Gold update

The BBC report sotto voce that:

"China has reported that it has been secretly increasing its gold reserves.

It was able to keep it secret by buying domestically produced metal, almost doubling the amount of gold it holds to more than 1,000 tons.

China has the biggest foreign exchange reserves in the world, totalling almost $2,000bn (£1.373bn).

An estimated two thirds is held in US dollars, though China has been backing away from the dollar as a reserve currency for a while. "

My views on gold as an investment are well known but it nice to see them being confirmed by the next world superpower, albeit one that I detest.