"World Gold Council and ICBC Enter into Strategic Partnership to Promote Chinas Gold Market
Beijing, 1 April 2010 World Gold Council (WGC) and Industrial and Commercial Bank of China (ICBC) have signed a memorandum of understanding (MOU) for strategic cooperation within Chinas gold market. This agreement will enhance the exchange of market information between WGC and ICBC to promote domestic demand for gold, encourage investment into Chinas gold market, as well as jointly develop and market new gold investment products within the country."
At http://www.gold.org/assets/file/pr_archive/pdf/ICBC_MOU_010410_pr.pdf
My comments:
Now what's wrong with the Chinese buying physical gold and gold jewellery? Why do Chinese gold investors need to be introduced to "new gold investment products?"
Clearly imo if Chinese demand for physical gold continues to grow as the nation becomes richer this will have a major impact on the physical gold market, and of course its price, with gold being shifted from the West to China.
We will find out the truth about how rare gold actually is, unlike paper masquerading as gold.
Will Chinese investors who would normally invest in physical gold or even gold jewellery which of course requires a significant percentage of real gold - be converted to instead invest in "paper gold" which as we have seen from the sensational CFTC hearing in late March does not really need any physical gold to support a thriving fantasy market?
Like the London "physical" lol rofl gold market which for every hundred ounces of paper gold traded is backed by less than one ounce of real physical gold. In fact buyers of that unallocated paper gold become unsecured creditors, which of course defeats the whole idea of investing in gold.
As long as investors don't want physical delivery of the gold their paper IOUs says they are entitled to there is no problem and there is no shortage of gold, far from it, as an unlimited supply of gold is as easy to create as a paper IOU.
Let us not forget the following:
The World Gold Council has not uttered one word on gold manipulation. The World Gold Council promotes the USA's unaudited for decades claims of gold holdings as fact. The World Gold Council mainly promotes gold as something nice to look at and wear. The World Gold Council dismisses buying by Governments like China when evaluating whether gold demand has risen or fallen in a given year.
