China to buy $1 Trillion In Gold
China, which has just 1.6 percent of its reserves in gold, may invest more than $1 trillion in bullion, Pento said. âChina wants to be an international player, and they need to own more gold than they currently have.â
As developing countries accelerate purchases, gold may reach $2,000 an ounce this year, compared with a record of $1,569.80 today in New York, said Robert McEwen, the chief executive officer of producer U.S. Gold Corp. Euro Pacific Capitalâs Michael Pento, who correctly predicted goldâs highs for the past two years, forecasts a 2011 high of $1,600.
http://www.bloomberg.com/news/2011-...nal-bullion-extending-record-price-rally.html
China to cut USA Reserves from 3.4 Trillion to 1.3 Trillion
BEIJING, April 23 (Xinhua) -- China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.
The amount of foreign exchange reserves should be restricted to between 800 billion to 1.3 trillion U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.
http://news.xinhuanet.com/english2010/china/2011-04/23/c_13842843.htm