Central Banks Buying Gold in Record Quantities – Here’s Who & Why

"Here’s a picture of total central bank reserves since the financial crisis hit.

Whatever gold’s price movements, positive or negative, central bank officials have continued adding a lot of ounces to their reserves but this understates the case…[Why?] because most of the data exclude China, as well as a few other small countries. China last officially reported gold reserves in 2009, so the totals in the chart since then exclude whatever its purchases might have been…
China’s Gold Reserves Substantial
Based on data about gold imports through Hong Kong and the fact that, for the most part, Chinese production doesn’t leave the country, it…[would seem that China's addition to reserves is growing at a rapid rate as the following information attests].

• The Chinese central bank holds an official 1,054 tonnes of gold in its reserves.
• Gold imports through Hong Kong in December alone hit a record high of 109.8 tonnes.
• Imports for 2012 also hit a record high of 572.5 tonnes.
• If you add 2012 mine production – remember that China is now the world’s largest gold producer – roughly 970 tonnes of gold was delivered to various entities within the country last year.
• Cumulative imports since 2001 have reached 1,352 tonnes.
• Since 2001, imports plus production total a whopping 4,793 tonnes.

…Jim Rickards, a highly respected author and hedge fund manager, said last month that China has probably already accumulated between 2,000 and 3,000 tonnes of additional gold reserves…
$2,500-$3,000 Gold by 2014 and to $7,000 in 2015
Jim thinks the next big catalyst for gold will be an announcement from China about its reserve position. Here’s what he told me in late December:..."

at http://www.munknee.com/2013/03/central-banks-buying-gold-in-record-quantities-heres-who-why/