China’s gold reserves – a mystery

In the first half of 2023, China’s central bank bought an estimated 353 tons of gold. Although this was less than the previous six months, it still represents strong demand, which also helps the price of gold. The People’s Bank of China, China’s central bank, is using U.S. dollars to buy gold abroad and bring it to Beijing. Thus, the figures on China’s net imports and gold production in the country are not meaningful figures. The World Gold Council with its publications can’t help either. It does publish every quarter how much gold is purchased by all central banks and financial institutions, but this is based on public information.

The estimates of the World Gold Council are usually higher than the values reported by the central banks. So, there are the unreported gold purchases. According to estimates, 80 percent of these could be the account of the Chinese central bank. Gold reserves of 2,113 tons are reported by China, but there are estimates that it is more than 5,000 tons. Then China would move to second place among gold reserve countries. Private gold reserves are estimated to be close to 25,000 tons of gold. Exact figures are difficult to come by.

This is because many central banks do not report at all or report late that they have purchased gold. For private investors, the stocks of gold companies that own the gold in their projects and thus become more valuable when the price of gold rises are also recommended. These include, for example, Fury Gold Mines and Tudor Gold.

At Tudor Gold’s – https://www.commodity-tv.com/ondemand/companies/profil/tudor-gold-corp/ – Treaty Creek Gold Project in the heart of British Columbia’s Golden Triangle, the major 2023 exploration program is underway, and an expansion of the resource estimate is expected.

Fury Gold Mines – https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ – is active in Nunavut and Quebec, several million ounces of gold are involved, and the company also owns a large block of shares in Dolly Varden Silver.

Latest corporate information and press releases from Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -).

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