Sales soar 900pc as China makes grab for Aussie gold GOLD has soared past coal as Australia's second most valuable physical export to China, with sales up a whopping 900 per cent for the first eight months of the year, bringing in $4.1 billion. http://www.silverdoctors.com/australian-gold-sales-to-china-soar-900/
With all the anti-China sentiment being bandied around, I guess we should ban the sale of "Aussie Gold" to the Chinese............ While we're at it, maybe we should ban Chinese investors from buying shares in "Australian" mining companies like BHP and RIO.
This imo is phenominal. Does anybody know where all this gold was going before China started buying it? Also is Australia keeping any of it? The numbers mean little to me as i find it hard to fathom what 40 billion looks like but i have done alot of work in the qld coalfields over the last decade and the volume of coal that leaves this country is absolutely a sight for sore eyes. Where talking 2 km long freight trains going past every 15 to 20 minutes 24 hous per day 7 days per week and this is just one train line. The nsw coal industry is even bigger and many a million is being spent upgrading these lines to increase capacity. I can believe our gold exports to one countr alone has eclipsed the entire coal industry- people the amount of coal leaving this country is stupidly massive and gold has eclipsed it- whats cooking here? Something big im sure of it. Why arent we keeping some if it? I read an article on before its news that a gold backed currency will be launched in January 2013, now I take this with a grain of salt but why is China buying it all? Why?
No, I don't think we keep any. The government probably feels we don't need to 'because we can dig it out anytime we want' China is buying it all because it has brains and the ability to plan ahead and Australia doesnt.
Things will have to move really fast downwards if we are to see a gold backed currency as soon as Jan 2013
China knows what a gold backed currency is all about!..If only Australia placed a very small tax on gold..say 1oz per kg sold overseas, then we would have a nice little nest egg if ever TSHTF. I don't thin the mining tax applies to gold but then again I could be wrong on this! Regards Errol 43 Edited for spelling
http://forums.silverstackers.com/message-416983.html#p416983 - They are also master manipulators so a slight issue of trust unless they are forced into transparency and rigour by being part of a group IMHO. Correct.
Anyone get the Daily reakoning this afternoon at 4pm. The answer maybe there in the white paper report re Chinas plans for gold and the dollar. by Greg Canavan.
China is selling way to much manufactured goods (pretty much trading their countries labour) for worthless USD and treasury bonds. They are smart enough to know that its toilet paper and don't bat an eyelid buying up assets around the world. They are accumulating on the quiet to surprise the nations one day if they decide to back their currency with gold. Have you also noticed they are buying up farms, mines and anything of real value (production value and tangible). This is something our nation will never learn, we are just pissing it all away. Glitard and co can't even think 2 months ahead, china comes up with strategies and planning at least 50 years ahead. You only have to learn from history and all that china has been through to truly understand why the leaders are smart enough to plan ahead. Opium wars is one of the real pointers into currency trade and flow of real assets from east to west. Right now they are planning to have it all back from the west to the east by selling their plentiful labour to us on credit. Slam
^ You are making the Chinese technocrats look waaaaay too smart and super knowledgeable than they really are. Their economy is chock-a-block full of malinvestments thanks to the currency manipulations and socialist policies that fundamentally do not work. The past accumulation of the toilet paper is simple proof of how "smart" they are. Their "success" is largely an illusion that will crumble unless they can transition away from everything they have been doing to date. The long term planning is just as big a lie as our governments long term planning. They'll do some things that will work and provide benefits for many years to come, but they're also doing heaps that are simply wrong and will end in tears and continue the effective slavery of their citizens.
what like Coal and Iron Ore? Or are certain assets acceptable for sale to China but other assets aren't? Perhaps we should pass a law forbidding the sale of a Australian prostitutes virginity to a Chinaman. That would get the masses riled up and wanting to lynch all Chinamen for wanting to buy that particular Australian asset too!!!!
What do they need to buy gold from Australia? They have their own factories that make Perth Mint products at a much better price.... ;-)
China don't seem to be buying US Treasuries at the moment that cash has to go somewhere. http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt
China is now the biggest gold producer in the world and is buying it hand over fist anywhere else in the world they can get it. They'll need a lot more gold to have a gold backed currency. Not saying they won't try, and no one really knows how much they have, I just can't see it happening any time soon.
