China’s Central Bank Adds No Gold to Reserves in November Video
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China’s Central Bank Adds No Gold to Reserves in November
Today is Friday 23rd December 2016 and we are briefly covering what is happening to gold imports into China.
But first a question or four:
• Do you recall headlines lately about China selling off US Treasuries because they lacked confidence in the dollar and preferred to invest their money in tangible assets such as gold?
• Do you recall headlines about China setting up its own Gold Price Fix against the Yuan on The Shanghai Gold Exchange’s program which includes 12 “fixing” members, 10 of which are Chinese banks - which would make more transparent the true price of gold?
• Do you recall headlines from the pumpers that China has been importing record levels of physical gold and it’s only a matter of time before its price starts to rise?
• Do you recall watching you tube videos when a great deal of fuss was made about China declaring it monthly gold reserves back in July 2015 and the expectations that this was going to cause gold prices to rise as it would prove the vast amounts of gold being imported?
Well we remember all of these. What we do not recall however in the last few days are the headlines which state :
“The People’s Bank of China reported that it added no gold in to her reserves in November and that this was the second month in 2016 that the PBOC did not add any gold to its reserves and with its foreign reserves falling $69 billion in November after falling $48 billion in October.”
Strange that don’t you think? We all hear about instances which can cause the price of gold to rise, but as soon as some information comes out which could have the opposite effect we hear very little.
The PBOC has been reporting its gold reserves on a monthly basis since July 2015 after not updating its gold holdings since 2009. China has added about 185 tons of gold to its reserves, bringing its total to 1,843 tons, the fifth most of any nation. China’s pace of gold acquisition, however, has slowed in 2016 as Chinese foreign reserves, including her holding of U.S. Treasuries have fallen.
Gold as a percentage of China’s foreign reserves is under 3%.
Whilst China’s 1,843 tons is an impressive amount, in fairness it does not reflect the entirety of the Chinese gold market or gold demand.
Now in the interests of transparency we have to admit that only a small portion of gold that is produced and imported into China finds its way to the foreign reserves of People’s Bank of China and so there is gold being purchased by individuals and investors elsewhere.
Ah Ha we hear the pumpers cry – that’s it its not the Central bank buying the gold its everyone else in China buying it.
Well perhaps they can explain why Chinese gold imports through Hong Kong were at 669 tons at the end of October, 2016 when in 2014 and 2015 Chinese gold imports through Hong Kong were 813 and 861 tons, respectively. So the figures are clearly down, though again in fairness China does not report additional amounts of gold imported through Shanghai. Don’t tell us it’s through Shanghai that all the gold is sold. mmmm
So when you see the headlines or individuals pumping up the amount of gold that China is buying just stop for a moment and simply ask yourself the question Really?
By the way since Friday’s close, gold is down just $5 at $1129 and silver is down 26 cents at $15.84.
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