I keep saying, the Chinese like gold. I said some time ago, they are buying gold, that is, as European bankers sell their official gold stocks, China buys this. This isn’t like India which buys it for individuals using jewelry as gold stocks. No, this is the CENTRAL BANK buying it….in anticipation of reinstating the gold standard! So it makes ZERO news in the Tibet-obsessed US media. But news in China!
Gold futures in NY gain for 3rd day in a row_English_Xinhua
Gold prices in New York rose for the third day in a row as dollar fell and China revealed its gold holdings.
The dollar declined against the euro after a report indicated German business confidence improved from a 26-year low. The weaker dollar added strength to the gold market.
China said on Friday that it had raised its gold reserves by three-quarters since 2003 to 1,054 tons. Some analysts believed it reflects China’s efforts to diversify its world largest foreign exchange reserves.
Gold futures for June delivery climbed 7.50 dollars, or 0.8 percent, to 914.10 dollars an ounce on the New York Mercantile Exchange.
The Chinese are definitely moving world gold markets. In the previous quarter, Western hedge funds were heavy into gold futures. But that is totally different from buying PHYSICAL gold. This is probably why there was a total disconnect between physical gold’s accessibility and its price. The physical gold vanished from the open market. While the gold futures sailed downwards, no one could get the real thing!
There was a lot of talk about conspiracies. Well, the US and Europe bank leaders who screwed up the entire planet’s finances are running this massive psychological operation that is out to convince everyone that gold is worthless and paper is golden. This has been in operation most of my life, since 1971, to be exact.
Now, as it is obvious that gold is worth a great deal, the psychowarfare has increased, not decreased. The howls that gold isn’t ever going to be the basis of currencies for trade like it was for 500+ years, like around 5,000 years, this is collapsing as it is now quite obvious that China is preparing, alongside Russia, to reinstate this ancient, honorable system!!!!
http://emsnews.wordpress.com/2009/04/25/china-gold-purchases-roil-ruling-elites/
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