Re: China discovers undersea gold reserves estimated at $16.4bn
Even if they dug it all up tomorrow it still wouldn't affect the price, China doesn't sell gold.
"China dumped a huge amount of gold on the market and investors are spooked." - July 20, 2015: http://www.businessinsider.com/gold-price-flash-crash-caused-by-five-tonnes-of-chinese-bullion-2015-7
China is rich and is getting richer that's why they're dumping their gold.
If China would dump their gold towards my shore I'd gladly take it. I think there's a better chance to invest now when others are scared so that there'll be few competitors.