China Recalls Gold Reserves

[Rickshaw Man]

China is acting very paranoid. I hear they are also defaulting on some commodity contracts. They are acting as if they are fixing to get all there toys and go home.

Interesting times we live in. America needs to get back to work and stop buying plastic crap from foreign countries that only lasts 6 months. Yes it’s cheap, that’s due to lack of quality.


http://www.marketwatch.com/story/hong-kong-recalls-gold-reserves-from-london-2009-09-03

 

[zdreg]

china is acting very smart . they read the book by andrew grove former ceo of intel "only the paranoid survive"
thx for you post but you are not a rickshaw man. every rickshaw man understands what is going on in europe and the US.

 

[Lethn]

Honestly, I think China are doing it right, with the way America is pissing about with their currency and the way the UK has pissed about with their currency I wouldn't consider us trustworthy either.

I wouldn't call China 'paranoid' though, North Korea maybe, but China? Their government is just a strange bunch.

 

[peilthetraveler]

Heck, I live in the USA and I am parnoid of what we are doing with our currency. Imagine you live in a foreign country how paranoid you would get.

 

[Sodajerk]

Looks like a pattern developing.

http://www.elitetrader.com/vb/showthread.php?threadid=174795

 

[TraderZones]

Quote from Lethn:

Honestly, I think China are doing it right, with the way America is pissing about with their currency and the way the UK has pissed about with their currency I wouldn't consider us trustworthy either.

I wouldn't call China 'paranoid' though, North Korea maybe, but China? Their government is just a strange bunch.

I believe in capitalism/etc. But it is pretty obvious what is going on.

The USA is running up massive trade and budget deficits, massive debts, is stagnant, staggers with huge healthcare problems, has millions of illegal immigrants, and is hemorrhaging jobs to lower cost producers. $60-$100 trillion in future medicare/social security/pension obligations? A doubling of the deficit in 9 years?

China has a large surplus, large capital reserves, continues to grow at a rapid pace, and is gaining many of those jobs.

So whatever you feel about either system, it is obvious which is in a better position at this time. If I could wave a magic wand. I would cause the West and China to swap financial positions in a heartbeat. It is like watching a black hole devouring its giant companion star:

 

[Rickshaw Man]

Quote from TraderZones:

I believe in capitalism/etc. But it is pretty obvious what is going on.

The USA is running up massive trade and budget deficits, massive debts, is stagnant, staggers with huge healthcare problems, has millions of illegal immigrants, and is hemorrhaging jobs to lower cost producers. $60-$100 trillion in future medicare/social security/pension obligations? A doubling of the deficit in 9 years?

China has a large surplus, large capital reserves, continues to grow at a rapid pace, and is gaining many of those jobs.

So whatever you feel about either system, it is obvious which is in a better position at this time. If I could wave a magic wand. I would cause the West and China to swap financial positions in a heartbeat. It is like watching a black hole devouring its giant companion star:

Are you saying our finance leaders are doing a poor job?

 

[Rickshaw Man]

Nice breakout in gold we may move well above $1000.00. Yep things are going great.