| A new projection from Bloomberg has suggested that should China take on a gold standard then the metal would explode and go over more than $60,000 per ounce and would back the yuan currency. The report said that should China take it on it would need an exchange rate of around $64,000 an ounce, which would be 50 times the price of the bullion it is now.
Along with this in order to be able to make the exchange rate of a single ounce of the gold for each $64,000 the country would require around 10,000 metric tons of gold. This means that’s about 9 times the official holdings of the nation and 6% of all gold that has been mined around the world...............................................Full Article: Source
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