Chinese dumping dollars for gold and other commodities - taking advantage of financial crisis
September 6, 2009 by admin
Further supporting our recent news items on China wanting to diversify out of the US dollar is this story from mineweb which reports that Chinese state-controlled organisations are being pressured to invest in non-Chinese entities along with commodities. Sovereign Wealth Fund analysts were reportedly working around the clock to put together oil and precious metals deals that for “one month this year equalled that of the whole of last year”!
The report also makes mention of the promoting of gold and silver investments on Chinese state owned television as per this video we posted previously. In fact it surmises that China will overtake India as the worlds biggest buyer of the gold and silver. This will obviously give them some semblance of protection from further potential western economic collapse.
We think watch China closely as they are the ones holding all the cards…
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