China and ex-soviet states join forces in the Gold Market
By Duncan Richardson, News Editor
25 Jul 2016
In three decades China has developed from a poor inward rural economy to a global manufacturing powerhouse. There is no doubt the 21st century will belong to China and at the heart of their ambitions is economic development along the historic silk road.
Like China, Asian central banks are hoarding massive amount of bullion. Since the 2008 economic crisis Kazakhstan has grown their gold reserves from 67 metric to 222 metric tonnes. Russia, China’s closest ally, has increased their hoard from 996 tonnes in the year 2000 to 1,460.39 tonnes. Central banks across Eurasia are buying gold as well, Belarus, Tajikistan and Kyrgyzstan are all adding to their reserves. These figures are not insignificant when you consider the UK owns a pitiful 350 tonnes.