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China can Lift Gold in 2014

truthingold.com / truthing / December 19, 2013 at 08:03

I remain confident on gold’s future prospects thanks largely to China, the world’s No. 1 gold buyer. In October China bought a near-record 130 tons. In the first ten months of 2013 China bought more than 950 tons, making a 1,150 ton tally likely this year, far above past gold-buying records for any country, including gold-crazy India.

Remember, that covers only readily trackable gold passing through Hong Kong. China almost certainly imports still more through other conduits.

In the same vein, most analysts overlook China’s huge gold mining activities. The latest U.S. Geological Survey data identifies China as the world’s largest gold producer, both in terms of its 400 tons of absolute annual volume extracted and its 20% annual take from in-ground reserves. Globally, the latter amounts, by far, to the largest portion of any natural resource reserves mined anywhere.

This tells me gold will head far higher long term, whether or not it bottoms out here or first falls another 10%. I eventually expect to see the mother of all gold bull markets, alongside resumptions in bull markets for most other commodities. Alas, these moves could also mark the effective death of the dollar.

The Chinese think differently than Westerners, along much longer time lines, inside much bigger pictures. Fascinating psychological studies show that Westerners and Asians see vastly divergent focal points in paintings. Westerners see the center and main theme. To grasp the broad perspective, Chinese and other Asians assign equal attention to points outside the center.

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