Leeb - China Mining Some Gold For A Staggering $2,500 An Ounce

``So here you have a country that is buying gold hand-over-fist, and they are mining gold as if they know it's going to be priced at a minimum of $2,000 to $2,500.  As an investor, I'm not going to fight them.  It's one thing to say, ‘They are buying gold.'  Well, they are buying gold at around $1,200, but it's another thing to see them mining gold at all-in cash costs in the $2,000 to $2,500 range on some of these projects in China.'' -- There's another implication not mentioned here. If China really is mining some gold (internally) at a much higher price, while simultaneously buying it off Western exchanges at around $1200/oz, the only logical reason to do so would be if it could not physically get as much gold as it wanted from the West (or expected that very soon it would not be able to).