{"id":528,"date":"2010-12-02T17:35:10","date_gmt":"2010-12-02T17:35:10","guid":{"rendered":"http:\/\/www.itmtrading.com\/blog\/?p=528"},"modified":"2012-03-27T00:03:46","modified_gmt":"2012-03-27T00:03:46","slug":"china-increases-gold-reserves","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/china-increases-gold-reserves\/","title":{"rendered":"China Increases Gold Reserves"},"content":{"rendered":"<p>Shen Xiangrong, chairman of the bourse, told a conference in Shanghai today that China doesn\u00e2\u20ac\u2122t normally publish its gold trade figures or comment on its reserves.\u00c2\u00a0 However, China released their gold figures for this year and revealed that it brought in 209 metric tons of gold this year compared to only 45 metric tons in 2009.\u00c2\u00a0 That is a fivefold increase in just 10 months!\u00c2\u00a0 China is concerned with inflation and they see gold as a good <a href=\"http:\/\/www.itmtrading.com\/new_to_gold.asp\">store of value<\/a>.<\/p>\n<p>China is the world\u00e2\u20ac\u2122s largest producer of gold, and the figures released do not include what they produced; only what they imported.\u00c2\u00a0 China is hoarding all of the gold they produce.\u00c2\u00a0 Last year China produced 314 metric tons of gold and that figure is estimated to jump to 340 metric tons this year.\u00c2\u00a0 At this rate it means they are retaining over 500 metric tons per year.\u00c2\u00a0 That is a lot of gold.<\/p>\n<p>China estimates that 70 to 80% of all the gold imported last year were made into mini-bars which Chinese investors like to own.<\/p>\n<p>Gold has soared over 27% this year as concerns that the trillions of dollars being printed in response to the economic downturn will devalue currencies worldwide.\u00c2\u00a0 China\u00e2\u20ac\u2122s <a href=\"http:\/\/www.itmtrading.com\/blog\/2010\/10\/gold-is-pulling-back-today\/\">inflation rate<\/a> has increased this year to its highest level since 2008.\u00c2\u00a0 Therefore China will probably raise rates for a second time this year.<\/p>\n<p>A lot of the money that gets printed flows into China\u00e2\u20ac\u2122s economy in the way of emerging market investment.\u00c2\u00a0 That puts a lot of excess dollars into their markets causing inflation.\u00c2\u00a0 Therefore the Chinese want to own gold as a hedge against inflation.<\/p>\n<p>China understands the importance of owning gold as we move forward in these uncertain economic times.\u00c2\u00a0 With QE2 here is the United States and the bailouts of Greece, Ireland and soon to be Portugal and Spain with undoubtedly newly printed money, don\u00e2\u20ac\u2122t you think it is smart to own gold too?\u00c2\u00a0 This action by central banks will devalue the dollars we hold and decrease our purchasing power.\u00c2\u00a0 Gold is the hedge that will maintain our purchasing power.\u00c2\u00a0 If you don\u00e2\u20ac\u2122t own any gold yet I urge you to do what China is doing and get some.\u00c2\u00a0 <a href=\"http:\/\/www.itmtrading.com\/\">Buying gold coins<\/a> is a simple process, just call us and get started today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shen Xiangrong, chairman of the bourse, told a conference in Shanghai today that China doesn\u00e2\u20ac\u2122t normally publish its gold trade figures [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1207],"tags":[35,56,58],"class_list":["post-528","post","type-post","status-publish","format-standard","hentry","category-blog","tag-bullion","tag-foreign-central-banks","tag-global-economic-crisis"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=528"}],"version-history":[{"count":1,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/528\/revisions"}],"predecessor-version":[{"id":11108,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/528\/revisions\/11108"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}