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Originally posted by AverageJoe
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That is circa 200Mil USD sale of gold coins although clearly a jump does not mean much. The price of gold has gone up 17% so demand outweigh supply in the short run.China has reportedly decided ”there can be no conversion of gold-backed Yuan to or from US dollars.” What China fears is that many countries around the world will want to trade their reserve US dollars for the new Yuan, leaving China with mountains of worthless US dollars. China already has several trillion in US dollar reserves and does not want or need more."
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Sorry AJ,
