China is Buying Gold, But Whose?

At the National's people Congress, China's foreign exchange regulator said that the country cannot buy more gold because of factors that limit the increase of the foreign-exchange investment in this precious metal.
China bought approximately 454.
1 tons of gold between 2003 and 2009.
What some don't know is that they didn't purchase it from oversees.
Because it is the largest gold producer in the world, China has started to buy its own precious metal and so it is investing in its own economy.
According to the China Gold Association, the country produced over 300 tons of gold in 2009.
What this also means is that last year's domestic precious metal consumption, that is private households alone, exceeded the supply.
The reality is that China has been struggling to produce as much precious mas fast as it can.
The proof is that the number of the gold mines has fallen from 1200 in 2002 to 700 in 2009.
Experts say that China should constantly and secretly increase its gold holdings.
The Chinese banks should buy as much gold as possible form the annual gold production and as for the gold needed for industries and residents should be imported.
The Chinese government is very implicated in the campaigns through which the Chinese people are advised to start investing in gold.
As of recently, these campaigns can be seen on TV, on the Radios' and in all other forms of media.
China is trying to make its people aware of the fact that investing in gold is a good and secure thing to do.
One should take example of what is happening in China and start investing also.
There is a good reason why this big country is purchasing so much gold.
And it is because gold has been a safe and profitable investment that hasn't disappointed anyone throughout history.