China dumping U.S. dollars; buying up copper

[Col. Flagg]

http://www.telegraph.co.uk/finance/comm ... ystem.html

A 'Copper Standard' for the world's currency system?
Hard money enthusiasts have long watched for signs that China is switching its foreign reserves from US Treasury bonds into gold bullion. They may have been eyeing the wrong metal.

By Ambrose Evans-Pritchard
Last Updated: 2:41PM BST 16 Apr 2009

Comments 17 | Comment on this article

China's State Reserves Bureau (SRB) has instead been buying copper and other industrial metals over recent months on a scale that appears to go beyond the usual rebuilding of stocks for commercial reasons.

Nobu Su, head of Taiwan's TMT group, which ships commodities to China, said Beijing is trying to extricate itself from dollar dependency as fast as it can.

I'd be trying to sell off dollars too. In September, the 'Fed' is going to dump $4.5 trillion into the economy... this will depreciate each dollar by 93%, making each one you have worth 7 cents. Should be fun... I wonder if wages and salaries will go up 93% for everybody?

[AllTen]

That's interesting. Copper is deffinately a good choice long-lasting commodity.

Sounds like it is a good idea to start saving all your pre 1982 pennies.
Any 1981 penny or older is made of 95% copper.

Here's an interesting site I check once and a while

http://www.coinflation.com/

It shows the melt value for many U.S. coins

At the height of the commodity bubble a year ago a pre 1982 penny was worth 2.2 cents.

[gruden]

What better way to dump the dollar than to use it to buy oil, copper, and other industrial metals? Keeps the Yuan stable so the US doesn't complain, and it preserves their strategic industrial and economic position for years to come. Plus the copper market crashed last year, so it's a great time to scoop it up at bargain prices.