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gatzdon
Penny Sorter Member
39 Posts |
 Posted - 04/16/2009 : 08:53:29
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A 'Copper Standard' for the world's currency system?
Hard money enthusiasts have long watched for signs that China is switching its foreign reserves from US Treasury bonds into gold bullion. They may have been eyeing the wrong metal.
By Ambrose Evans-Pritchard
Last Updated: 12:33PM BST 16 Apr 2009
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John Reade, metals chief at UBS, said Beijing may have a made strategic decision to stockpile metal as an alternative to foreign bonds. "We're very surprised by Chinese demand. They are buying much more copper than they will need this year. If this is strategic, there may be no effective limit on the purchases as China's pockets are deep."
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Full Article linked above
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/16/2009 : 09:22:35
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Good news for copper and some other metals...
"Nobu Su, head of Taiwan's TMT group, which ships commodities to China, said Beijing is trying to extricate itself from dollar dependency as fast as it can.
China has woken up. The West is a black hole with all this money being printed. The Chinese are buying raw materials because it is a much better way to use their $1.9 trillion of reserves.
The SRB has also been accumulating aluminium, zinc, nickel, and rarer metals such as titanium, indium (thin-film technology), rhodium (catalytic converters) and praseodymium (glass)."
Time to head to the bank to order some boxes of nickels and pennies! |
My hobby: collecting real money 1 copper cent or nickel at a time.
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 04/16/2009 : 09:52:26
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| Wow!! Another reason to grab all the pennies you can. :-) While you can! |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 04/16/2009 : 10:59:06
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Sort more faster, Cu going to achieve PM status yet!
Go Cu Go Rah Rah Rah |
There's profit if you melt things!!
8{> |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/16/2009 : 11:22:47
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| ambrose evans pritchard is a good journalist but he probably didn't author that headline. the headline is misleading. sure, they are spending their dollars on real assets like copper but that doesn't mean a copper standard. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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dpwozney
Penny Sorter Member
Canada
50 Posts |
Posted - 04/16/2009 : 13:50:52
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You must be logged in to see this link.
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By Ambrose Evans-Pritchard
Last Updated: 2:41PM BST 16 Apr 2009
Ambrose Evans-Pritchard's last paragraph, in the above linked article, currently states:
"Beijing may yet buy gold as well, although it has not done so yet. The gold share of reserves has fallen to 1pc, far below the historic norm in Asia. But if a metal-based currency ever emerges to end the reign of fiat paper, it is just as likely to be a 'Copper Standard' as a 'Gold Standard'." |
"The silver is mine, and the gold is mine, saith the LORD of hosts." (Haggai 2:8) |
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sheba
Penny Pincher Member
USA
191 Posts |
Posted - 04/16/2009 : 17:51:59
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In any case, I have come to fully believe that hoarding pre-1982 copper pennies is a very worthwhile past-time! Part of the fun is the suprises one finds in rolls of pennies obtained at face value from various banks. A rough average number of pre-82 copper pennies in any given roll seems to be around 10-12 at the present time.
sheba |
woof ... wag ... whine |
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China switching from Dollar Reserves to Copper
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