By: John Melloy
Executive Producer, Fast Money
Check your drawers for those old cufflinks and see if you still have Grandma’s old jewelry packed away in the basement because you may actually own more gold than China.
China holds just 1.6 percent of its currency reserves in gold, compared to 70 percent by the U.S. and a 66 percent allocation by Germany, according to Credit Suisse. The Bank of Japan holds just 2.5 percent in bullion, notes the firm.
“There are no safe big-cap currencies,” wrote Andrew Garthwaite, Credit Suisse’s head of global equity strategy in a note to clients. “The real gold price is still 34 percent off its all time high and the behavior of gold is not yet typical of a bubble.”
Read More - China ‘Crazy’ Not to Increase Tiny Gold Reserves - CNBC
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