If the story below is even only partially true, it will blow the doors of the gold price.
4000 tons = 128,000,000 oz of gold or approximately $100 billion worth.
China PBOC Mulls Raising Gold Reserve By 4,000 Tons - Report
Wed, Nov 19 2008, 01:51 GMT
http://www.djnewswires.com/eu
China PBOC Mulls Raising Gold Reserve By 4,000 Tons - Report
BEIJING (Dow Jones)--China's central bank is considering raising its gold reserve by 4,000 metric tons from 600 tons to diversify risks brought by the country's huge foreign exchange reserves, the Guangzhou Daily reported, citing unnamed industry people in Hong Kong.
The Guangzhou-based newspaper didn't elaborate on the plan.
China's forex reserves, at US$1.9056 trillion at the end of September, is the world's largest. U.S. dollar-denominated assets, including U.S. treasury bonds and mortgage agency bonds, account for a big proportion of the forex reserves.
Newspaper Web site: http://gzdaily.dayoo.com
-By China Bureau, Dow Jones Newswires; (8610) 6588 5848; djnews.beijing@dowjones.com
