China Confirms it Has Secretly Raised Its Gold Reserves

China has confirmed that it had secretly increased its gold reserves by 75% since 2003. The vice general secretary of the China Gold Association (Hou Huimin) is advising they increase their reserve by five times what they have now. China currently has about 1,054 tons. Huimin recommends increasing that number to 5,000 tons. This is not a good sign as far as the strength of the US dollar is concerned and has the potential for inflationary pressures.

More at http://www.financialpost.com/news-sectors/story.html?id=1530063.