COMMODITIES ROAR / Gold Bars
China could be holding even more gold than previously realised, according to Alasdair Macleod, a researcher at online precious metals trader, GoldMoney. Official figures from China Gold Association (CGA) show that the Asian superpower consumed 1,176 tonnes of gold in 2013, 41pc higher than in 2012. However, about 500 tonnes of gold from Chinese mines and scrap is unaccounted for by the CGA. Mr Macleod believes the country holds more gold that the stated figures suggest, and in fact consumed 4,843 tonnes in 2013 alone. He raised his estimate after researching Chinese Gold Reports, where he said he found details of the amount of gold vaulted. He said the quantity of vaulted gold has been increasing steadily. “Nobody had really any idea how much was going into the vaulting figures, ” Mr Macleod said. “The changes in the level of vaulted gold has been increased on a fairly consistent level almost at exactly the same rate as the increase in deliveries.” More