China secretly buys a lot of gold! Analyst： The holding has exceeded twice that of the United States. The price of gold will see 3,000 next year, and Bitcoin will break 100,000.

Dominic Frisby, a gold analyst and founder of Flying Frisby, said that the officially disclosed gold holdings in China are far from the reality. He said that China is secretly buying a large amount of gold, which is twice as much as that of the United States. He thought that the country could consider supporting the RMB with gold. He predicted that the price of gold will reach $3,000 next year, and bitcoin will exceed $100,000.

According to the latest data from China, the Bank of China bought gold for the 12th consecutive month in October. The World Gold Council (WGC) reported that the latest purchase was about 23 tons, increasing the total holdings to 2,215 tons. Generally speaking, the China government has recently become one of the largest gold reserves, and the central bank’s gold purchases seem to have reached a record high this year.

Frisbie told Kitco News that although China has become the leader in gold accumulation, the actual figures are much more important.

"They are gently announcing the news, and China is ambitious," Frisbie said. "I may study this problem more deeply than anyone else, and I will tell you why China’s gold holdings may be 10 times what they say. The mathematical calculation in this regard is very simple."

China is the world’s largest producer and importer of gold, but Frisbie said that its motto is "We can’t be too dazzling".