While Congress argues over labeling China a currency manipulator, China is busy continuing to massively increase their physical gold and silver reserves. The Australian reports that Aussie gold exports to China have soared a mind-blowing 900% over the first 8 months of 2012 to $4.1 billion as Chinese buyers are hoarding the precious metal.
Sales soar 900pc as China makes grab for Aussie gold
GOLD has soared past coal as Australia’s second most valuable physical export to China, with sales up a whopping 900 per cent for the first eight months of the year, bringing in $4.1 billion.
Chinese buyers are hoarding the precious metal amid a slowing economy, property-buying restrictions and uncertain financial markets as its central bank increases its holdings.
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Awesome find, thanks Doc!
As a Chinese person, I can attest that Chinese people love saving and gold is one of our favourite ways to save (real estate being #1).
The US government has their head up a rear orifice. China is setting up to be a gold backed world reserve currency as soon as the dollar totally tanks.
BAH! China doesn’t have the Bernanke, how can they succeed?
/s
Australia is going to regret to sell all their hard earned gold to China when the fiat system is going to collapse. Why can’ they kept all their mined gold? Oh it’s because today’s wealth is measured in fiat currencies, not in gold and silver.