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Thread: Gold: China may have 2nd largest reserves in the world, ahead of Germany

   
   
       
  1. #1
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    Oct 2008
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    Gold: China may have 2nd largest reserves in the world, ahead of Germany





    China May Now Have World’s 2nd Largest Gold Reserves


    Today acclaimed money manager Stephen Leeb stunned King World News when he said the Chinese may already have the world’s second largest gold reserves, eclipsing Germany to grab the number two spot. Leeb knows China is incredibly secretive about its insatiable accumulation of gold, and believes they are not fully disclosing their entire gold position to the world at this point. Here is what Leeb had to say:
    “I’m focused on precious metals and this fascinating battle between the East and the West, Eric, especially China and the United States. There is an economic ‘Battle Royale’ going on right now, and I think the Chinese definitely have the upper hand.”






    Stephen Leeb continues:

    “They have a stronger economy and a clear plan as to what they want to accomplish. They have a much longer-term perspective, and this spells very, very tough times for the United States. I wish it weren’t true, and I wish this country would wake up.

    But everywhere I look right now I see limited resources and roadblocks even with such things as technology....

    Continue reading the Stephen Leeb interview below...





    “I see the Chinese plan in terms of what they want to do, I see their economy turning around, and most important their push into gold.

    I know KWN published a piece last night which said the World Gold Council is saying that China does plan to back up their yuan with gold. Of course that’s what they are going to do. They clearly want the world’s reserve currency. They yuan is constantly increasing in use in Asian (business) dealings. There is no doubt that’s going to continue to grow.

    I referred to the Basel III rules the other day, and gold was notably absent from anything Basel said could be used as a liquidity buffer. That’s insane. The volatility of gold has been considerably less than the volatility of stocks this entire century. Liquidity should be governed by how volatile is the financial instrument? What happens when you have a crisis? I actually looked at the volatility of gold during the 2007 through 2009 crisis. Its volatility was actually less than that of stocks.

    Yet they (Basel) are allowing stocks to be used as a liquidity buffer, and they are allowing BBB- bonds to be used as a liquidity buffer. And yet so many BBB- bonds have gone to zero. Last I heard gold hasn’t gone bust because there is no credit risk associated with gold.

    What Basel did was say ‘We’re scared to death of gold. We don’t want to let anybody know that gold could be a currency because once we let that out of the bag everybody is going to want to rush into gold, everybody in the West.’ That would be terrible for all of these Western (fiat) currencies.

    The Chinese are laughing at this. I’ve mentioned before that China plans to use gold as part of their (future) reserve currency. I’ve heard this directly from a Chinese diplomat. Every action China does supports this (reality). Last year they imported at least 1,000 tons of gold.

    China could (already) have the second largest gold reserves in the world, even ahead of Germany. What is confirmed by everything you can see is they are importing as much (gold) as they can without trying to disturb the price of gold. You won’t believe what’s going to happen (with the price of gold). I’m telling you in 3 years people will not believe the price of gold. They will not believe the gift that Basel and the West gave everybody that wanted to accumulate gold.”

    This is an incredibly timely interview with Leeb. The above portions are just a small part of Leeb had to say. He lays out what China is up to in the gold market and how this will impact the price near-term and long-term. The KWN interview with Stephen Leeb is available now and you can listen to it by CLICKING HERE.

    © 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.


    Dr. Stephen Leeb: Chairman & Chief Investment Officer of Leeb Capital Management and the

    author of “Red Alert: How China's Growing Prosperity Threatens the American Way of Life”
    Just released, to order from AmazonCLICK HERE.


    The interviews with Stephen Leeb, Pierre Lassonde, Gerald Celente, James Turk, Bill Fleckenstein, John Hathaway, and Egon von Greyerz are available now. Also, be sure to listen to the other recent KWN interviews which include Ben Davies, Nigel Farage, Eric Sprott, Art Cashin, and John Mauldin, byCLICKING HERE.

    Eric King
    KingWorldNews.com
    To return to BLOG click here.

    py

  2. #2
    Join Date
    Jan 2013
    Posts
    5
    so this is what makes China soon to be richest country?

  3. #3
    Join Date
    Jul 2014
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    Rawalpindi
    Posts
    14
    China will be make first largest economy of the world in sometime.

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