"China stepped up its gold imports from Switzerland in July,...

"China stepped up its gold imports from Switzerland in July, purchasing the most bullion in more than five years, according to the Swiss Federal Customs Administration. Demand from China is starting to pick up over the summer months, with Switzerland shipping 80.1 tonnes of gold to China, worth $4.6 billion"

The above quote from a bitco article overnight. Correct me if I'm wrong but I am pretty sure Australia's total gold reserve is 80 tonnes, held in the Bank of England in London, and this is just one months purchase by the Chinese.

The Chinese are not stupid. They see the real probability of a financial reset away from the USD and they know that international transactions in whatever currency will have to be backed at least in part by gold to give the seller confidence that currency will hold it's value.

Australia, so rich in gold and we have the grand total of 80 tonnes in reserves and we keep that gold on the other side of the world. It is almost unbelievable. Our government should repatriate our gold now and begin buying substantial quantities of gold from Australian producers. However, I am will to bet that our government does nothing. The short sightedness is staggering. We seem to just tow the US line on the gold question to our financial detriment.

Australian Government, wake up!