2013-05-04mineweb.com

There may well come a stage where China may move to protect its citizens' interests if it is felt that the Western bullion banks and central banks and governments are colluding to control the gold price to the detriment of the Chinese people -- and China certainly has the financial clout to do this.  An acknowledged purchase of say 1,000 tonnes of gold or more by the Reserve Bank of China for its official gold holdings would hardly make a dent in its total currency reserves yet could have a huge immediate effect on the gold price

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Even if the rate of purchase slows it still suggests that over the full year several years of global mine production could be taken up by the Chinese alone. And then there are the Indians, the Turks, residents of the Middle Eastern countries -- all these have been buying in a reported buying frenzy While the SPDR Gold Trust may be bleeding gold, it's at nowhere near the rate it is being absorbed in Asia and the Middle East.


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