Wednesday, March 9, 2011

China Says To Buy More Gold With Its $2.85T In Reserves

Gold investors and believers will love these comments coming from China. Reuters reports this morning that a Chinese government adviser says that China, the second largest consumer of the precious metal, should use some of its $2.85T foreign exchange reserves to buy more gold.

"Another supportive factor for gold demand and therefore gold prices are likely to be repeated calls for the diversification of China's currency reserves," said Commerzbank analysts in a daily note.

"Reflecting investor appetite for gold was another pickup in holdings of the metal in some of the world's largest exchange-traded funds, which have risen by over 340,000 ounces so far this week to over 61 million ounces."

We track all gold ETFs live here.

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