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Mark O'Byrne: Other Chinese govt. agencies have been buying gold too
2:45p ET Monday, July 20, 2015
Dear Friend of GATA and Gold:
GoldCore's Mark O'Byrne notes today that the People's Bank of China, whose updating of its gold reserves Friday disappointed the gold market, isn't the only Chinese government agency that has been buying gold in recent years. For the State Administration of Foreign Exchange and the China Investment Corp. have been buying gold as well, O'Byrne notes.
O'Byrne writes: "It is likely that in total and between the three financial institutions, China may in fact be holding between 3,000 tonnes and 6,000 tonnes of gold" and thus be much closer to the United States in gold reserves than is generally understood. O'Byrne's analysis is headlined "China's Total Gold Holdings Much Higher -- Owns Gold In SAFE and CIC" and it's posted at GoldCore's Internet site here:
http://www.goldcore.com/us/gold-blog/chinas-total-gold-holdings-much-hig...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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