Tag Archive: china taking over

Chinese Bank Buys “Secret” London Gold Vault

In another indication of Chinese demand for physical gold, China’s ICBC Standard Bank has reportedly agreed to buy a London vault from Barclays. The ICBC Standard Bank is the largest bank in the world by assets, and the vault being purchased is one of the largest in all of Europe. While the exact whereabouts of the vault are unknown, it reportedly is within the M25 road and can allegedly hold up to 2000 metric tons of gold and other precious metals. Mark Buncombe, head of commodities... Continue Reading

China to Take More Control of Global Gold Trade

China has made it abundantly clear that it wants to gain more control over the global gold market. The country is taking steps right now to solidify its place among the powers that set the global gold price. While London and Comex have long been the authority of global gold trade, that is about to change… This should come as no surprise, however. China has reportedly been buying massive quantities of gold in recent years, and has taken a number of steps to further its... Continue Reading

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