– Richard Russell – Chinese Billionaires Buying Gold & Diamonds (King World News, June 21, 2011):
“So in managing risk, there is not a lot of risk to manage when you own gold. Or let me put it this way — as far as money is concerned, the nearest thing to riskless money is gold.
Incidentally, in Sunday’s New York Times there is an article about Graff, the diamond king. Graff is turning to China to sell his multi-million dollar diamonds. In China billionaires are multiplying in faster quantities than is occurring in the US or anywhere else.
All the major diamond dealers and upscale merchandisers are opening stores in China The Chinese love to flaunt it. Wealthy Chinese know the value of tangible items that are priced in the vicinity of hundreds of millions of dollars and that are portable. Damn clever, these Chinese.