China is already the world's largest gold miner, and many analysts now assume - following the country's announcement last year that it had been building up its gold reserves for six years unknown to the West - that it is still expanding its gold holdings in a way that does not necessarily show the gold going into official reserves. And now it appears to be looking elsewhere to purchase supplies of the yellow metal without overtly impacting the market.Here is a link to the full article, which I recommend reading: China Loads Up On Gold
What is significant, perhaps, is that this suggests that China's commitment to gold is both ongoing - and likely to increase. The country, through its financial institutions and state television advertising, has been persuading its ever growing middle classes to purchase gold (and silver) as a good investment. There seems little doubt that the state is doing the same thing itself as a means of diversifying its huge reserves.
Here is what the typical American is doing, while the world financial system melts down:
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Dave: actually couch potato is not complete--many folks are on facebook talking about the next trip to the bathroom, etc. :-(
ReplyDeletethat reality is they can't tear themselves away from the trivia of facebook.
ROFLMAO. At least they have their priorities!
ReplyDeleteThe only thing my friends want to talk about is the new iphone, LOL. Ignorance is bliss, indeed.
ReplyDeleteThe average American is flat broke, massively in debt and brainwashed beyond hope. They will miss the PM train while the US empire fades into history.
ReplyDeleterather than gold I would own some nice farmland with irrigation
ReplyDeleteya but not in the U.S. - southern Spain or southern France. the U.S. is going to turn into a totalitarian system eventually.
ReplyDeleteIn my country, Czech Rep., it is the same. Although we border with Germany, i guess no more than 1 % of people in here own PM.
ReplyDeleteIt is quite ridiculous even to try persuade people having high intelect. Some laughs, some reject PM as nearly nonsense.
"You can not eat gold", "Noone wants it---who are you going to sell to?", "Now when it is too expensive?!", "It is based on faith only, so it can crash as well", "Government will take it from you", "It is worthless if war is on", "It provides no interest".
I'm not sure whether it is propaganda or ignorance, but when media reports about gold, they usu talk about "investors" (not the people) and price is always in dollars (not in local currency) so it seems like description of some parallel universe where exist entities buying gold.
Anecdote is we have highly unpopular minority of gypsies (which have roots in India) so they like gold jewellery much but are typically very poor (because of this and that). Maybe they emerge as royal society once gold is revalued. :-)
Great comment stibot - thanks!
ReplyDeletealso see this as a recent example of Chinese buying...from a new US gold mine no less:
ReplyDeletehttp://finance.yahoo.com/news/Coeur-strikes-gold-deal-with-apf-748836938.html?x=0&.v=1
I think the big "WTF" moment will come if the FED goes negative on rates and charge people money at the banks just to hold it. Most are as noted, oblivious to things economic but getting charged cash for nothing will drive them off the couch I think.
ReplyDeleteI have some fishing pictures up today as I took a Friday off.
Sometimes I wonder if this is just natures way of sending the caribou (sheeple) over the cliff.
ReplyDeleteDopes Dave..Dopes.
ReplyDeleteOnly a matter of time before Russia, China and Mexico announce their currencies are now partially/backed by gold and or silver.
ReplyDeleteDave any comment on this topic.
ReplyDeletehttp://www.gata.org/node/8766
I would almost consider a move of this nature to be a Lock and load type situation for sure.
Anything can happen Hopium The risk is always there and FDR's executive order that empowered the President to confiscate gold and make private ownership illegal is still open - it was never quoshed.
ReplyDeleteThe true, hardcore goldbugs have ALWAYS argued that the only true way to play this game is to take physical possession and stay away from anything paper, including the shares. I will point that FDR only was able to get the gold that being safekept at banks. DO NOT KEEP YOUR GOLD IN A BANK SAFETY DEPOSIT BOX UNDER ANY CIRCUMSTANCES.
We are vigilant for the when this time may arrive and will move our gold offshore if we believe it is going to be necessary.
If Obama were to make this kind of move, you want to get the fuck out this country anyway.