From Newsmax:

China's growing aversion to the U.S. dollar virtually guarantees a floor under gold prices, which shot above $1,000 an ounce Tuesday.

So says Ambrose Evans-Pritchard of the London Telegraph.

Cheng Siwei, until recently vice chairman of the Communist Party's Standing Committee, told Evans-Pritchard that China essentially has lost confidence in the dollar and will instead amass plentiful gold reserves.

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