Commodities Corner : Feb. 17 2011 | Gold, silver and oil are on the rise. John Kilduff of Again Capital and CNBC's Sharon Epperson have the details.
Thursday, February 17, 2011
World Gold Council 2011 outlook for Gold
Feb. 17 2011 | Gold demand hitting a 10-year high in 2010, with George Milling-Stanley, World Gold Council, and CNBC's Bob Pisani.
China buying all the gold she could lay her hands on
NEW YORK (TheStreet) -- George Milling-Stanely, managing director of the World Gold Council, breaks down China's buying patterns and if the country would get on a gold standard
There's been a lot of chatter in the gold community about China and getting on -- gold standard. Currently China Central Bank only has 1054. Tons of gold in its reserves so. Is China actually buying gold They've been buying periodically for a number of years now and every once in awhile they'll tell the world what they have done over previous period for example in 2009. They reported that at about 400 tons of gold to their reserves in the previous six years. We don't know when the next announcement will be coming but that said there a very strong flows of gold going into China right now. And that it -- and number of people in the market who wonder -- the private sector is capable of absorbing political it's flowing into the country nobody knows the answer we'll find out when China is ready to tell.
There's been a lot of chatter in the gold community about China and getting on -- gold standard. Currently China Central Bank only has 1054. Tons of gold in its reserves so. Is China actually buying gold They've been buying periodically for a number of years now and every once in awhile they'll tell the world what they have done over previous period for example in 2009. They reported that at about 400 tons of gold to their reserves in the previous six years. We don't know when the next announcement will be coming but that said there a very strong flows of gold going into China right now. And that it -- and number of people in the market who wonder -- the private sector is capable of absorbing political it's flowing into the country nobody knows the answer we'll find out when China is ready to tell.
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