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China’s gold stockpile could surpass U.S. holdings in the next five years - BMO Capital Markets
Lackluster Western gold demand has kept a lid on prices over the last few months; however, one bank has pointed out that Asian demand, led by China, remains a key pillar of support for the global market, and the nation's stockpile and influence could be much greater than previously believed. Although the gold market has struggled through a months-long correction, prices have managed to hold critical support above $4,000 an ounce. In their latest report, commodity analysts at BMO Capital Markets speculate that renewed Chinese demand is a key reason why gold has maintained that support. At the same time, they argue ... (full story)
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