Video: West Red Lake Gold works to restart Madsen mine
The company is optimistic about the potential of its Red Lake assets in the storied gold district of northern Ontario.
With only 2% of reserves allocated to gold, the People’s Bank of China has to start buying more bullion, said David Gornall, chairman of the London Bullion Market Association, which is holding a gold conference in Hong Kong.
“When comparing China to the U.S., it would seem that in China, gold asset allocation can only go in one direction, said Gornall.
He noted that the US has a 75% allocation to gold, and that gold prices overall have been supported by central bank buying.
“Will the gap between the amount of gold held in reserve by the developing markets and that of the developed world close?”
Table listing top gold holders. Image of People’s Bank of China headquarters in Beijing
Comments
Dave
If you want to know how much of a scam the gold market really is just google China Gold Holdings 2009 and then China Gold Holdings 2012. No one really knows how much gold any country has in reserves, the last time China reported its holdings was in 2009, 1054 tonnes. Everyone still quotes this same figure even though in just the first 6 months of this year, they have imported over 500 tonne of gold from Hong Kong alone! Their real holdings are probably at least double the 1054 figure which is still thrown around and potentially a lot higher than that. Don’t forget that China is also one of the largest producers of gold, how much of that goes into their reserves every year?
My opinion, China understates their gold holdings where as majority of western countries overstate their gold holdings. Try asking the German politicians how much gold they actually hold, they’re been trying to figure that out themselves recently.