China Seen by Bloomberg Industries Boosting Bank Gold Reserves

``China may have vaulted ahead of Italy and France last year to become the third-largest holder of gold, according to a Bloomberg Industries report. Assets were probably about 2,710 metric tons, compared with the last reported holdings of 1,054 tons in April 2009, according to the report. Italy's holdings are 2,451.8 tons, and France owns 2,435.4 tons, according to the World Gold Council data. The U.S. is the biggest holder with 8,133.5 tons''... Based on conversations with officials in China and Mongolia, it's evident that China feels they want as much gold as much as the U.S....''