China to Accelerate Foreign Gold Buying Through Mining Takeovers

``The People's Bank of China, equivalent to the Federal Reserve in the U.S., has been busy attempting to acquire gold bullion wherever it can find it, according to Michael Lombardi, lead contributor to Profit Confidential. Lombardi believes that China is helping to fund its gold mining companies with capital, which is enabling it to buy gold mining companies overseas, mine the gold bullion, and return it back home where it can sell it to the People's Bank of China.''