China increases gold reserves by 76%

[endsongs]

http://finance.yahoo.com/news/China-reports-76-percent-apf-15021748.html?.v=1

Makes you wonder if hoarding more gold is a precursor to their trying to establish a counter currency to the dollar...

 

[Eight]

The US had tons of gold and a gold backed currency in the Great Depression and they were last to come out of it.. maybe these brilliant Chi Coms have been reading some gold bug stuff on the internet or something...

 

[TraderZones]

Quote from endsongs:

http://finance.yahoo.com/news/China-reports-76-percent-apf-15021748.html?.v=1

Makes you wonder if hoarding more gold is a precursor to their trying to establish a counter currency to the dollar...

I suspect the total value of their gold is still just a drop in the bucket...

 

[endsongs]

It's about 2% or so compared to the dollar reserves. The whole thing is whether or not it is the start of a trend.