Friday, June 26, 2009

China to Be Long On Gold & Real Estate and Short on the Dollar

Dow Jones reported that gold was up during the day's trading: "The initial rise occurred on a day when the U.S. dollar weakened partly in response to comments from the People's Bank of China saying it will push for reform of the international currency system to make it more diversified and reduce over-reliance on the current reserve currencies, primarily the dollar. This particularly caught the eye of gold traders a day after a senior economic researcher in the Communist Party expressed concern about the dollar and said gold could be a better alternative.

"'The People's Bank of China's call for a new global reserve currency or super-sovereign currency will likely lead to further pressure on the dollar and gold buying,' said Mark O'Byrne, director of bullion dealer GoldCore.

The BRIC countries have called for the creation of a new reserve currency or at least a reduced dependence on the dollar.

"The composition of the basket is reviewed every five years. the next review is due in 2010.


Anonymous said...

Anyone else thinking of re-financing the mortgage at the new low rates this morning? I'm seeing some 5.30 APRs for 30yr fixed w/ 0 points.

Anonymous said...


Thanks for sharing this link - but unfortunately it seems to be down? Does anybody here at have a mirror or another source?


Dr. Malcolm C. Harris, Sr. said...


No, but the quote from the Guardian is rather extensive.