Replies to post #11754 on GOLDBUGS AMEX Goldbugs Index (GOLD)

[sojourner]

The Chinese have the last word courtesy of top-notch Reuters financial reporter Lucy Hornby. Like the proverbial picture speaking a thousand words, this pithy statement from Hou Huimin, vice general secretary of the China Gold Association, says it all in re: gold. Indeed, could a reader here have the quotation below (emboldened and italicized) engraved on a brass plate and sent to Kitco's Jonathan Nadler, gold's nattering nabob of negativity?

http://www.ibtimes.com/articles/20090424/china-reveals-it-has054-tons-of-gold_all.htm
Hou Huimin...said China should build its reserves to 5,000 tons.

"It's not a matter of a few hundred, or 1,000 tons. China should hold more because of its new international status, and because of the financial crisis," he said.

"The financial crisis means the U.S. dollar value is changing fast, and it may retreat from being the international reserve currency. If that happens, whoever holds gold will be at an advantage."