“Gold prices could be boosted by China’s plan to establish a $16bn (£10bn) fund to stockpile the precious metal as part of a scheme known as the ‘Silk Road’ initiative aimed at boosting trade. State endorsed media in China has reported that the new fund Shandong Gold Group and Shaanxi Gold Group will each take stakes of 35pc and 25pc respectively in the new fund alongside other investors. The new entity, which may include an exchange traded fund for gold and investments in miners of the precious metal, aims to raise the $16bn in three tranches, according to the report. China is the largest gold producer and consumer of the precious metal.”
Related posts:
NSA program reaches ‘into the past’ to retrieve, replay phone calls
Pentagon considers arming Syrian rebels again
Coerced Foreign Tax Compliance Is Killing American Jobs
US Pushes for Free Trade Pact with EU Despite NSA Scandal
U.S. Navy: Cost of strikes against Syria ‘nagging’ but not ‘extraordinary’
School suspends 6-year-old for kissing girl on the hand
Brazil Millionaires Should Pay for Protest Demands, Party Says
BP found ‘grossly negligent’ in 2010 U.S. spill, facing $18 billion fine
China promises bank rescue in next crisis
Homeland Security's domain seizures worries Congress
Standard Chartered fined $340 million over Iran deals
Man Choked To Death By NYPD For Selling Cigarettes
CIA helping boost arms shipments to Syria rebels
Exonerations On The Rise, And Not Just Because Of DNA
Investors hungry for riskier bonds