Chinese Central Banker Declares That 'Gold Is The Only Safe Haven Left'

Apparently People's Bank of China official Zhang Jianhua declared yesterday that: "No asset is safe now. The only choice to hedge risks is to hold hard currency - Gold."

Zhang, the bank's research director, recommended buying the dips and said: "The Chinese government should not only be cautious of the imported risk caused by rising global inflation, but also further optimize its foreign-exchange portfolio and purchase Gold assets when the Gold price shows a favorable fluctuation."

China's $3.2 trillion in foreign reserves are currently invested one-third in U.S. treasuries 20% in euro-denominated assets and only 1.8% in Gold, according to China Daily.

Presumably China's Gold holdings are about to change significantly. 

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