"The miners are so undervalued I'm surprised that China hasn't pursued buying or investing in them."
Let’s not kid ourselves... China is investing in PM mining right at home. They have the environment, human capital and capital for infrastructure. Plus, while investing in-country, they don't have to reveal what they are hording away until they are ready to destroy the dollar. IMHO, all we (US) can do is beat down PM prices to get additional time to run our printing presses and spread our debt throughout the world. Sooner rather than later the inevitable will play out with hyperinflation, global depression and a failed dollar. It's interesting to watch those countries positioning themselves to survive the inevitable. My philosophy, follow the money and the power.