China "Officially" Adds Another 16 Metric Tonnes

58
Mon, Sep 7, 2015 - 1:33pm

In keeping with their new policy, the People's Bank of China today announced their updated gold reserves, stated as a part of their total foreign currency reserves update for August.

Again, after finally announcing a new alleged total for their gold reserves back in July, the PBoC also stated that they would begin updating their gold reserves every month going forward. Our man, StevenBHorse was the first to catch the July update back on August 10 and we posted the information here, nearly three full days before other websites caught on:

https://www.tfmetalsreport.com/blog/7053/pboc-gold-holdings-rise-15-july

When the "official" numbers were announced three days later, it was discovered that we overstated by 20% the total number of tonnes added in July because it was still unclear as to which pricing/valuing mechanism the PBoC was using to mark their gold hoard. With another month of reporting behind us, it seems clear now that the PBoC is using the London PM fix of the last calendar trading day of their month. Recall that China was "closed" last Monday so the PM fix used was Friday, August 28 and the number was $1135.00.

https://www.lbma.org.uk/pricing-and-statistics

To find the updated total number of ounces of gold in the "official" PBoC reserves, all we have to do is reverse the mathematical process.

Below is the official SAFE (State Administration of Foreign Exchange) update from earlier today (click to enlarge):

Again, just reverse engineer the math using the 8/28 PM fix price of 35 and you get an addition of 514,900 troy ounces or 16.15 metric tonnes. This brings their total reported "official" holdings up to about 1,693 metric tonnes of gold.

So, while the much bigger news today is that China did, in fact, disgorge $94B in U.S. treasury securities last month (https://www.zerohedge.com/news/2015-09-07/numbers-are-china-dumps-record...), we can also state definitively that China continues to officially accumulate gold at a pace of around 200-220 metric tonnes per year.

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Chiron
Sep 8, 2015 - 10:49am

GDX and GDXJ

Opened with a gap up. That was just too juicy of a cheap profit for the bastards to leave on the table. The gap was closed and now both are rebounding. The suppression algo was on (GDX and GDXJ trading with exact percentage moves), but interestingly, both indices have now pushed up out of the control. GDX is looking better for now, but GDXJ usually catches up when the algo is broken. Might be a sign of bottoming.

Joseph WarrenJames Crighton
Sep 8, 2015 - 10:23am

Re: Putin Aide Recommends Default on Foreign Debt

Now if Americans wised up (despite all the brainwashing from years in 'school') and told the banksters - " You guys have been robbing us for more than a hundred years. Your currency is made-up-outta-thin-air Nothing. You used that fraud to steal our labor and real, physical assets. We don't owe you a damned thing, - nationally or individually. You can stick your fake 'debt' where the sun don't shine. 'Debt' Jubilee ! And we'll put our own personal reserves into gold and silver. - - Time to get back to a system that at least follows the US Constitution. "

Well, if Americans did this - it would be damned good for us and for the rest of the world. Might even avoid a thermonuclear WW3. (Historically the banksters have used wars to divert the citizenry's focus off of them & reset the gameboard.)

mike97
Sep 8, 2015 - 10:17am

PPT/Fed/cartel attacking

Looks like the Yen falling against the dollar is giving them the cover they need to mount an attack on pm stocks. Hope we can rebound.

LostMind
Sep 8, 2015 - 9:56am

Awwww, nevermind...

its 9:53 AM and the miners just got the shaft... I'm thinking that the powers to be want to suck in every last fiat $ into the suckers market known a Stackville before they make them go bust....

Oh, but Disney is streaking higher.... up, up and away!

lakedweller2
Sep 8, 2015 - 9:43am

@nadgeskaul

Bottom: I put a call into the PPT asking about the bottom for commodities and metals. They put me on call blocking, so don't think I can answer the bottom question.

LostMind
Sep 8, 2015 - 9:32am

Everything is Green on my board except the FXY!

Guess the trend continues :)

Let's see how long it can last. Would be nice to see the miners get so long last love!!

nadgeskaul
Sep 8, 2015 - 9:27am

Lots of Mining Upgrades This A.M.

A ton of analysts/sites have upgraded miners over the weekend.

AGI - Alamos Gold, Inc - is up 13%!

Could be time to load up...copper is up 4% today alone. Have we seen the commodity sector bottom?

LostMind
Sep 8, 2015 - 9:09am

Gold and Silver is higher

So are the futures... Hmmmmm, what to make of it this morning. Mid afternoon or smash, or will the boys in the PPT hit metals first thing?

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James Crighton
Sep 8, 2015 - 9:08am

Putin aide recommends default on foreign debt

Putin aide's advice: Default on foreign debt, put reserves into gold and BRICs bonds

Submitted by cpowell on 05:37AM ET Tuesday, September 8, 2015. Section: Daily Dispatches

8:35a ET Tuesday, September 8, 2015

Dear Friend of GATA and Gold:

Russia's government long has understood gold's secret power over the international monetary system. In an address in June 2004 at the summer meeting of the London Bullion Market Association at the Kempinsky Hotel in Moscow, the Russian central bank's deputy chairman, Oleg Mozhaiskov, spoke only four words in English: "Gold Anti-Trust Action Committee":

https://www.gata.org/node/4235

As far as GATA itself knew at that time, it had never had any contact with anyone in Russia or anyone connected with the Russian government.

But Russia's expressions of interest in gold have multiplied since then and another one was reported today by the Moscow-based financial newspaper Kommersant ("The Businessman"), which described a plan to achieve Russia's economic sovereignty that is to be presented next week to Russia's Security Council by Sergei Glazyev, a politician and economist who is an assistant to President Vladimir Putin:

https://www.kommersant.ru/doc/2805251

Glazyev is among the small number of Russian officials targeted specifically by U.S. economic sanctions, and according to Kommersant his plan includes a section about "neutralizing anti-Russian sanctions."

Kommersant's report is available only in Russian, but a Google translation of its 12th paragraph says Glazyev proposes authorizing Russian companies to "declare force majeure" against loans from countries that have imposed financial sanctions against Russia, "in effect the legalization of non-repayment of all private foreign debt"; converting the reserves of Russia's central bank and the government's Reserve Fund and National Welfare Fund into gold and obligations of the "BRICs" countries; and creating a system of international payments separate from the Western-controlled SWIFT system that would operate with China's UnionPay system.

Of course these aren't terribly original or insightful ideas. No country that uses another country's currency for its international commerce is fully sovereign, and only gold is a neutral international reserve currency. It is precisely to rope the world into the U.S. imperial system that the International Monetary Fund prohibits its members from formally linking their currencies to gold, though commodity-producing countries like Russia, South Africa, Mexico, and those in the rest of the developing world are particularly oppressed by such rules.

The question long has been whether any of them will ever have the nerve to do something about it. Glazyev's report may be an invitation.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell[at]GATA[dot]org

Safety Dan
Sep 8, 2015 - 8:51am

Downtown Austin vault of

Downtown Austin vault of precious metals turns up mostly empty

Bullion Direct gold is missing.. Surprised? Not!

https://govtslaves.info/downtown-austin-vault-of-precious-metals-turns-u...

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