China is buying much more gold than she says: Goldman Sachs report
« The Chinese central bank – explains Carlo De Luca of Gamma Capital Markets – in March made the fifth consecutive monthly purchase of gold ». Only in February he bought 50 tons
Behind the boom of the gold price – which in the night between 21 and 22 April has
updated their records exceeding the $ 3,500 for the first time in history and touching $ 3,504 – There could be China, which would be buying much more gold than he declares. According to Goldman Sachs, China purchased 50 tons of gold in February, or 10 times more than what has officially reported. It is 1,763,700 ounces, which for a cost of 3,500 dollars correspond to a disbursement of over 6 billion.
« The Chinese central bank – explains Carlo De Luca, manager of the Capital Markets Gamma Management – has increased its aura reserves of 5 tons in March, recording the fifth consecutive monthly purchase. This brings the total gold reserves of China to the record figure of 2,292 tons. Chinese gold reserves now represent 6.5% of the total of its official reserves ».
The golden race
Since the beginning of the year, gold has risen by 33%, but it is from the commercial war declared by Donald Trump who has imposed duties with high rates in China that the prices have gone. «In the last 3 years – says De Luca – China’s purchases of gold on the OTC market (Over the Counter are Non -regulated and decentralized markets in which it is possible to negotiate and buy financial instruments outside the official bags) London have far exceeded the numbers officially declared. While Beijing has sold 50 billion of American government bonds, when the week of the collapse of the price lists sold the Futures on the Treasury indicating that the titles will expire without renewing them ».
The yellow metal is worth 100 times compared to 1971
According to The Kobiissi Letter, founded by Adam Kobiissi, accredited as one of the leaders among the analysts of the global capital markets, Gold is exchanged as if we were in the third world war. Today gold is worth over 3,500 dollars the ounce, that is, 100 times a lot compared to 1971, the year in which the obligation that imposed to the Federal Reserve was abandoned to convert dollars in gold in Base to the fixed ratio of $ 35 the ounce (the so -called Gold Exchange Standard) established by the Bretton Woods agreements signed on July 22, 1944.
