China reported Friday its gold reserves rose to 1,054 tonnes by the end of 2008, up from 600 tonnes in 2003, according to reports from Xinhua News Agency.
Xinhua, citing Hu Xiaolian, head of the State Administration of Foreign Exchange, said China is now the fifth biggest holder of gold reserves in the world, with only six countries holding more than 1,000 tonnes.
The price of gold for June delivery climbed $5.80 to $912.40 Friday.
On the San Gold Corporation Bullboard, Danno13 said: “China has just increased their Gold reserve.They are now ranked number 5 in the world with over 1000 tons of Gold[sic].”
bowmacwood replied: “certainly bullish for gold..... What I find interesting is that one guy is saying that China shoud move to 5,000 tonnes (of course the guy is a gold dealer so keep that in mind) !!!! My opinion is that China will for sure want to beat least number two behind the US and for sure well ahead of teh SPDR etc...[sic]”…
While, on the Horizons BetaPro S&P TSX Global Gold Bull Plus ETF Bullboard, stockguy0 noted: “The USD is falling fast. China's gold reserves mean they are quietly, and QUICKLY, diversifying away from the USD. Watch for this to continue over the next few years.They cant keep gold down with a dropping USD and HUGE gold demand from everyone[sic].”