Gold production peaked years ago , China's gold rush can shoot gold prices to Jupiter
According to Gluskin Sheff’s analyst newsletter David Rosenberg, he believes that a gold ruch by China who he predicts to make huge purchases of the precious metal, will shoot the prices to as high as $2,600. Gold currently now stands at $1,200 an ounce…China holds $2 Trillion in Foreign Currency reserves and only 2% in gold, vs. a 10% worldwide average. The Chinese are seeing the value of their foreign currency reserves turning to dust every day. If China makes the logical move to increase its gold reserves and reduce its fiat currency exposure to even just the worldwide average, gold prices could move substantially higher.
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