China and Russia continue to hoard gold
China added to their gold reserves once again in August. The Chinese central bank purchased 520,000 ounces or 16.2 tonnes to take their total official holdings to 54.45 million troy ounces according to data released by the Peoples Bank of China.
In July China ended six years of silence surrounding their gold holdings by announcing they had increased their stockpile by 57%. In doing so they over took Russia as the fifth largest holder of gold.
Russia purchased 29.9 tonnes or 1 million ounces in August to take their total holdings to 42.2 million ounces.
The former Soviet states of ...