Importance of Chinese Gold Investing
Source: GoldSeek, The Mogambo Guru (8/12/10)
"Retail Chinese investors raise gold demand 315% in one freaking year."
A The Financial Times article stated: "Chinese investors bought 73 tons of gold last year," which doesn’t seem like all that much, except that the 73 tons of gold was "up from 18 the year before," which calculates to "a 315% increase in demand from retail Chinese investors" in one freaking year (OFY)!
This is particularly good news for those who have been feverishly buying gold thanks to the ugly fact that we're doomed because Alan Greenspan did, and Ben Bernanke is, abusing his position at the Federal Reserve to create more and more money, causing inflation and ridiculous booms to rise up and destroy us.
I got to wondering how high the dollar-price of gold will go. Perhaps this is why Larry Edelson at Uncommon Wisdom got my attention by saying he can easily see gold going to $2,000/oz.+, and possibly [be still, my beating heart!] "$46,16/oz., which is what gold would be priced at if the Fed monetized the country's 287 Moz. of gold reserves and geared it to the current national debt of $13.25 trillion."
This, I hasten to add, is only if national debt stays at $13.25T, which it won't by a long shot!
I have successfully managed to put away a little gold despite everyone's insistence that I'm a hateful, stingy little creep because I don't spend every income dime on extravagant trifles, but gold going to $46,167/oz. would go a long way toward solving my financial troubles!