Friday, May 08, 2009
Chinese gold reserve
A survey of Xinhua News Agency shows that chinese government increased the gold reserve by 75 percent from 2003 to 2008. The chinese gold reserve has grew during the last five years from 600 to 1054 tons. Other asian countries increased their gold reserves too.
Of course, on the basis of the law of supply and demand, from 1999 to 2008 the price of gold rose from $ 250 to $ 900. But recently in the first three months of 2009 the price of gold fell. In a picture of financial volatility, investors think buying gold may be interesting against the uncertainty of stock markets. Moreover, some asian governments will probably decide to increase further their gold reserves.