China sets up largest gold fund

The fundamentals for gold keep on improving...


http://news.xinhuanet.com/english/2015-05/23/c_134264324.htm

XI'AN, May 23 (Xinhua) -- A gold sector fund involving countries along the ancient Silk Road has been set up in northwest China's Xi'an City during an ongoing forum on investment and trade this weekend.

The fund, led by Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan (16.1 billion U.S. Dollars) in three phases.

About 60 countries have invested in the fund, which will in turn facilitate gold purchase for the central banks of member states to increase their holdings of the precious metal, according to the SGE.