The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Monday, 27th April 2009 (1470 views)

China has revealed that it has become the fifth largest holder of gold bullion in the world.

The announcement by Beijing that it had almost doubled its gold reserves to over 1,000 tonnes pushed up the price of the precious metal.

China's government has increased its gold reserves by 75 per cent since 2003 to 1,054 tonnes, though its bullion holdings are still smaller than many developed nations and a small proportion of its total foreign exchange reserves.

The Asian country has overtaken Switzerland, Japan and the Netherlands by boosting its gold reserves and now lies just behind Italy, which owns 2,451.8 tonnes of bullion.

In other news, president of Albanese Rare Coins David Albanese told Forbes recently that investing in gold coins can offer an ideal alternative to purchasing shares, particularly with the current uncertainty in financial markets.

He added that coins are "artefacts" and tend not to lose their value in the same way that stocks can.

 

« Back to Gold News stories