It is very possible that the Chinese told Hugo $100 billion.

If you add LC + LB and consider the deposit open at depth, it could reach 50 million ounces. If the Chinese really decide to increase their gold reserve level to 8000 tons, a long term average price of $2k is not insane.

Besides, whatever Chinese delegate talked to Hugo probably knew he was chewing coca and would buy whatever they said. It's not like Hugo isn't prone to hyperbole, having nationalized LC at least once a year over the last decade.