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Ted Butler''s best yet: Buffett loses his silver

Section: Daily Dispatches

From Reuters
Tuesday, May 9, 2006

http://asia.news.yahoo.com/060509/3/2kabr.html

BEIJING -- Some Chinese economists are urging Beijing to quadruple
its gold reserves to 2,500 tonnes from the current 600 tonnes
because the country foreign exchange reserves had become the world's
largest, an official industry newspaper reported on Tuesday.

"China should raise its gold reserves so those reserves can account
for 3 percent to 5 percent of the foreign exchange reserves, instead
of current 1.3 percent," the China Gold quoted Liu Shanen, an expert
at Beijing Gold Economy Development Research Centre, as telling a
conference.

He said the suggestion was made in light of the country's economic
strength and the size of its foreign trade.

China's foreign exchange reserves rose to a record $875.1 billion by
the end of March on the back of a surge in its trade surplus and an
increase in foreign direct investment.

"More gold reserves will help the government prevent risks and
handle emergencies in case of future possible turbulence in the
international political and economic situation," the paper said,
citing Tan Yaling, a researcher with the Bank of China.

A weak dollar had also made more gold holdings necessary, it quoted
Liao Yingmin as saying. Liao is a researcher at the Development
Research Center of the State Council, a government think-tank.

China has been trying to gradually diversify its reserve holdings
away from the dollar. But economists say fears of a collapse in the
U.S currency will prevent any dramatic shift.

Central bank official figures showed China's gold reserves have
remained unchanged since December 2002.

Gold has gained 32 percent this year due to tension in the Middle
East, firm oil prices and a volatile dollar. Spot gold was quoted at
$679.90 an ounce by 0959 GMT.

Traders in London anticipated the price to test 25-year high of
$684.70 an ounce.

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