone make it the 14th largest holder of gold in the world,” the report adds.
Here‘s a list of the world’s top gold reserves:
Courtesy Zero Hedge
It‘s important to note that China hasn’t given the International Monetary Fund “accurate” (i.e. honest) estimates on their gold holdings in years. So take their above figures with a grain of salt.
“[T]he moment the PBOC [People's Bank of China] does announce its official updated gold stash, a gold price in the mid-$1000 range will be a long gone memory,” Hedge adds ominously.
Let’s do a quick recap, shall we?
1. Has China been selling off its stake in U.S. Treasurys? Yes.
2. Has China been importing hundreds of tons of gold? Yes.
3. Has China been buying and developing large portions of land in Africa? Yes and yes.
4. Are both land and gold considered safe haven investments during times of economic and social unrest? Yes and yes.
If China’s actions are any indication of what lies ahead, is it safe to assume things are going to get really interesting, really fast?
Follow Becket Adams (@BecketAdams) on Twitter
Front page photo source: AP.
Popular Stories
Does Misstated Marathon Claim Prove Paul Ryan Is Dishonest? (POLL) 695 Comments
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 506 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 352 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 339 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 328 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 328 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 339 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
President Obama Issues Major ‘Green Energy’ Executive Order 252 Comments- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 148 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 328 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (53)
MammaKeepsitReal
Posted on August 16, 2012 at 5:07pmUnless other comment makers to this article are multi-multi-millionaires/billionaires, I doubt seriously any of us have the ability to purchase a significant amount of gold. With that said, it makes perfect sense that Chinese govt,….and wealthy Chinese bankers (primarily Japanese), are buying up gold as they also hold up the U.S. dollar. It would appear that this hoarding that does not come close to what European, Israeli and Canadian bankers have hoarded in gold, bespeaks of an imminent collapse of the U.S. currency. The next question is does this govt and the corporations of America even care what impact this is going to have on the American people. I shall answer that: NO!
Report Post »sgtstubbs
Posted on August 25, 2012 at 3:55pmSimple they are going to put the over priced Won on a Gold Standard basis. Any takers. Also try to buy a loaf of bread with a 4000 dollar oz of gold….Nope I suggest silver…and lots of it. It will trade at least face value.
Report Post »WithOutGodWePerishAsARepublic
Posted on August 16, 2012 at 2:57pmGold and land ??? Maybe in the short run in the next few years..?? But, what will surpass those two in value if everything goes to h#ll in a hand basket…is water !!!! Water will be the gold and oil of tomorrow !!! Usable and drinkable water !!!!
Report Post »Oh well...
Posted on August 16, 2012 at 1:47pmREALLY? Seems you’re being misled. That’s the EXACT same amount as in 2010. Someone is hiding gold and no one is really paying attention. http://www.mineweb.com/mineweb/view/mineweb/en/page31?oid=117410&sn=Detail&pid=31
Report Post »jsweetman
Posted on August 16, 2012 at 3:33pmthus, this story
Report Post »jackact
Posted on August 16, 2012 at 1:44pm383 tons of gold……and not a drop of crude oil in sight.
Report Post »Plus massive food shortages and a hungry population of dissidents struggling to overthrow the regime.
This is not a superpower no matter how the drive-by media reports it.
This is just another communist failure in the making.
Watch how it all unfolds during the next few years.
The second our oil drilling commences, they will collapse.
sgtstubbs
Posted on August 25, 2012 at 3:56pmVery good comment and it is or can be right on the money….
Report Post »MrKnowItAll
Posted on August 16, 2012 at 1:04pmI think we should INVADE Lebanon and take All their GOLD.
Report Post »Miami
Posted on August 16, 2012 at 1:02pmMost people understand buy low sell high?!
But if you wanted to trash the world economy you buy at any cost till you amass enough to flood the market and tank the value world wide. Recall the housing market crash anyone, if you still believe that was greedy bankers you’re not as smart as you thought and would you like to buy some land with great water views 360* of them.
Report Post »Elena2010
Posted on August 16, 2012 at 5:43pmMansa Musa made gold cheap in Egyptian markets on his way to Mecca.
Report Post »Man-On-A-Mission
Posted on August 16, 2012 at 12:33pmGold is, always has been and always will be, real tenure……
Report Post »maverick4harlot
Posted on August 16, 2012 at 12:53pm“Beijing continues to buy non-US gold, in the form of 68 tons in imports from Hong Kong” Ok lets clean it up a bit….
“Beijing continues to buy from Hong Kong”
There we go. China is buying from CHINA.
Where is the story here????? It’s kinda like saying Oklahoma is buying from Texas .
Report Post »And the story here is??????
woodyee
Posted on August 16, 2012 at 12:01pm@BaltimoreJoe
Hmm, you’re a young-un…the unions used to put on a little commercial that lots of us kids sang to – “Look for the Union Label. It says we’re able – to make it in the USAaaaaaaaaaaa!”
Then the Feds atarted making doing business in the states tough (Carter had a 90% tax on “wealth). Some States made it difficult to do business in them; some States made it AND today MAKE it difficult to LIVE in them, do to confiscatory tax rates. Prop 13 passed in CA because folks were losing their PAID OFF homes to confiscatory tax rates.
Doing business is so bad in our Country (one of the highest business tax rates in the industrialized world) that even Gobblement Motors does most of it’s business – in CHINA. UNIONS, amking confiscatory demands of their employers and/or tax payers are also to blame (along with spineless HRO‘s CFO’s and CEO’s) for pricing themselves right out of the market.
I don’t look for the Union Label, because in these days of confiscatory tax rates for individuals, and the coming TSUNAMI of tax increases in January because of Gaybama and his tax-dodging Administrative personnel, it’s TOO DANG EXPENSIVE.
Report Post »Uncurable wound
Posted on August 16, 2012 at 11:23amcnbc lies
Report Post »Gold Demand Hits Lowest in Over 2 Years:
http://www.cnbc.com/id/48685083/comid/1/cache/900#comments_top
In the first half Chinese demand also fell 7 percent to 144.9 tons.
zoro51
Posted on August 16, 2012 at 10:44amwho knew china was THAT NORNEY for gold.. already they make FAKE art now buying up gold??? DAFT ****** when will you learn… NEVER i guess… OH WELL
Report Post »blanco5
Posted on August 16, 2012 at 10:30amHow “capitalist” of them.
Report Post »Patriot12
Posted on August 16, 2012 at 10:21amThey could not get it in the Olympics so they will just buy it like the cheaters and scammers they are.
Report Post »Cuthalu
Posted on August 16, 2012 at 9:57amChina has for years been stealing billions around the world of paper money for every country through schemes and scams galore now they are taken that ill-gotten gain and turning into something of actual worth(gold) so when the world currency fail, they will be on top of the pile from what they do best. Cheating.
Report Post »shogun459
Posted on August 16, 2012 at 10:35amI Guess they’re taking Glenn Beck more serious than the MSM, Hmmm I wonder why?
That’s a LOT of Farmville Bucks and In-Game Credits.
Report Post »BaltimoreJoe
Posted on August 16, 2012 at 10:41amAt some point we need to come to grips with the fact that company‘s didn’t necessarily go to China because they wanted to, though many did, and China isn‘t doing anything that we as Americans aren’t letting them.
Fact is we Americans don’t give a crap about each other. We buy our flatscreens and other stuff from China because it costs 10-20% less than what we make here. Plenty of company’s only went after we Americans nearly drove them out of business.
We need to look for made in America tag. Electronics and other manufacturers will come back to the U.S. only when we force them to through buying power. Happened in the auto industry and it can happen elsewhere.
Report Post »zoo9guy
Posted on August 16, 2012 at 9:29amChina has imported 383 tons of gold, because it is minting 550 tons of gold coins…since they can’t send us lead paint coated toys, the need to get rid of it somewhere!
Report Post »Detroit paperboy
Posted on August 16, 2012 at 9:23amAnd our government is importing illegal aliens and encouraging them to sign up for welfare……great.
Report Post »TH30PH1LUS
Posted on August 16, 2012 at 12:50pmPerhaps the Federal Government is scrambling to figure out how it’s going to make up for the 50 MILLION people who have been aborted in this country (chopped up and sucked out of wombs = dead = not working, paying taxes, or anything else for that matter)
We’ve screwed up big time. Now the Gub’ment thinks two wrongs make a right. They owe an apology and full refund to every legal immigrant.
p.s. China buying tons of gold because they are preparing for global economic disaster. I hope Blaze readers are doing something to prep for hard times…
Report Post »midwesthippie
Posted on August 16, 2012 at 8:53am…china is very busy minting coins (.99 fine) as well as gold bars. there have been rumors of people buying large quantities of gold bars that contain small bars of steel inside. perhaps the chinese are in the business of selling “impure” gold bullion to suckers like soros…either way, the amount of gold they are buying is declining as of april and is not measured against how much they are selling. so before glenn gets your teeth chattering do some research on your own…
Report Post »JOE
Posted on August 16, 2012 at 8:41ami Know gold market …………….Jimmy Carter started it……………….Obama helped it when he came in cause it fell some…………..but so did everything else ………………………..Regan payed Iran in gold not currency………………….smart move from 879 it went to 560 leveled than dropped when they had to sell …………………Will happen again if the right preson wins whitehouse i say it in small letters cause that is what the white house is today …………..A small person trying to be a big person like JIMMY CARTER …………….but this man makes MR. Carter look like a prince…………..cause Obama undid the middle east Carter played JC in middle east with peace…………..Gold will dive in future if there is a change in WHITEHOUSE……………..EVEN HAVING war wont keep it up cause like in 80s alot has been sold out by common ppl and it becomes a elephant in a closet not being used consummed and only traded due to price ……………….But the power of china isnt in gold its in the people what would happen if iran ask china tyo help them in armed forces protect there oil CHINA HAS A ARMY…..and millions to kill to get what they want if they want it ………….plus they need oil more than gold …………….
Report Post »BEWARE THE TIME IS COMING AS GOLD WILL DROP……………..
RELEASETHEKRAKEN
Posted on August 16, 2012 at 12:23pmYour comment is unreadable. Learn. To. Write.
Report Post »lukerw
Posted on August 16, 2012 at 2:32pm@RELEASE…
Report Post »I read it…. and I understood it!
progressiveslayer
Posted on August 16, 2012 at 8:29amChina is a communist state but they know business and they’re in the business of destroying America.
They knew they couldn’t defeat us militarily so they went the economic route,and when they stop buying our debt it’s like the old man from Texas said,this ballgame is over.
The dollar will collapse and no politician with a nice smile will be able to stop it,economics rule,politics is theater.
Report Post »BaltimoreJoe
Posted on August 16, 2012 at 10:53amPersonally I’d print them a $6T dollar bill, fedex it to them, saying ‘good luck cashing that anywhere’.
Report Post »scrapadapolis
Posted on August 16, 2012 at 8:28amWell we know they listen to Glenn in china.He has been telling us to buy gold for years.
Report Post »The Jewish Avenger
Posted on August 16, 2012 at 9:53am$390,408,000,000
In reserves?
(Assuming $1,500/oz.)
Thats only covering 2.44% of our total debt (Also assuming 16 trillion)!!!!
Me thinks if thats all we have, we’re in trouble….
Report Post »702TruthSeeker
Posted on August 17, 2012 at 2:34am8,133.5 tonnes @ 1600/oz:
$ 000,418,396,955,200
US unfunded liabilities:
120,190,111,500,000
Tonnes of gold needed to put us back in the green:
2,336,457
“A total of 165,000 tonnes of gold have been mined in human history, as of 2009.”
http://en.wikipedia.org/wiki/Gold
this is what a tonne looks like:
http://s3-media4.ak.yelpcdn.com/bphoto/Yxg5PNdkyj-AfoXmBwKtsg/l.jpg
does anyone even understand how ridiculous it all is and how screwed we are? there is only one way out of this, and it ain’t gonna be pretty
Report Post »702TruthSeeker
Posted on August 17, 2012 at 2:37amchina has 500m+ internet users, census has US population at 311m
Report Post »louise
Posted on August 16, 2012 at 8:14amGold is money.
But what does God say about Gold?
“The Gold and Silver is Mine”
Report Post »progressiveslayer
Posted on August 16, 2012 at 8:43amYes gold is money and the green paper we carry around is backed by nothing,it has lost most of it‘s value and soon will lose all it’s value thanks to the fed. ALL currencies fail it’s just a matter of time and our fiat currency is on borrowed,no pun intended, time.
Report Post »paul1149
Posted on August 16, 2012 at 11:03amThat’s right. And all else being equal, He would love to bless us with it. But the problem is that this nation is no longer His. At least not the elites running our societal power centers.
Report Post »TRILO
Posted on August 16, 2012 at 7:59amNo the Chinese are not hoarders, they are smart. They know what is coming and they are helping to orchestrate it. Heck, we as the American people do not even know if we hold the gold our government says we have, as they will not audit the Federal Reserve.
When they pull the plug, the USA as we know it will go straight down the drain. It has already started with countries making currency swaps between themselves to purchase goods and services, especially oil and natural resources. Could this be why NOAA, the Social Security Administration, DHS are buying weapons and ammo at an alarming pace.
Report Post »BaltimoreJoe
Posted on August 16, 2012 at 10:49amWho can blame them for trying to get around the dollar? Every country in the world pays more for everything they buy each time we run a deficit and print more dollars. It‘s inevitable the dollar will fall if we don’t do something (RnR) quick.
However, we grow the worlds food, yes? We still have all resources God gave us, just need the will to build it back up and take out all politicians standing in the way.
Come on, what politician is scared…I mean only 61% of eligible voters cast a ballot in 2008.
Report Post »meeester
Posted on August 16, 2012 at 11:21amWe certainly showed them what we thought of our own currency. it took them a while but apparently they decided to believe us.
Report Post »Penn
Posted on August 16, 2012 at 7:51amI have two questions. Has the US government or Fed bought any gold lately? Secondly, I hear there are a lot of Americans who have been acquiring the 3 precious metals, I wonder how much? 300 tons=600,000 lbs/ 1,200,000 American citizens =8 oz x $1600= $12,800.
Report Post »Freedom is a wonderful thing if you use it and protect it.
hempstead1944
Posted on August 16, 2012 at 7:41amDoesn’t take a rocket scientist to figure out this one……
Report Post »Snowleopard {gallery of cat folks}
Posted on August 16, 2012 at 7:39amChinas leaders see the end of the dollar coming fast and hard; and are thus making a safe bet on the gold currency reserves. In the case of our gold reserves, given the way Obama has everything so entangled in corruption, I would not be shocked to find out he got rid of all the gold and will announce such just before he leaves office.
Report Post »mama6
Posted on August 16, 2012 at 8:02am@Snowleopard Makes sense!! He’s not gonna just go away quietly!!! What did the people of the USA do in 2008? They hired a dictator & now they are gonna pay the piper!!!
Report Post »Mil-Dot
Posted on August 16, 2012 at 12:10pmI hear what you are saying Snow. When this joint goes belly up there are going to be tens of millions of very angry Americans with guns looking to punish the criminals and their buddies that caused this. They and their family members will be flushed out into the streets, chased down and grabbed by the hair from behind. We all know what happens next.
Report Post »raderby
Posted on August 16, 2012 at 7:38amtheir people are now allowed to own silver. That makes for a huge bank for the gov’t that no one has to build or maintain- just take it if times get tough for the gov’t. Go out and collect it from the peasants.
Report Post »24 Liberty
Posted on August 16, 2012 at 10:35amExcellent point, we are facing same scenario here as well. No doubt the US feels by “allowing” citizens to purchase silver, gold, etc, that is “their reserve”. Confiscation is definitely in the plans. Like the republic, anything we have is ours, if we can keep it.
Report Post »