By Joseph C. Battaglia, Executive Vice President By a continuing process of inflation governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. Keynes, John Maynard, The Economic Consequences of the Peace, 1919. p. 235. These words from the famed British economist perhaps best summarize our economic future. As our [...]
Archive for July, 2009
China’s Central Bank Buys Gold
China’s announcement in late April that it had increased its gold reserves by 454 metric tons since 2003 has
been interpreted by some as a defining moment for gold. In this article we review the Chinese authorities’ recent activities in the gold market, analyze the current state of the country’s foreign reserves and answer the question: Will the Chinese government purchase more gold in future?