The Chinese Bureau of Raw Materials has confirmed China has potentially 8,200 tonnes of mineable gold. Only South Africa with 31,000 tonnes or 1 billion ounces has more.
For the last seven years China has been the world’s number one producer of gold and these latest figures suggest current production levels can be maintained.
China mines 65% more gold that the world’s number two producer Australia and 140% more gold than the world’s third largest producer South Africa.
There is rising speculation that the Chinese government has been building up its gold reserves and failing to report accurate figures to the International Monetary Fund (IMF). Industry insiders are estimating that China has the world’s second largest Central Bank gold reserves and have the ultimate aim of backing their currency with gold.