China to Increase Oil Reserves

China plans to increase strategic crude oil reserves by 160 percent to 270 million barrels during the next five years, Nikkei English News said, citing an unidentified official from China’s National Energy Administration.

China will spend 30 billion yuan ($4.39 billion) for stockpiling facilities with a capacity to hold 169 million barrels, the report said.

China Petrochemical Corp., China National Petroleum Corp. and other companies will construct and use the storage sites, the Nikkei said.

http://www.bloomberg.com/apps/news?pid=20601101&sid=aqC60PRYO.Bw

Germans taste machines with Midas touch

Long attracted to the safety of solid gold, Germans will soon be able to sate their appetite for the yellow metal as easily as buying a chocolate bar after plans were announced on Tuesday to install gold vending machines in airports and railway stations across the country.

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http://www.ft.com/cms/s/0/51f1e17a-5ab7-11de-8c14-00144feabdc0.html

Russia, China to Promote Ruble, Yuan Use in Trade

http://www.bloomberg.com/apps/news?pid=20601087&sid=aSTmuCr.RD88

Weaker dollar boosts oil and gold

http://www.ft.com/cms/s/0/259e22b2-5a5a-11de-8c14-00144feabdc0.html

Canada decries "rising tide" of U.S. protectionism

http://www.reuters.com/article/domesticNews/idUSTRE55C26J20090613

Oil and the Quantity of Money

While oil remains a finite and, in fact, declining resource, the money supply is limited only by the whims of central bankers. The price of oil has a compelling relationship with the supply of money.