China plans to buy $80 billion worth of gold
This is a Fox Snooze interview with U.S. Representative Kirk from Illinois about the dollar situation, in which he speaks candidly about both China and Geithner's efforts to stave off panic about the deteriorating fundamental outlook for the U.S. dollar.
In the last seconds of the interview, you'll hear Kirk indicate that China plans to buy $80 billion worth of gold in addition to ongoing efforts to expand their strategic petroleum reserve. The whole interview is worth a listen, but the $80 billion gold purchase plan is one of the biggest developments in the fundamental picture for gold since that same country revealed its prior buying to the tune of 1,054 tonnes.
"They funded a second strategic petroleum reserve and they plan to
buy $80 billion worth of gold. That's two Fort Knox's. Both of those
investments only make sense if you expect significant dollar inflation."