"I think we both know perfectly well the answer to that."
Posted on 04/24/2009 5:53:24 PM PDT by maccaca
China revealed on Friday that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes - or a pot worth about US$30.9-billion - and confirming years of speculation it had been buying.
Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.
The confirmation of its surreptitious stockpiling is likely to fuel market talk about Beijing's ability to buy secretly and its ambitions for spending its nearly US$2-trillion pile of savings. And not just in gold: copper and other metals markets are booming thanks to China's barely-visible hand.
Speculation has gathered speed over the last year, since the tumbling dollar has threatened to weaken China's buying power - and give it yet more reason to diversify into gold, oil and metals.
Gold prices jumped on the news of Chinese buying and were up more than 1% on the day at US$912.05 an ounce at 0715 GMT. By a Reuters calculation, China's holding of gold would be worth around US$30.9-billion at current prices.
And the moron Obama has probably sold off our gold to help pay for his marxist wetdream budget
I want to know how much gold we have! I demand an independant investigation into how much we have.
Fort Knox is MT
China is more capitalistic that we are!
Watch China. Mark my words. China will buy less and less of our debt. They will buy just enough debt to get their money out fo the U.S.. China has NO confidence in Obama and his direction. It’s rather ironic.
“Speculation has gathered speed over the last year, since the tumbling dollar has threatened to weaken China’s buying power”
China will do it’s buying in the US.
Wrong “speculation”.
China sees the dollar spiraling DOWN.
The U.S. is a big determinant in the worldwide money supply. China's “buying power” isn't weakened. The Chinese do NOT see the U.S. dollar as a good investment. This is very bad news for the U.S. and worldwide currency.
Or, you might say, China will do it’s buying “of” the US.
Fort Knox is MT
But maybe the US will need KY for the economic consequences of Fort Knox being MT
China wants to INCREASE it's wealth but not through the dollar. They will invest in what they see as SAFER INVESTMENTS. The U.S. under Obama is less and less appealing to them so they are diversifying. It's truly hard to believe that China, a supposedly “communist” country is more capitalistic than we are.
Very well played, Bravo
Yao Ming is more qualified than Zero to be POTUS.
Well, since their currency is pegged to ours, it would be weakened.
Sorry having a blonde moment, MT? Do you mean Montana? And if so I still demand to know how much there is! (BTW, I am just having fun with the demand thingy, practicing to infiltrate the libs).
Keep an eye on their activity in Copper. It’s a better telltale metal and they’ve been on a buying and mining spree.
"I think we both know perfectly well the answer to that."
"Did someone say "Gold"?
China is ferociously stockpiling gold, but also copper, platinum, silver, and many more exotic industrially useful metals. They are all selling (temporarily) very low.
Smart, smart move by the Chinese government, especially with the US Congress and White House firmly in the hands of breath-takingly incompetent, exceedingly dangerous anti-free enterprise, anti-American lunatics.
Gold should be $1200 an ounce easily in the not too distant future. Invest accordingly, IMHO.
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