Wednesday, March 18, 2009
China and Gold
Jesse at Jesse's Cafe Americain has a 5 March 2009 post you should read: http://jessescrossroadscafe.blogspot.com/2009/03/leading-chinese-economists-favor-gold.html. The "money quote" as Yves Smith would say, "According to a China Business News survey of 70 Chinese economists ... the exact figure is 71.4% anti-bonds and pro-gold". My signature line: Got gold, get more. Got bonds, you fool!
Eventually China will give up on the dollar and drive the price of gold up. Jesse writes, "Time for another announcement of an IMF gold sale? Sounds as though China would like to know when they will be able to take delivery". See my 2 October 2007 and 15 November 2008 posts: http://skepticaltexascpa.blogspot.com/2007/10/those-who-do-not-know-history.html. http://skepticaltexascpa.blogspot.com/2008/11/forbes-capitalist-fool.html.