China, the world’s biggest gold producer, isn’t a “realistic candidate” to buy bullion from the International Monetary Fund, the World Gold Council said.
“There has been some ill-informed comment that this move tarnished the notion that governments are adding to reserves,” Milling-Stanley said. “There are a lot of central banks out there that are buying local production in local currency. The IMF would have no interest in that local currency. The IMF is looking for dollars.”
(1) Either gold cannot pass from west to east,
(2) Gold is either not available or available in a form China wants, i.e. paper rather than bullion.
(3) The gold counsil is a mouthpiece for the bullion banks.
Source: businessweek.com
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