GOLDBUGS AMEX Goldbugs Index (GOLD)

[peel+green]

Dan Collins 'The China Money Report':
'Figures from the People’s Bank? of China showed
that as of August, the country’s savings have
reached a historic high in excess of 43 trillion
yuan (US$7 trillion)?for three consecutive months,
of which deposits in current accounts reached
16 trillion yuan (US$2.6 trillion) while savings
accounts ?held 27 trillion yuan (US$4.4 trillion).
Over the past decade, total savings in China have
increased from 10 trillion yuan (US$1.6 trillion)
in September 2003 to 40 trillion?yuan (US$6.5 tril
lion) in January this year. ?
The numbers have boosted China’s personal saving
rate to over 50%, the highest in the world.'

Now....if we take that very interesting piece of news and then reflect on last fortnight's news that the Chinese Government will now allow Chinese citizens to acquire up to 7 ozs of gold without Customs declaration or excise tax we can see what the enormous effect, even at the margins, will be on gold demand, again, from the East.