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Oh man Alex goes crazy!!People we need to wake up!! Gold shot up an ounce, to 97, as soon as the Comex opened at 8:20 am EST. The yield on a 10-year Treasury note is up to 3.37%. The latest sign the Chinese can’t get enough gold: The Chinese Gold & Silver Exchange is planning a first for early next year — an international gold contract denominated in renminbi. Right now, the Hong Kong-based exchange settles all its trades in Hong Kong dollars. Adding renminbi to the mix could boost the exchange’s trading volume by 20%, to a daily total of billion. That trifling bit of news comes in addition to these recent items pointing to skyrocketing demand for gold in China: Chinese imports through October of this year total more than 209 metric tons. The total for all of 2009 was just 45 tons. Chinese regulators have approved the first mutual fund to invest in gold-backed ETFs. Gold ETFs now hold 2088 metric tons of bullion — an amount equal to nine years’ worth of US mine supply, according to data assembled by Bloomberg. What’s more, investment demand is now outpacing jewelry demand for the first time in 30 years. Careful readers will note that 30 years ago was 1980… when gold hit a generational high of 0 an ounce.
