[miningmx.com] – CHINA lags the US in terms of reserves held in gold
and may seek to lift its exposure to the yellow metal as currencies continue to lose
value, said Bloomberg News citing comments from the London Bullion Market
“When comparing China to the US, it would seem that in China, gold asset allocation
can only go in one direction,’ LBMA chairman David Gornall told the association’s
conference in Hong Kong.
“The country has only two percent of its reserves in the form of gold, compared with
the US at 75%,’ Gornall added.
The People’s Bank of China hasn’t disclosed any changes to its gold holdings since
2009, when it said they’d risen 76% to 1,054 tons, said Bloomberg News.
In comparison, the US, Germany, Italy and France keep more than 70% of reserves in
gold. China’s share is less than 2%, Bloomberg News said, citing World Gold Council
“Prices have recently been supported by official sector buying,’ Gornall explained,
without listing any central bank. “Will the gap between the amount of gold held in
reserve by the developing markets and that of the developed world close?’