Gold is up over $7 at the Asia open. It has been quite some time since we have seen such momentum so early in the evening. We know that President Obama has just arrived in Shanghai so perhaps this is just a shot across the U.S. bow and/or that tungsten bar controversy has some legs.

Should be a fun week - VHF

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Obama arrives in Shanghai for China Visit

China Daily

2009-11-15 23:41

SHANGHAI: United States President Barack Obama arrived at Shanghai Pudong International Airport and in one step, kicking off his first visit to China.

More importantly, he will begin negotiations with China that will likely take a more cooperative tone than that of his predecessors.

Obama's Air Force One landed in Shanghai at about 11:16 pm in heavy downpour with Chinese Ambassador to the US Zhou Wenzhong greeting him.

His motorcade of black limos then left for Portman Ritz-Carlton Hotel at the city's center. The hotel has been sealed off by local police for more than a day.

The 48-year-old is the first US president to visit China within the first year of taking office. He will arrive in Beijing tomorrow afternoon during his four-day visit and meet with President Hu Jintao, top legislator Wu Bangguo and Premier Wen Jiabao on Tuesday and Wednesday.

The China trip is also part of his first trip to Asia as president. In his wide-ranging speech in Japan on Saturday, Obama said he would welcome, not fear, a robust China as a powerful partner on urgent challenges.

"The rise of a strong, prosperous China can be a source of strength for the community of nations," he told 1,500 prominent Japanese.

"We welcome China's efforts to play a greater role on the world stage, a role in which their growing economy is joined by growing responsibility."

In recent years, the US has uttered harsher words about China. President George W. Bush pressured the nation about its currency rate while President Bill Clinton prodded China on human rights.

Obama said Washington would work hard to build on newer relations with Asian nations such as China and Indonesia aside from strengthening alliances with Japan and the Republic of Korea.

The White House said he plans to talk with Chinese leaders about re-evaluating the Chinese currency. Shared challenges such as the economic crisis, nuclear nonproliferation and energy cooperation will also loom large in discussions.

In Shanghai, Obama is expected to meet with local leaders next morning and 300 local youth in the afternoon. The meeting will last 75 minutes, with Obama speaking for 15 minutes and a question and answer session taking up about one hour.