Thanks Jon Nadler. Why are we not surprised that you jumped on this piece of news? Let's quote what you wrote:
"Several brief statements made by Mr. Yi Gang came across the news wires last night, mainly via the China Daily and Reuters. The essence of most of them was one and the same; China can, and might buy some gold in the future, but China will not take a headlong splash into the bullion market. China has no interest in damaging its US debt and dollar holdings, and China might buy gold from internal sources and at such times, and at such prices, as it deems fit."
You also suggested to us that:
"What happens next? Oh, well, lets see: Mr. Yis comments will be dismissed as posturing and as trying to talk the gold market lower so the China can then back up the truck and other similar fairytales.
We will also, once again, hear all about how disgusted China really is about the US dollar, US debt, and the US in general. Some will accuse Mr. Yi of being on Bernankes or Geithners secret payroll. Pravda will report that China has (once again) already bought the gold from the IMF, on the same day that aliens landed in a remote Russian village. And commentators will continue to comment based on little more than conjecture and/or innuendo as opposed to relaying hard quotes such as the ones above, whilst keeping their readers poorly informed. Ah, but what else is new? Plus ca change
Happy Guessing."
At http://www.kitco.com/ind/nadler/mar092010.html
Thanks for your informed advice Jon Nadler. Maybe you'd care to comment on what Jim Sinclair has to say about the same piece of news? It seems Jim Sinclair is taking what you call the "fairytale" point of view. You know, the Jim Sinclair who has correctly called this gold bull market all the way up from US$250. We of course assume you can match that record of success.
"China says committed to U.S. debt, wary on gold"
"Jim Sinclairs Commentary
Do what the Chinese do. Do not do what Reuters tells you they will do.
The best book on negotiations in China is "When Yes means No.""
At http://jsmineset.com/2010/03/09/in-the-news-today-484/
