| As China pushes to make its yuan currency a global competitor to the U.S. dollar, the country could stockpile bullion to bolster its reserves, potentially lifting gold prices and related exchange traded funds. Year-to-date, the SPDR Gold Shares (NYSEArca: GLD) rose 1.8%, iShares Gold Trust (NYSEArca: IAU) added 1.8% and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) returned 1.7%.
While gold has been faltering lately, the market could pick up if China begins to hoard the precious metal. Speculators believe the Chinese government could be stockpiling gold as part of a plan to diversify $3.7 trillion in foreign-exchange reserves, Bloomberg reports.........................................Full Article: Source
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