CHINA BUYING GOLD IN 2011

Points from the article :

1. Gold ownership was banned in China from 1945 until 2003
2. In 2009, the Chinese government issues permits to import gold into the country
3. All the banks are now allowed to distribute gold and slowly
4. China's development began with the export of cheap parts sub-contracted out of the developed world, then moved onto exports of their own. With this development comes a new middle class of hard working people saving up to 40 % of their income in the banks.
5. The government has realized that China, as a whole, will benefit from its citizens Buying Gold and owning it, as well as the central bank, the People's Bank of China. Hence, they are actively encouraging the Chinese people to Buy Gold, as are the banks.
6. The China government published two years ago that the People's Bank of China had added 400 tonnes to its reserves.
7. China is the world's No.1 Gold Mining producer
8. They buy local gold production from local producers ‘off' market, acquiring domestic Gold Mining output without alerting the international bullion market to the purchases.

Original source

via Public Gold