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Friday, December 4, 2009

China gold demand soaring even more than you thought

The Chinese rush into gold continues…

Reports coming from the Middle Kingdom claim a Chinese study group recommended the government increase its gold reserves to 6,000-10,000 tonnes in the coming years.

As of April, China reported it held 1,054 tonnes in gold. The high end of the recommendation would mean a more than nine-fold increase in holdings. It's a source of tremendous buying power for the metal.

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