China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (4800)	5/11/2005 7:43:48 PM
From: RealMuLan	Read Replies (1) of 6370

Gold Unchanged, Erasing Loss, Amid Speculation of Yuan Shift May 11 (Bloomberg) -- Gold prices in New York were unchanged as speculation that China is moving closer to letting its currency trade more freely erased early losses. The People's Daily, a Communist Party-owned newspaper, said in its English-language online edition China next week would announce a yuan revaluation after keeping the currency pegged for a decade to the U.S. dollar. The paper later removed the story from its Web site. ``There's so much confusion that gold moved up,'' said Marty McNeill, a trader and analyst at R.F. Lafferty & Co. in New York. Investors see gold as a hedge against a drop in the U.S. currency. Declines in the dollar also increase gold's appeal as an investment over U.S. assets and make the dollar-denominated metal cheaper for buyers with other currencies. bloomberg.com

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