Huge gold buying from China
 

"As at 31 October 2010, the US has approximately 8,134 metric ton of gold reserve while China has only 1,054 metric ton of gold reserve."

Data cited Thursday by China's state-run Xinhua news agency showed that China imported 209.7 metric tons of gold in the first 10 months of the year, a fivefold increase compared with the same period last year.

http://marketnoise.blogspot.com/2010...rom-china.html

maybe they are making golden palace :pimp

they are buying expensive trees from oversea too... way to go... spend spend spend... spending on credit is even better!

Lots of countries will stock up on gold now with all the talk of some kind of new quasi gold standard coming once all the dust settles with our economic problems.

A Gold Standard would be a disaster. :2 cents:

it's a shame that "betting on the future" systems that were predicted back in the cypherpunk days never materialized. (http://www.longbets.org/ doesn't count, it doesn't have the scalability and anonymity of a true future betting system)

cuz i'd be happy to bet you that unless civilization collapses back to an 1800s state no serious country would move to a gold standard, unless it's a part of a market basket.

the idea that countries are inevitably moving to a universal external standard for money is probably right, but it will be something like a market basket, or maybe a measure of energy like the kilowatt or the calorie.

such talk does not bode well for the united states.

india has been buying lots of gold too

one of the reasons china buys gold is the fact gold jewelry actually is very popular for many wealthy chinese, apart from real estate its about the only investment they can get into.

btw lately gold and $ currency have moved in the same direction = higher; mostly due fact nobody wants to hold euros right now

Tell that to the World Bank, Michael Bloomberg, and many others.

...and I said a quasi-gold standard.

In their position, it is extremely smart to spend spend spend especially on credit... They are an export-driven country and it is in their best interest to devalue thier currency against the US dollar and EUR... :2 cents:

in Asia, esp in hk & spore, US$1 million could probably buy u a peice of crappy property (tiny studio)... Rising wealth in Asian does not mean rising living standard, in fact, the living standard has been declining...

gold never dies in crisis...

Pfff... the Chinese always need to one-up the others. Maybe it's a penis-size related issue?

thought it's the jap issue?

so r u sayin the chinese is getting chicks using gold as bait, rather than big penis? how many gold bars = 1 big penis?

You are probably correct. However, as painful as it would be for a while to go back to the gold standard, long term it would probably pan out better than the unsustainable system that is in place now.

But I make porn for a living, so what do I know.

They are just getting on board the golden rule ?He who has the gold makes the rules" and they wanna make the rules now. :2 cents:

I've heard there's not enough gold in the world to cover the gdp of the united states alone.

...at the current valuation.

gold = $$ = Euros = gold :D

And how is that "gold standard" going to work when our economy is larger than the worlds gold supplies?

wonder why they'd be doing that, if they were expecting the USD to remain the reserve currency

Already answered that. It's pretty fucking simple to figure out...

Its called a gold cover clause ratio, otherwise known as a fractional reserve gold standard.

gonna be a small fraction lol