Aug 19, 2014

China Is Buying Gold On The Quiet

That is why China is trying to really lie about how much gold it has and how much it has been buying. Because if the truth was out there of how much gold they have, I think the price would already go up. If you really want to buy something, you do not want people to know how badly you want it or how much you want, because they are going to raise the price.

China is quietly trying to buy as much gold as they can because they need a lot of gold because they have a lot of U.S. Dollars. So they are trying to buy as much as they can, as cheaply as they can.

Related trading instruments: SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), NovaGold (NG)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

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