McEwen says China wants more Gold than US

McEwen states in an interview that China wants more gold than America in order to show the strength of their currency. China is looking at creating funds to invest in precious metals from their currency reserves. The US currently has about $372 billion in gold bullion vs $48 billion for China according to the WGC.

Pento comments that China may invest up to $1 trillion in bullion. (seems high to me unless gold dramatically increases in value) .

Rob McEwen also noted that interest rates would have to go to ‘Volcker’ levels to cause a bear market in gold.

See full article here.

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