Central Bank Gold Buys Add ‘Whole New Dimension’

Posted by on April 11th 2012 in CFTC, China, Federal Reserve, General Economy, Gold, India, JPMorgan, Monetary Policy, Short Sellers, Silver, Wall Street | Be the first to comment!

USA Gold’s Michael Kosares sees “the arrival of deep-pocket central banks in emerging countries like China, Russia, Saudi Arabia, India, Mexico, Brazil, as well as players yet to be named,” adding “a whole new dimension to gold’s secular bull market.”  This as Reuters reports that “Hong Kong’s gold exports to China rose 20 per cent in February on the month, as China’s appetite for gold remains strong.  ‘On the public level, China’s central bank will continue to accumulate gold, which is easier than liberalising their capital account and currency,’ said Jeremy Friesen of Societe Generale, adding that building gold reserves would help China’s push to turn the renminbi into a global currency.”

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