From Bullion Street
''China is widely expected to overtake India as the world’s biggest consumer of gold this year with gold purchases rising by 10%, according to the leading Chinese bank ICBC. Why?
The Chinese are moving out of the dollar and into gold. That is what a seemingly ill-educated gold trader in the Sharjah Gold Souk told us earlier this year.
You don’t need to be a genius to see the logic behind this move. The dollar might be king today but only against the faltering euro. But what happens when we are reminded that US debts are running at levels comparable with Greece?''
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