PBOC Gold Holdings Rise 1.5% In July
Last month, after finally giving the world an update on their gold reserves, the People's Bank of China promised to begin giving monthly updates going forward. That did just that earlier today.
Thanks to our good friend and loyal Turdite, StevenBHorse, for bringing this to our immediate attention. The official PBOC announcement can be found here:
If you dig into today's update and compare it to last month's numbers, you can determine the increase in the official PBOC gold holdings.
Back in July, The PBOC reported a total dollar value of gold holdings at about $62.397B. By using the other data supplied in the release, we were able to determine just how much gold they were claiming to have.
- Value: $623.97 in $US100MM
- Gold price: $1170.236
By doing some simple math, the world discovered that China's updated gold holdings were about 53,320,000 ounces or roughly 1658.43 metric tonnes.
In today's update, the total dollar value of the PBOC's gold holdings fell to $59.238B. Ahh...but as we all know, the dollar price of gold fell sharply over the past month from the $1170.236 that the PBOC used in June to the $1095.38 used in July. The same calculation used last month yields the updated results.
- Value: $592.38 in $US100MM
- Gold price: $1095.38
This yields an updated total of gold holdings at 54,079,863 or 1682.71 metric tonnes.
Therefore, with it's first monthly update...and the PBOC has promised to update their numbers every month going forward...the new total of PBOC gold holdings is 1682.71 metric tonnes. This is up 24.38 metric tonnes from June or about 1.5%.
We'll be sure to watch these numbers every month, keeping in mind the words of Sun Tzu that "all war is based on deception":
“Hence, when able to attack, we must seem unable;
When using our forces, we must seem inactive;
When we are near, we must make the enemy believe we are far away;
When far away, we must make him believe we are near.”