Eveing all, now ain't that interesting?China has made it clear...

Eveing all, now ain't that interesting?

Gold prices rose in Asia Friday after China said it had raised its gold holdings to 1,054 metric tons, prompting renewed speculation that Chinese buying could be on the increase.

Official news agency Xinhua quoted the country's top foreign exchange regulator, Hu Xiaolian, as saying that China's gold reserves had risen 454 tons since 2003, the first public acknowledgment of a rise in China's gold holdings in years.

Government data at the end of March had pegged its gold holdings at 600 tons, a figure unchanged since December 2002. However, the increase in recent years in China's foreign exchange reserves to nearly $2 trillion suggests the proportion of reserves held in gold might also rise accordingly.

Still, at current prices, China's additional 454 tons would be worth around $13 billion, a fraction of its total foreign exchange investments.

China has made it clear that they have no faith whatsoever in the $US. They are using that paper to buy anything and everything they can get their hands on - gold, copper, coal, commodity companies....

When do you think the low-IQ journo's will cotton onto the trend of Chinese dollar rejection and report it?