The PBoC is in a hurry to buy enormous amounts of gold, indicating it’s preparing for substantial changes in the dollar-centric international monetary system. Based on information from industry sources and my personal calculations, total gold purchases by the Chinese central bank (reported and unreported) in Q3 accounted for 179 tonnes. Year-to-date the PBoC bought 593 tonnes, which is 80% more than what it bought in the first three quarters last year. Its total estimated gold holdings are 5,220 tonnes, more than twice what’s officially disclosed at 2,192 tonnes.
Just curious: do we know how much gold that has ever been been mined ? I don't know if this is true, but I once heard that it would "only" fill an olympic sized pool (or perhaps an even smaller one)
And what proportion of the "total gold every mined" is held by central banks ?
Also curious how one infers how much surreptitious gold buying occurs ? Who are the sellers ?
I can see that that gold mining companies release quarterly production figures which I would guess accounts for the majority of "freshly mined gold" though this is more of gut feel that based on any fact ... I can't see artisinal gold mining producing that much.
Thank you Jan for the information you make available.
I am curious to know if gold holdings for the remaining BRICS countries are available or if you were able to estimate them. Are they gobbling up gold as well?
Just curious: do we know how much gold that has ever been been mined ? I don't know if this is true, but I once heard that it would "only" fill an olympic sized pool (or perhaps an even smaller one)
And what proportion of the "total gold every mined" is held by central banks ?
Also curious how one infers how much surreptitious gold buying occurs ? Who are the sellers ?
I can see that that gold mining companies release quarterly production figures which I would guess accounts for the majority of "freshly mined gold" though this is more of gut feel that based on any fact ... I can't see artisinal gold mining producing that much.
First you might wan't to read this https://www.gainesvillecoins.com/blog/physical-gold-supply-and-demand-what-you-need-to-know
Regarding above ground gold see the website of WGC https://www.gold.org/goldhub/data/how-much-gold
thank you : ) So a 25 metre pool is about right !
Very informative.
Thank you Jan for the information you make available.
I am curious to know if gold holdings for the remaining BRICS countries are available or if you were able to estimate them. Are they gobbling up gold as well?
Kind regards
Good question. I will have a look