China reveals big rise in gold reserves

#1
Here we go, hold tight

China has quietly almost doubled its gold reserves to become the world’s fifth-biggest holder of the precious metal, it emerged on Friday, in a move that signals the revival of bullion after years of fading importance.

Gold rose to a three-week high of more than $910 an ounce after Hu Xiaolian, head of the secretive State Administration of Foreign Exchange, which manages the country’s $1,954bn in foreign exchange reserves, revealed China had 1,054 tonnes of gold, up from 600 tonnes in 2003.

in full

http://www.ft.com/cms/s/1d23f80c-30...0.html&_i_referer=http://www.ft.com/home/asia

See previous thread on China turning dollar reserves into stockpiles of metals

http://arrse.co.uk/cpgn2/Forums/viewtopic/t=121257.html
 
#2
armchair_jihad said:
Here we go, hold tight

China has quietly almost doubled its gold reserves to become the world’s fifth-biggest holder of the precious metal, it emerged on Friday, in a move that signals the revival of bullion after years of fading importance.

Gold rose to a three-week high of more than $910 an ounce after Hu Xiaolian, head of the secretive State Administration of Foreign Exchange, which manages the country’s $1,954bn in foreign exchange reserves, revealed China had 1,054 tonnes of gold, up from 600 tonnes in 2003.

in full

http://www.ft.com/cms/s/1d23f80c-30...0.html&_i_referer=http://www.ft.com/home/asia

See previous thread on China turning dollar reserves into stockpiles of metals

http://arrse.co.uk/cpgn2/Forums/viewtopic/t=121257.html
Not that surprising to be honest and smacks of remarkable common sense on the part of the Chinese - I'd expect them to be busy buying up further stocks in the near future. Only question I have is with the reporting of the FT - first time I've ever seen SAFE referred to as "secretive" - a right royal pain in the arse, yes but secretive, no :D

lancslad
 
#3
It seems to me that some secrecy is useful in this area:

Just quietly buying gold is cheaper than announcing that you are going to do it first.

Conversely, Gordon's announcement that he was selling gold before he did it meant that we got much less for our gold.
 
#4
Is it my imagination or is China the only country thats seems to invest for the future and benefit of its people? They are buying all sorts of construction materials that are normally in short supply while teh market is at a low to give them a cushion when things perk up again. All good common sense.....

What is UK Gobment doing? spending Billions we don't have shoring up businesses that failed under their own steam....

So a communist government invests for its people (even if a lot is for the chosen few), while a democratic government borrows money from the majority of its people to bail out the rich who fricked up their own companies....

Anyone on here with a politics degree or International Economics who could shed a light on why this seems to be so badly wrong?!
 
#5
Azrael2006 said:
Is it my imagination or is China the only country thats seems to invest for the future and benefit of its people?

So a communist government invests for its people (even if a lot is for the chosen few), while a democratic government borrows money from the majority of its people to bail out the rich who fricked up their own companies....
The truth is that the so called Chinese 'communist' Government is in reality a free market, Thatcherite influenced, meritocracy with a unsentimental view of the World and Human Nature. It has many problems for sure, but it exists with real jeopardy for fcuking things up.

Not only would NONE of New Labours current front bench have got there in China, but most would have been executed or imprisoned for corruption and/or incomptence before they even got on the first rung of power.

While the best description of our so called UK Democratic Government is in this article from todays Guardian -

The cabal of very senior ministers and unelected advisers, to which we were obliged to refer as "the government", contrived to be both desperately impressed by the rich, and hopelessly out of its depth when dealing with them.

.....our serially fawning government.....whose forelock-tugging inferiority complex has been a defining characteristic. It wasn't just our special give-and-take relationship with George Bush's government (we gave, they took). Rather, it runs like a brown thread through the years since 1997. It was there in Peter Mandelson's famous ­declaration that New Labour was "intensely relaxed about people ­becoming filthy rich" – a styling meant to radiate progressive sophistication but which came off sounding like a fifth-former trying to look worldly.
in full in this article here

http://arrse.co.uk/cpgn2/Forums/viewtopic/t=121776.html

and well worth a read
 
#6
It's more to do with China moving away from dollars they have in reserve, which isn't a bad idea as the US are also doing quantitative easing and printing more dollars, which in the long run may well reduce the value. The Chinese are now instead focusing on other reserves such as copper, gold, steel and so on.

Once the world markets come out of this 'credit crunch' then the Chinese will have a materials that will be in high demand and they can control the market in certain ways by releasing it or they can use it within their own economy, i'd guess that it will be a bit of both.
 
#7
If only we'd avoided the knee-jerking everytime the word 'Communist' floated into our field of mental vision, we could have realised quite how much better they are at planning for the long term interest of their nation than we've been for nearly a century.

Confucious say (more or less), "Businessmen: necessary and alright in their place, but don't hand 'em the keys to your country or they'll fuck you over royally for their own benefit".

There's still a strong Maoist theme at the top levels of the Party, but it's the ideas of Young Mao not the bloated egotist that damn near ruined the country, and it's a good deal more pragmatic than anything they've had since the fall of the Empire.

Ironically enough, if you took a great many of their supposedly wrong and evil (i.e. 'Communist') policies and replaced the words 'State' and 'Party' with the words 'Crown' or 'Realm', ARRSERs would probably be lauding them from the rooftops and demanding to know why nobody was proposing them here. There is definitely a far wider spectrum of views being expressed currently within CCP than within the British political landscape.

Edited to add: Here's the official (or thereabouts) line. Lucky China, squillions in gold and a fairly hot-looking MILF to steward it. We've got twenty-three and a half pence, a washer, a broken lollypop stick and Alastair Darling.
 
#8
smartascarrots said:
If only we'd avoided the knee-jerking everytime the word 'Communist' floated into our field of mental vision, we could have realised quite how much better they are at planning for the long term interest of their nation than we've been for nearly a century.

Confucious say (more or less), "Businessmen: necessary and alright in their place, but don't hand 'em the keys to your country or they'll fuck you over royally for their own benefit".

There's still a strong Maoist theme at the top levels of the Party, but it's the ideas of Young Mao not the bloated egotist that damn near ruined the country, and it's a good deal more pragmatic than anything they've had since the fall of the Empire.

Ironically enough, if you took a great many of their supposedly wrong and evil (i.e. 'Communist') policies and replaced the words 'State' and 'Party' with the words 'Crown' or 'Realm', ARRSERs would probably be lauding them from the rooftops and demanding to know why nobody was proposing them here. There is definitely a far wider spectrum of views being expressed currently within CCP than within the British political landscape.

Edited to add: Here's the official (or thereabouts) line. Lucky China, squillions in gold and a fairly hot-looking MILF to steward it. We've got twenty-three and a half pence, a washer, a broken lollypop stick and Alastair Darling.
Very astute post there, Smartascarrots - as usual, I might add.

Have you ever thought of running for UK pry minister, mucker?

MsG
 
#9
Run for Prime Minister? That's a terrible thing to say to anybody... I hope you're suitably ashamed! :D
 
#10
Holy shit.

LINK

That's some size of a sofa they've been rummaging down the back of.
 

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