The latest gold rush in China has been fulled by a combination of factors, such as the depreciation of the US dollar, and the price risen a wide range of commodities, including oil. In Beijing, 300kg gold bars minted by China gold coin Inc to commemorate the year of the Rooster.
This has been designed to make it easier for the public to invest in gold. Instead of taking delivery of the gold the investor is given a document issued by the central bank certifying the amount purchased.
China's gold reserves stood at nearly 13 million ounces at the end of September, unchanged from the end of last year, official figures showed this nowhere near compares with the US government reserves of 262 million ounce.Until now Chinese residents have only been able to buy gold jewellery through retail stores.
China’s impact on gold could be as much as one ounce per capita as with the US, so should china achieve the same financial backing it would require 1.2 Billion ounces of gold or 37,000 tonnes.
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