Quote:
Originally Posted by slapass
I am not a fan of gold and have made some good money shorting it. But I read something pretty interesting the other day. GLD, the gold ETF has more gold then any of the central banks. That is why it is going down and will for a while. China is coming out with their own ETF so that its citizens can buy gold through the stock market. The reason China has ghost cities and the strongest banks etc is that they are drowning in cash. They save something like 14% of their GDP every year. If the Chinese like the ease of buying gold this way, it could move gold back up to new highs.
It will make for interesting times.
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There has been speculation for a long time that China plans to make the Yuan a gold backed currency.
TBH at this point I'd rather have my money in a Chinese bank account than a western bank account.
I'm pretty bullish on Gold & the Yuan long term