China acquiring “shocking amount” of goldChina acquiring “shocking amount” of gold
Acclaimed money manager Stephen Leeb was quoted in the media as saying that China is acquiring as much gold as possible in a state of “controlled desperation.”
Leeb, who appears frequently on business talk shows and wrote the bestseller The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel, told King World News that “[the Chinese] are acquiring as much as they possibly can without tilting the markets dramatically to the upside.”
He said China mined 355 tonnes of gold, “by far the largest amount of any country,” yet “they are still buying every single available ounce they can get in the open market.”
Resource Investing News reported that central banks around the world have, since 2009, become net buyers of gold, with net purchases in 2011 exceeding 455 tonnes. That number excludes China and other countries that do not report their central bank gold purchases.