All the gold in China: money and power goes east

China has far more gold than official figures suggest – as much as America, in fact. He who owns the gold makes the rules, says Dominic Frisby.

Chinese gold bars © Billy H.C. Kwok/Bloomberg via Getty Images

There is more to China's gold reserves than meets the eye
(Image credit: Chinese gold bars © Billy H.C. Kwok/Bloomberg via Getty Images)

Gold divides opinion almost as much as Brexit. For some, gold is an antiquated asset, as irrelevant to modern global finance as the horse now is to transport. Central banks only own gold out of "tradition, long-term tradition", as Ben Bernanke, former chairman of the US Federal Reserve, famously declared in Congress back in 2011. But, for others, gold is money. The oldest, purest and soundest money there is. And he who owns the gold makes the rules, as the old saying goes.

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Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby