Gold Boosted by Reports of China Buys

無法笑

Gold futures were rising Friday on reports that China has been increasing its gold reserves in recent years.

Futures were climbing $3.70 to $909.60 an ounce at the xoxoex division of the New York Mercantile Exchange. The contract has traded as low as $906.70 and as high as $911.50 so far during the session.

Reuters reported that China has been building its gold reserves substantially since 2003. Hu Xiaolian, head of the State Administration of Foreign Exchange, disclosed that the country now has a total of 1,054 tons, having added roughly 90 tons a year. China's gold buying has been rumored for years, but the country stayed quiet so as not to limit its ability to find favorable prices.

Others say what's really pushing gold higher is India's buying festival and continued jitters about U.S. banks' stress test results.

無法笑

China revealed on Friday that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes - or a pot worth about US$30.9-billion - and confirming years of speculation it had been buying.


Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.


The confirmation of its surreptitious stockpiling is likely to fuel market talk about Beijing's ability to buy secretly and its ambitions for spending its nearly US$2-trillion pile of savings. And not just in gold: copper and other metals markets are booming thanks to China's barely-visible hand.


Speculation has gathered speed over the last year, since the tumbling dollar has threatened to weaken China's buying power - and give it yet more reason to diversify into gold, oil and metals.

小倩倩

也该  买了  这么大的国家 这么大的经济体制  不弄多点  怎么应付  得了 .......................... 中国从此崛起

無法笑

原帖由 小倩倩 於 2009-4-26 05:43 PM 發表
也该  买了  这么大的国家 这么大的经济体制  不弄多点  怎么应付  得了 .......................... 中国从此崛起

Right!

金星

原帖由 無法笑 於 2009-4-26 10:20 PM 發表



Right!

will u like to share your view on gold in xoxoing weeks ?

無法笑

原帖由 金星 於 2009-4-26 10:35 PM 發表


will u like to share your view on gold in xoxoing weeks ?

950 is everyone's expected target, but who knows.

無法笑

原帖由 無法笑 於 2009-4-26 10:43 PM 發表




950 is everyone's expected target, but who knows.

If gold can stay above $920 for several days, then futures could have a big chance
moving into the $960 area.

金星

原帖由 無法笑 於 2009-4-26 10:53 PM 發表





If gold can stay above $920 for several days, then futures could have a big chance
moving into the $960 area.  

ths