Submitted by madhedgefundtrader on 05/15/2011 - 09:26
The global “RISK OFF” trade takes its toll. But for the barbarous relic, this is only a breather. The average Chinese gold holding is $36 per person compared to $1,197 in the US. Expect the former to rise a lot. The trade is moving to the Middle Kingdom. The US is still on top with reserves, but ETF’s are catching up fast. That is unless the gold bars in Fort Knox are actually made of lead with gold paint. Still looking for $2,300.