27.05.2015 - China's new $16bn gold fund at centre of new 'Silk Road'
Gold prices could be boosted by China's plan to establish a $16bn (£10bn) fund to stockpile the precious metal as part of a scheme known as the ‘Silk Road’ initiative aimed at boosting trade. State endorsed media in China has reported that the new fund Shandong Gold Group and Shaanxi Gold Group will each take stakes of 35pc and 25pc respectively in the new fund alongside other investors. The new entity, which may include an exchange traded fund for gold and investments in miners of the precious metal, aims to raise the $16bn in three tranches, according to the report. News of the fund could restore some impetus to the gold market, which has been struggling to offset the growing strength of the US dollar, which usually weighs on prices.........................................Full Article: Source
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