Here's what they are saying in Australia:
Overnight MarketWatch
6 March 2009
US stocks retreated after the Chinese government disappointed investors by holding back on a rumoured increase in its stimulus plan.
6 March 2009
US stocks retreated after the Chinese government disappointed investors by holding back on a rumoured increase in its stimulus plan.
Commentary: Perhaps they are saving their money for something more secure? Gold anyone?
Recent headline-grabbing deals, including the $19.5 billion investment by Aluminum Corp of China Ltd (Chalco) <2600.hk> in Rio Tinto , are conducted on a "commercial" basis, not a "national strategy" one, he said.
China need not rush to buy oil or commodities as their prices could consolidate further in coming years, Li said.
Gold is currently too expensive and gold prices may plunge as soon as the global economy and investor confidence recover, he added.
China need not rush to buy oil or commodities as their prices could consolidate further in coming years, Li said.
Gold is currently too expensive and gold prices may plunge as soon as the global economy and investor confidence recover, he added.
Commentary: I think the Chinese learned this trick from the US Federal Reserve and Treasury Departments. First say you are not going to do something a part of a "national strategy", let the news impact the market, and then go ahead with the original plan. Gold might soon be worth much more that those soon to be nearly worthless US Treasuries.
Chinese savers alarmed at the economic crash and short of other safe investments for their money have headed to the gold markets.
The most popular item every spring is the animal associated with the Chinese new year, and 2009 is the Year of the Bull.
Beijing's gold markets are reporting record sales for the one thing that with currencies being devalued and governments taking on ever bigger debts seems sure to rise in value.
"Gold objects are a way of protecting the value of your savings," said Zhang Hong, a retired civil servant standing among the big crowds who are flocking during lunch-hour to Beijing's biggest gold market, Caishikou. "My family have quite a collection now."
The most popular item every spring is the animal associated with the Chinese new year, and 2009 is the Year of the Bull.
Beijing's gold markets are reporting record sales for the one thing that with currencies being devalued and governments taking on ever bigger debts seems sure to rise in value.
"Gold objects are a way of protecting the value of your savings," said Zhang Hong, a retired civil servant standing among the big crowds who are flocking during lunch-hour to Beijing's biggest gold market, Caishikou. "My family have quite a collection now."
Commentary: Interesting that the Year of the Bull is 2009. It could turn out to be the Year of the Bull Market in Gold.
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