In July I did a post on
How much gold does China really have? which looked at the rate China was accumulating gold reserves based on their occasional announcements of how much gold they had. Extrapolating out their average monthly rate of 8 tonnes gave the chart below, which projected to 2,186 tonnes by the end of 2020. Since then China has begun to report its gold reserves every month and has accumulated 86 tonnes in five months – an average of 17.2 tonnes. That is a lot more than their previous rate and you can get a better idea of the acceleration if I update the chart above with the new reserves figures and then project that rate into the future. Read more
here.
At the rate that they are going, I think in due time other countries might just follow suit and harvest more gold as compared to other sources of finances instead. Gold has its very own separate market but overall the main industry is still pretty much the same.
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