Sorry China....no gold available....get in line like the rest of us.

stateside

http://www.commodityonline.com/news/...

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And authorities in Beijing also believe that as China rapidly progresses toward superpower economic status, the yuan should be a world-class, stable medium of exchange.

They envision the yuan as a major international currency some day, with as much (or more) status than the US dollar. That’s why they’re going to back the yuan with gold.

Plus, there’s another reason for Beijing to buy more gold as part of China’s piggy bank. China has an estimated $1.3 trillion invested in dollar-denominated investments. They can’t get out of the dollar quickly. It would destroy the US economy which would have a direct negative impact on China.

So the smart thing to do: Hedge and diversify existing dollar holdings with gold. China has a mere 0.9% of its reserves in gold (600 tonnes) now. That’s the lowest of any industrialised economy. The US has 77.3% of its foreign reserves in gold.

Just to up its reserves to 5% in gold, Beijing would have to purchase $93 billion worth of bullion. That could easily send the yellow metal skyrocketing to more than $2,000 an ounce..................................