It’s obvious from the recent global reserve statistics published by the World Gold Council what is replacing China’s waning interest in US Treasuries.

China has nearly doubled it’s gold reserve holdings in the past 6 months, increasing gold holdings to over 1,054 Tonnes of gold.

Meanwhile recent sales of gold by European countries were basically offset by an increase in gold buying by Russia over the past 6 months.

No doubt this as been the main reason for the recent increase in the price of gold to over $1000 an ounce.