There’s an interesting story on the newswires this morning …
China’s gold investors undeterred by high prices
Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world’s top producer and consumer of bullion, it has become a matter of necessity.
The government itself — also looking for a safe haven for its foreign currency reserves — is also likely to increase its gold holdings, which now officially stand at 1,054 metric tons.
Go read the whole thing: http://www.reuters.com/article/newsOne/idUSTRE5960LI20091007
XX Sean’s note: Not much to add to this, except that if 1.3 billion people are buying gold and silver no matter what the price — encouraged by their government — then that’s a very bullish force in the market.
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