News items suggest gold's long-term trend remains favorable
Submitted by cpowell on 07:56AM ET Monday, May 30, 2011. Section: Daily Dispatches
10:50a ET Monday, May 30, 2011
Dear Friend of GATA and Gold:
A few items worth noting. ...
The New York Times this week acknowledged Utah's experiment with encouraging use of gold and silver as regular currency:
http://www.nytimes.com/2011/05/30/us/30gold.html
Bloomberg News reports that China's national gold mining company wants to acquire African assets in anticipation of rising gold prices for the next three years:
http://www.bloomberg.com/news/2011-05-30/china-national-gold-seeks-afric...
MineWeb's Rhona O'Connell finds that gold increasingly is trading as a currency rather than as a commodity:
http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=128173&sn=Deta...
And in commentary published at Al Jazeera, Chinese economist and former central banker Yu Yongding argues that greater internationalization of China's currency will reduce the country's need to hold U.S. dollar assets. The commentary is headlined "The Renminbi's Journey to the World" and you can find it here:
http://www.aljazeera.com/indepth/opinion/2011/05/2011528134321176264.htm...
These items all suggest that the long-term trend for gold remains favorable.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
