Gold Retraces All Losses After Official Says "China Should Take Every Chance To Buy Gold, Especially When Gold Prices Fall"

Tyler Durden's picture

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hugovanderbubble's picture

Gold +Silver + Palladium + Platinium = New World Commodities Basket Currency Linked System

 

Crude oil - Venezuela New Currency Linked

 

+Rare Earth Metals 5%

-------

Physical is the key To collateralize money and of course the infinite debt .....but remember physical is not infinite as Bernanke Printer....¡¡¡¡

HARD ASSETS POW¡

Zero Debt's picture

Just add just 5% sugar and 5% chocolate and it's perfect!

fasTTcar's picture

You forgot rice, corn and wheat.

smeagol's picture
China Buys 47% of the World's Gold

 In fact China is already set to buy almost half of all the gold that'll be mined this year.

You read that right: The Chinese may buy nearly 50% of total world gold production in 2011.

 http://preciousmetalsnews.blogspot.com/2011/03/china-buys-47-of-worlds-gold.html

 

zaphod's picture

Gold production means nothing compared to past production

 

China could do this for 50 years and still not have as much as the French, let alone Fort Knox (I know I know tungsten bars, I still have to believe they've got a decent amount stored, say what you will but we're not as dumb as the bank of england....)

doggings's picture

one day we'll see I suppose.

EscapeKey's picture

Huh, come again?

The US sits on about 8,100 tons of Gold. If the Chinese buy 50% of the annual 2,500 ton production, that would mean they would catch up from scratch in less than 7 years.

The French sit on 2,400 tons. That would be surpassed in less than 2 years.

http://www.usgold.com/world-gold-holdings/

http://goldnews.bullionvault.com/gold_mining_output_2008_china_south_afr...

 

Oh regional Indian's picture

Think this may impact many things.

 

Please see: The Axis of Evil Doing

http://aadivaahan.wordpress.com/2011/03/09/axis-of-evil-doing/

 

It is the fulcrum.

ORI

 

 

hugovanderbubble's picture

Why the star is in the middle of Algerie?

GAS WAR?.)

Oh regional Indian's picture

Look at the start points (Zimbabwe-Black, Iceland-White) and then all the others, Ireland, Tunisia (flash point)...
It's all there, on that axis.
HydroC goes Super Nova there.

ORI

cossack55's picture

Interesting, but to tell the truth, the Stunning Art link was really wild.  I've saved the site, tho. Thanks ORI

Oh regional Indian's picture

:-) All good Cossack. I feel the Axis tells the story. Interesting is great for a start.

And that art, mind-blowing, eh?

ORI

DollarMenu's picture

There is much on your site that is 'mind-blowing'.

Thank you!

Pegasus Muse's picture

Hmmm.  Curious thing.  

Roswell, NM:  33.4 Lat, -104.5 Long

http://itouchmap.com/latlong.html

IQ 145's picture

 you got that right. It's impacting the shit out of a lot of things right now. More to come. Stay tuned.

cossack55's picture

Gold is in a correction.  It is headed towards its real value ($8,000/oz imho), and I don't think we are talking paper gold.

Onlygold1's picture

sorry, but you are fractionally low-g-

 

still waiting for the jawboning to stop and the chinese to really start buying right now they like the looow prices-

Twindrives's picture

Meanwhile in America.......Bernanke's pitchman Obama tells citizens to spend, spend, spend.  

 

Now that's leadership!     <sarcasm>

SumDumGuy's picture

What is BTFD in Chinese?

Flakmeister's picture

Damn... the Hedge does not support Mandarin...

Mai gaisi jiang

Its the best I can come up with

IQ 145's picture

 It's what they've been doing for the past six months; pay attention.

ciscokid's picture

Gold is the ultimate money.

Henry Chinaski's picture

Trust the Chinese officials on this one, but everything else they say is lies and/or propaganda.  Just sayin.

tmosley's picture

Truth is they are already buying a lot, and have bought a lot more than they have said.

YHC-FTSE's picture

Meh. Good advice and all that, but most of the articles these days seem almost identical. Wouldn't mind seeing some contrarian stuff.

Dr. Richard Head's picture

Contrarian stuff?  Are you fucking kiding me?  Just turn on the TV here in Amerika.  CNBC, FOX, CNN, and any of the ABC, CBS, NBC nighttime news feeds.  The media is littered with all things contrarian to ZH.  I don't think any more of that sort of news is needed here. 

Flakmeister's picture

  The most even handed site for economic news in CalculatedRisk.. He presents all the data. He doesn't spin it. He is very calm and reasonable. I think his experience leads him to cautious optimism. CR was the best site for the housing meltdown, bar none.

IQ 145's picture

 Oh, okay. here you go. Paper money is wonderful. No matter how much of it you print it always gete and more valuable. Gold is a barbarous relic; gold will crash soon; your paper moneys will be worth much, much. How's that; feeling better now.?  Contrarian stuff; what the fuck is wrong with your brain; reality is determined by study of facts and history; not by voting on it. God and I make a majority.

YHC-FTSE's picture

Shit, if I had known I'd get pissed on for wanting a little variety I would have brought an umbrella. Most of the nuts think I advocate toilet paper instead of PM/IMs, but use a little imagination. There's oil, food, battery tech, green tech... the list is as long as ingenuity. Never mind.

FunkyMonkeyBoy's picture

Hmmmm... which team to be on; Team USA (+rest of western world), or Team China?

Hmmmm, decisions, decisions.

Well, seeing as the USA has become as despotic, non-productive, banana replubic, non-job service driven, propoganda hell hole ran by genocidal manics while the citizens sit idle day in day out and do nothing to stop the enemy within... well, i think my mind has been made up for me.

Dr. Gonzo's picture

Jim Rogers made that bet 7 years ago.

zaknick's picture

Where is Spalding Smailes and Team America to tell us how those 8100 tons of gold are real. Really.

High Plains Drifter's picture

He had to get up early this morning and go make a delivery of hubris..........

High Plains Drifter's picture

Its the Chinese put.  Put that in your crack pipe and smoke it Blythe

 

MiningJunkie's picture

Barbarous relic !

Billy Shears's picture

??????(GOLD, BITCHES!)

SuperRay's picture

what the hell is going on here? I thought the chinese were inscrutably subtle and thinking for the long term.  Why would an official actually come right out and publicly announce that they want to buy the dips?  What purpose does it serve them? Wouldn't they want Gold to correct so they could quietly buy up as much as possible, as cheaply as possible? There's a subtext here, but I can't read it..

IQ 145's picture

 It's geopolitical chess. it;'s brilliant. they attack the dollar while remaining blame free. Oh, didn't you want us to encourage our people to be free? I thought you like freedom? The central government is blameless; the people will take care of it; are taking care of it ! Brace up, there's another 50-60 million chinese who haven't bought any yet. Cleverist move I've seen in international politics in forty years. absolutely brilliant.

SuperRay's picture

...and why aren't they interested in silver?

Twindrives's picture

The Chinese know JPM have no more silver, and neither does anyone else, so they figure there is no point bringing it up.

 

Got silver?   

gwar5's picture

They are. They encouraged the people to acquire gold and silver.

They are redeeming silver bullion from SLV redemptions stealthily.

Pegasus Muse's picture

China says Buy Silver:

http://www.youtube.com/watch?v=Mt63JBx_vW4&feature=player_embedded

"China is also encouraging its citizens to buy silver as an investment for the first time in 60 years. Take a look at the State TV unveiling silver as an investment like Ford would show off a new F150. If a billion people by a little of anything, huge swings tend to happen in markets."

http://dont-tread-on.me/the-silver-bullet-and-the-silver-shield

IQ 145's picture

The Chinese national currency unit was a silver casting for many, many years; everyone knows this; they are buying the shit out of silver; wake up, please.

Math Man's picture

Just like China waited for Oil to break before stocking their strategic petroleum reserve, they will wait for Gold to break before buying more Gold. 

 

RogueFit's picture

Hey Math Man, any way we can exchange email addresses?

I Am The Unknown Comic's picture

you trolls out there need to get busy and tell the Chinese they can't eat gold.  Obviously there must be a misunderstanding because no sane person buys gold for financial reasons, right assholes?