Exactly. Right now our interest rates are artificially low, they nearly had a T-Bill auction failure a month ago. China questioned the US's ability to repay debt and wanted a nhigher interest rate for buying "risky" debt. The Fed stepped in and started buying. Since then the Fed has bought up new issues and some existing issues that prudent sellers are dumping.
But things may be changing, and a quickening pace of gold buying would lend considerable support to prices that have threatened to stall at around $900 an ounce -- unless, as many analysts expect, it buys the gold through private channels. The IMF has approved selling just over 400 tonnes of its gold.
"Central banks will go straight to China rather than mess about or spook the market. China will be a ready buyer and pay a decent price," said Jonathan Barratt, Managing Director of Commodity Broking Services in Sydney.
For years China has used its trade surplus to buy up U.S. treasury bills -- effectively paying for the consumer boom that collapsed last year -- but worries about inflation and the slide in the dollar mean Beijing wants to diversify into other assets.
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Today's Featured Article - Farming Never Left My Blood - by Stan Gordon. I was born in 1947 youngest of ten of a working farm. Our farm was located in Saskatchewan near Saskatoon. We had a mixed farm consisting of grain and dairy all done with old machinery and by hand. My dad had a tractor, a Farmall A which was used mostly to run the thrashing machine, a seed drill and for plowing. I remember locals used to help each other and threshing was done from daylight to after dark, one farm to another until all farms were done.
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