barbaric relicJim Rogers on whether he agrees with mainstream economists purporting gold as a “barbaric relic”:

 It does not matter what they or I think. The majority of mankind has accepted it for centuries and will continue to do so. I had rather go along with the vast number of “barbarians” than a few Ivy League professors.

Bundesbank goldThere are many estimates of official and non-official accumulation of gold in China. The truth is that no one knows the exact number because China is non-transparent about the total amount of gold coming into the country and its own mining output, and it is not-transparent about how much of that gold goes for personal acquisition and now much to government reserves. So, all analysts, myself included, are working with imperfect or incomplete information. We do know that some gold comes into China using military channels and is not reported to any authorityAs a result, even the best estimates may be too low. The best guide is to assume China has some target in mind, probably 5,000 tonnes or higher, and will continue to accumulate through diverse channels until that target is reached. My estimate is that China will announce it has over 5,000 tonnes of gold in early 2015. It probably has at least 3,000 tonnes today.