As reported by King World News, Global Economist David Hale made remarks at a conference in Cape Town South Africa that various Chinese officials have proposed making China’s gold holdings 10,000 tons, larger than that of Fort Knox.
Hale also stated, “The odds very much favor China making, over five years, very large gold purchases, and this in turn makes me bullish on the gold price.”
Hale went on to mention, “China will probably start to buy gold in the near future, but they won’t report it for two or three years.” Hale noted, “This would be a huge development for the gold market.”
This is extremely bullish for gold prices.
