Sunday, January 13, 2008
Gold at $1000 on Shanghai Gold Futures Market
"Shanghai's investors paid a large premium of about $100 an ounce over international gold prices, with the June futures contract hitting an intraday high of Rmb 230.95 a gram, or almost $1,000 an ounce." www.caseyresearch.com comments "This is just one more case of not trusting the paper money systems. A country can control its currency, its interest rate and its inflation, but not all at once. With the dollar crashing, the inflation in China is high. Chinese citizens are increasingly rich, and not stupid. Gold is an exit strategy from the renminbi’s dollar-linked inflation of 6.9%."