As the Chinese government are also promoting owning gold to their own people, this creates another large buyer from within.

The biggest obstacle to getting Chinese people to spend (after low wages) is their traditional propensity to save. I guess they know their own history better than we do ours. Enter gold. Now they have something to spend money on that is also a form of savings! Pure genius!

These guys have got the idea. Too bad the americans bury their heads in the sand touting the U.S. dollar forever and belittling the importance of gold.

I suspect the Chinese authorities have done a close study of the history of gold in America, especially the part where FDR confiscated it under the guise of a national emergency.

ebear