Saturday, March 31, 2012

The Man who Amassed 5 Million Ounces of Gold

WSJ writes:


Since at least late 2010, commentators have been pointing to massive buying of gold by the Chinese as another prop for the barbarous relic. Much of the chatter has focused on solving the apparent enigma of why China would want to buy so much gold.

But a look back into history shows that there’s no mystery here. There is a long tradition, in China’s imperial dynasties, of hoarding vast quantities of gold. According to an article in the May 1942 issue of The Journal of Economic History by Homer Dubs, a scholar at Duke University, the treasury of Emperor Wang Mang held roughly 5 million ounces of gold around A.D. 23.

Read the rest here.

(htMikeDunton)


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