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Gold steady despite Chinese concerns

By   || March 9, 2010 at 04:32 GMT
|| 4 comments || Add comment

The comments earlier today from the Chinese SAFE head, Yi Gang, seemed to me to be a little bearish for gold. He said that they were continuing to buy but were wary of ‘constraints’ and being seen to be too active as the price could run away. These comments have had little effect on the spot market, down 0.2% at $1122/oz.

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Category: All, Asia
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4 Responses to “Gold steady despite Chinese concerns”

  1. Dcoios on March 9th, 2010 05:25 GMT

    China holds 3000 metric tones of gold which translates to roughly 100 million troy ounces or about 112 billion dollars ( if my calculations are correct) This is part of diversification and I’m sure they would like to buy more since they have so many dollars and the euros are not holding as much value as a few months ago. I’m sure they prefer a much lower purchase price , say under 1000 maybe.

  2. JIM on March 9th, 2010 05:36 GMT

    I believe if inflation is factored into gold pricing as a function of its previous high, gold should be valued around $2000 per ounce. The Chinese are getting a bargain now!!!

  3. JIM on March 9th, 2010 06:03 GMT

    HURRAY! We are in a small profit. – so far!!

  4. Steve on March 9th, 2010 07:26 GMT

    Hey Jim cool hand luke, did you get on cable?

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