LONDON, 17 February 2011 - Historical and economic analysis from BullionVault - the world-leading gold ownership service online - features today in a report on the possibility of a Chinese Yuan Gold Standard from top US finance site, TheStreet.com.
Private Chinese households bought an estimated 580 tonnes of gold in 2010, notes senior reporter Alix Steel. "What will China do with all that gold?" she asks.
"There is a controversial theory percolating in the gold community that China wants the Yuan to become the world's reserve currency and is buying gold and silver in order to do it."
"[This is] a far-fetched dream by the gold bugs," says Jon Nadler at Canadian refinery and pool-program investment providers Kitco. But "Never say never," counters BullionVault head of research Adrian Ash.
"Throwing over the world's 40-year experiment with un-backed money really would be a historic move by any power," he goes on. But "Private citizens have bought more gold in the last 30 months than the People's Bank of China owns altogether" - and with individual property rights still far from clear in China, "All the gold citizens own really belongs to China," says TheStreet.
"Whether the country would confiscate it is a different story."
You can read the full story - which is also syndicated to MSN Money - at TheStreet.com here.
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