Today a legend who was recently asked by the Chinese government to give a speech to government officials in China told King World News that demand for gold from China is "insatiable" and the price of gold will hit $2,000 this year.
John Ing: “The Chinese, who I spoke with last week, say that growth continues at the highest rate of any country in the industrialized world. Infrastructure spending will be the key driver going forward. But more importantly, they are telling us that China’s appetite for gold is ‘insatiable.’….
Continue reading the John Ing interview below…
China Is Buying All The Physical Gold It Can Get Its Hands On
China is buying all of the available physical gold they can get their hands on right now, which is about 100 tons each month. Any gold being dumped from the ETFs is being immediately sent to China. So the Chinese are the big buyers right now.
Gold To Hit $2,000 This Year
It’s interesting to note that in the last quarter China’s purchases of U.S. Treasuries went down. In fact, Japan is now the largest holder of U.S. Treasuries in the world. China has not been buying U.S. Treasuries — instead they have been buying physical gold. This is the driving force behind my expectation that gold will hit $2,000 this year.
The Endgame Is Now Unfolding
Gold in euros, rubles, renminbi, etc, are trading at very high levels. The reality is that central banks have created artificial asset bubbles. One of the major worries is the skyrocketing debt in the industrialized world. We are about to see the endgame unfold and this will reestablish gold’s longer-term bull run. There is no better store of value than gold. We in the dollar world are about to learn that lesson.” ***KWN will be releasing more interviews today. ***ALSO JUST RELEASED: This Global Crisis Will Be Catastrophic CLICK HERE.
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