China silver exports drop by half

[mooncliff]

I think they clearly intend to go back on some kind of metal system. They invented paper money and have watched that blow up again and again.



Silver Exports From China May Slump by 40% This Year
October 19, 2010, 3:03 AM EDT

Oct. 19 (Bloomberg) -- Silver exports from China, the world’s largest, may drop about 40 percent this year as domestic demand from industry and investors climbs, according to Beijing Antaike Information Development Co.

Shipments may decline from about 3,500 metric tons in 2009, said Feng Juncong, chief analyst at the state-owned Antaike, without providing a specific forecast. Customs data show exports plunged almost 60 percent to 970 tons in the first eight months. Cancellation of an export rebate in 2008 is also hurting shipments, she said.

http://www.businessweek.com/news/201...this-year.html

[GRG55]

Re: China silver exports drop by half

I think they clearly intend to go back on some kind of metal system. They invented paper money and have watched that blow up again and again.



...

Huh? Say again??

China is a nation with an official policy to peg its currency to the US Dollar...no matter what. That means that China's monetary policy is actually set in the Marriner S. Eccles Federal Reserve Board Building on Constitution Avenue in D.C. I don't see any evidence that China plans to change that any time soon. In fact it seems to be resisting any such change by every means at its disposal...

[touchring]

Re: China silver exports drop by half

I heard silver jewelry is getting popular again. This may explain the surge in silver demand.

[GRG55]

Re: China silver exports drop by half

Huh? Say again??

China is a nation with an official policy to peg its currency to the US Dollar...no matter what. That means that China's monetary policy is actually set in the Marriner S. Eccles Federal Reserve Board Building on Constitution Avenue in D.C. I don't see any evidence that China plans to change that any time soon. In fact it seems to be resisting any such change by every means at its disposal...

Here's the latest desperate move in its efforts to get some negotiating leverage in Currency Wars - The Empire Strikes Back

China reins in rare earth exports

By Leslie Hook in Beijing
Published: October 19 2010 18:47 | Last updated: October 19 2010 18:47

China could cut rare earth exports by up to 30 per cent next year, state media said on Tuesday, in a move that will heighten global concerns about the country’s monopoly over the critical minerals.

China produces 97 per cent of the world’s rare earths – 17 elements vital to technological products as diverse as wind turbines, car batteries and sophisticated radar systems – a dominance that has become increasingly controversial as the government has steadily reduced export quotas for the minerals...


China halts rare earth exports to U.S., Europe: report

NEW YORK (Kyodo) -- China's de facto embargo on exports of rare earth minerals that are vital for production of many high-tech goods has expanded beyond Japan to the United States and Europe, the New York Times reported Tuesday on its website.

Chinese customs officials imposed the broader shipment restrictions Monday morning after a few rare earth shipments to the West had been delayed in recent weeks, the Times said, quoting anonymous industry officials...

China Pledges Rare Earth Supplies, Signals Exports May Rebound

By Bloomberg News - Oct 20, 2010 3:13 AM PT

China pledged to maintain supplies of rare earths and signaled exports of the ingredients used in electronics, wind turbines and smart bombs may rise next year.

The Commerce Ministry denied reports in the New York Times and China Daily that the government plans further export cuts and has extended an embargo of Japan to include the U.S. and Europe. “China will continue to supply rare earth to the world,” the ministry said in a faxed response today...

[mooncliff]

Re: China silver exports drop by half

Well, the next reserve currency has got to have some backing, no?

[GRG55]

Re: China silver exports drop by half

Well, the next reserve currency has got to have some backing, no?

If so it'll be gold because that's what the Central Banks are holding. And, unlike silver or other industrial metals, the pricing of it has little effect on economic activity [Bauble buffs that use it to adorn themselves will quickly find something else to become infatuated with]

China can't go it alone.

[ThePythonicCow]

Re: China silver exports drop by half

Well, the next reserve currency has got to have some backing, no?

Why? The current one doesn't.