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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Frank Pembleton who wrote (1201)	1/16/2002 7:36:33 AM
From: russwinter	Read Replies (3) of 39344

This incredibly bullish news passed by yesterday without much attention: From Kaplan: "Yesterday, the Central Bank of China announced that its gold reserves have risen sharply over the past year, a 30% increase to a total now of 500 tons. This plays into recent developments where the Chinese Central Bank is moving away from its massive USD position and diversifying into the Euro and now into gold. This trend is far from insignificant and deserves very close attention. If memory serves, the only countries now engaged in increasing their gold reserves to any significant degree, are China and Russia. As Central Banks in the "West" sell their gold, Central Banks in the "East" are buying. Selling out of Britain and Switzerland still greatly surpasses the purchases by China and Russia but, at least, it would appear the former conditions are changing. If other nations follow this emerging trend, it would dramatically change the supply/demand fundamentals of gold. And, more importantly, it alters the psychology of the current perception of gold; it could serve to resurrect gold as a monetary instrument."

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