China "Aims To Have More Gold Than America"

THE CENTRAL BANKS of developing countries will Buy Gold at an increasing rate in coming years, with China being a leading player, according to a major industry figure.

Rob McEwen, founder and former head of Goldcorp, now the world's fifth largest Gold Mining company, believes central bank purchases could help push the price of gold to $2000 an ounce by the end of the year.

"China is out to have more gold than America, andRussia is aspiring to the same,"said McEwen, who is now chairman and CEO of junior miner US Gold. "When you have debt, you don't have a lot of flexibility. China wants to show its currency has more backing than the US."


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