Bron Suchecki: China accelerates gold reserves accumulation


11:49a ET Wednesday, December 9, 2015

Dear Friend of GATA and Gold:

China's recent announcements of additions to the gold reserves held by the People's Bank of China suggest an acceleration in gold accumulation, the Perth Mint's Bron Suchecki writes today.

Of course this involves only the gold China acknowledges holding at its central bank. The bank could be concealing gold in its possession -- something it has often done before, as when it accumulated gold for years without announcing any updates to its reserves. Or the Chinese government could be keeping gold at other state-owned institutions, like its foreign-exchange agency and commercial banks, and not reporting it.

Since central bank gold reserve totals are reported to the International Monetary Fund and since the IMF allows central banks to report gold leased or swapped as if it remains in the vault -- that is, allows central banks to conceal their interventions in the gold market and to deceive everybody about gold reserves --

-- official reserve figures should not be taken too seriously. For the location and disposition of government gold reserves are, at least for the major powers, secrets far more sensitive than the location and disposition of nuclear weapons. Nuclear weapons can only destroy the world, but gold reserves, mechanisms of currency marker rigging, can be used to exploit the world. This was all explained in detail in a meeting in the office of U.S. Secretary of State Henry Kissinger in April 1974:

Suchecki's analysis is headlined "China Accelerates Gold Reserves Accumulation" and it's posted at the Perth Mint's Internet site here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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