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main1event
21st November 2008, 10:38
I keep thinking if I were a wealthy country like China, Russia or even Canada, I would buy a significant amount of gold or silver in this uncertain environment. I mean how cheap is gold. Fannie Mae lost 25 billion this quarter and almost 100 billion this year. China only 100 tones of gold at the current price that is only worth 13 billion. Fannie Mae lost in one quarter all the gold in China.

Gold is chump change compared to the mountains of paper out there. Silver is even worst. All the Silver on the planet right now is worth about 10 billion dollars. Is that rediculously cheap. I believe we are so close to an explosion in the price. As I write this the GLD is breaking out out of a high resistance area of 77. We should see 800 very soon.

Americas gold is only valued at 130 billion dollars. Just a matter of time before someone says somethings wrong here. Hey America hand over your gold, you can have your paper.

Greaves
21st November 2008, 10:45
Our then Finance Minister (Paul Martin) in Canada sold all of Canada's gold in the late 90s, early 00s to help the States with the suppression. Do I think Canada should buy gold? Yes definitely. Will they? No.

My Pants Are Cold
21st November 2008, 17:11
Our then Finance Minister (Paul Martin) in Canada sold all of Canada's gold in the late 90s, early 00s to help the States with the suppression. Do I think Canada should buy gold? Yes definitely. Will they? No.

Nah, Canada should be buying beer and tuques. Maybe some square tires.

akak
21st November 2008, 21:55
"Tuques"? Is that some Canadian slang word for precious metals?

mick silver
21st November 2008, 22:06
I have posted on here that chiana an russia have been spenting billion on golld an silver

SkinnerVic
21st November 2008, 22:08
"Tuques"? Is that some Canadian slang word for precious metals?

You need to watch an older film called "Strange Brew". That whole thing will make a lot more sense.

Diving Goose
21st November 2008, 22:10
"Tuques"? Is that some Canadian slang word for precious metals?

LOL .. Google Bob and Doug McKenzie....

Greaves
21st November 2008, 22:18
I have posted on here that chiana an russia have been spenting billion on golld an silver

Mick have you been drinking? :D

chiana, spenting, golld.

Been a good day huh? Haha.

mick silver
21st November 2008, 22:38
only 4 shots

mick silver
21st November 2008, 22:42
The mainland is seriously considering a plan to diversify more of its massive foreign-exchange reserves into gold, a person familiar with the situation told The Standard.
Beijing is considering changing its asset allocations during the financial tsunami in order to build up gold reserves "in a big way," the source said.

China's fears about the long-term viability of parking most of its reserves in US government bonds were triggered by Treasury Secretary Henry Paulson's US$700 billion (HK$5.46 trillion) bailout plan, which may make the US budget deficit balloon to well over US$1 trillion this fiscal year.

The US government will fund the bailout by printing new money or issuing huge amounts of new debt, either of which will put severe pressure on the value of the greenback and on government bond yields.

The United States holds 8,133.5 tonnes of gold reserves valued at US$188.23 billion. China holds gold reserves of just 600 tonnes, worth only US$13.89 billion.

Beijing's reserves could easily go up to 3,000 to 4,000 tonnes, Tanrich Futures senior vice president Colleen Chow Yin-shan said.

Until now, the United States has had little choice but to issue massive amounts of debt to fund its deficits, and China has had little choice but to purchase it, as there are not many markets deep enough to absorb the mainland's US$30 billion to US$40 billion in monthly capital inflows.

Government officials involved in the management of China's reserves are beginning to see gold as an attractive place to park some of these funds. They see it as a real, tangible asset that will not lose its value over time - in stark contrast to the greenback, which is becoming more disconnected from economic realities as more bills are printed.

"It's the right time to increase the gold reserves, as the price is about US$710 to US$720 per ounce," said Wan Guoli, vice secretary general of the China Gold Association.

The International Monetary Fund has made reducing global payment imbalances one of its priorities in the aftermath of the financial tsunami.

"I think China probably will expand its strategic reserves into commodities during this downturn," said a Hong Kong-based strategist.

"China will continue to buy treasuries ... otherwise the system would get distorted," he said.

"But I think China will
http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=74335&sid=21457716&con_type=1

mick silver
21st November 2008, 22:44
By Theresa Tang and Aaron Pan

Nov. 14 (Bloomberg) -- China may buy more gold for its currency reserves on concern the $700 billion U.S. bank bailout will cause declines in the dollar and Treasuries, the Standard newspaper reported, citing an unidentified person familiar with the situation.

The decline in gold prices means it is ``the right time'' to increase the gold reserves, Wan Guoli, vice secretary general of the China Gold Association, told the newspaper. The unidentified source said the government is considering building up holdings of the metal in ``a big way,'' the newspaper said. China holds the world's biggest foreign-exchange reserves at $1.9 billion, according to data compiled by Bloomberg.

Gold for immediate delivery was little changed at $733.07 an ounce at 8:21 p.m. in Singapore, after gaining 3.4 percent yesterday. Futures for December delivery were up $26.90, or 3.8 percent, to $731.90 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange. The dollar was little changed at $1.2764 per euro.

The mainland could increase its gold reserves to as much as 4,000 tons, the Hong Kong newspaper said, citing Tanrich Futures senior vice president Colleen Chow Yin-shan. It said the reserves are 600 tons now.

Chinese authorities are now grappling with how best to manage the reserves, forecast by the International Monetary Fund to reach $2.2 trillion by the end of December and $2.7 trillion by the end of 2009. The yuan remains Asia's best performer against the dollar this year, rising 6.9 percent.

http://www.bloomberg.com/apps/news?p...d=aftgZrZFEHmY

mick silver
21st November 2008, 22:46
Iran says it has converted some foreign currency reserves to gold
Saturday November 15, 2008, 9:34 am EST
Yahoo! Buzz Print TEHRAN, Iran (AP) -- Iranian newspapers are quoting a top adviser to President Mahmoud Ahmadinejad as saying the country has converted some of its foreign currency reserves into gold.

The papers published Saturday did not say how much of Iran's estimated $120 billion in reserves were converted into gold. Iranian officials could not immediately be reached for comment.

The daily Jahan-e-Eghtesad, or Economy World, quoted presidential adviser Mojtaba Hashemi Samareh as saying Ahmadinejad ordered the change.

The decision comes after a dramatic fall in oil prices recently triggered by a global financial crisis. About 80 percent of Iran's foreign currency revenue comes from oil exports.
http://finance.yahoo.com/news/Iran-c...-13585716.html

My Pants Are Cold
23rd November 2008, 19:29
"Tuques"? Is that some Canadian slang word for precious metals?

Google is your friend.