Leeb: Chinese Diplomat Lets Slip That Gold Is To Back The Yuan

``I was just speaking to a Chinese diplomat and I said to their diplomat, `Your two most important commodities are water and gold.'  And this diplomat said to me, `Yes, we need gold to back up the yuan.'  Well this diplomat realized very quickly they had made a terrible mistake in admitting that and began to back off and stated, `No, it's not to back the yuan.  It's because of jewelry.'  But it was too late, the horse had left the barn so-to-speak.''