Today the IMF announced that it will sell off one-eighth of the agency’s gold reserves, without disrupting the gold market. Both this report and a sharp rise of the US dollar made gold drop below the $ 1000 mark again. The price picked up again after it became clear that China is considering  to buy it!

What really amazed me was the fact that the gold price did not drop below the $ 950 mark after the first report. 403 Tons of gold is a hell of a lot of gold! The news that China jumped in within hours did not surprise me at all. The Chinese really want to get rid of their soon to be worthless dollars don’t they?

Article from mineweb

China buying

Why are prices of gold and silver rising?

Will it crash or go much higher from this point?

Fear of inflation is rising, many investors are looking for alternatives for the greenback.

We at cashinfo.org think the Chinese are mainly responsible for the recent rally.

The Chinese government is urging their citizens to buy gold and silver bullions, this in a bold move, considering that only a few years ago its citizens were prohibited from owning gold or silver.

At the Hong Kong airport a new depository has been build, and the government has started moving its gold from London to Hong Kong.

Now there are even rumours about that China is about to ban all gold and silver exports from the country.

Read this article about China and gold

Another article about China and gold

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