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Probably not much. It's in their interest to just sit back and wait while the rest of the world opens up the money spigot. They'll probably wind up doing that too, but right now they can just keep the machine idling until the direction becomes clearer. We also had a discussion about Basel III. It could be that once again gold reserves will be considered money. Is that too much to hope for and would it upend the international monetary system? It does help explain renewed central bank buying.
