RE:RE:Chinese gold imports
DanWarren wrote: Only in America (and, I assume in other Western countries) do you get smarty pants people who smugly say, 'gold is a relic', ' gold is only worthwhile for jewelry', etc........but, in much of the rest of the world, gold is still the King as a store of value, such as India and China.......the Chinese case may really be getting some tailwind as an investment....why do I suspect this?....... because Real Estate had been the Big investment in recent years. But, the prices of Chinese real estate sky rocketed, so much that Chinese people would have to finance its purchase with mortgages that would take more than one generation to pay back......then, we find that the quality of this new construction in China is very substandard to what we know in North America ( no wonder the wealthy Chinese were buying up Vancouver)......even worse, the Chinese people had to put down-payments before projects were complete.....now, finished condos in 'ghost cities' ( named such because almost no one actually lives in these places) are deteriorating physically. Buyers of as yet unbuilt units are defaulting on the mortgages they took out. Confidence in investing in real estate has plummeted, and so has sales, and now banks are faltering, and Chinese people are pssd, and rioting because they can't withdraw money from their bank accounts.....yet, approximately 1/4 of the Chinese economy has been comprised of real estate industry activity.........China used to prohibit Chinese from investing in gold. This is no longer the case. Now buying gold is OK. But, Chinese people are NOT allowed to sell gold to outside of China........meanwhile, the price of gold has had a lid put on it by the oh so wise Western nations ( surely to support the narrative that the Western fiat currencies are solid, and not being devalued rapidly by huge increases in the money supply, and the massive debts Western countries have amassed is not really a problem, as Obama said, ' we owe the debt to ourselves')....... so, substandard, over priced real estate, or underpriced, manipulated down, gold.......where do you think Chinese investors will prefer to put their savings........and physical gold sells for a premium over the derivative price by significant amounts.......that is quite the unusual situation......smarty pants Western observers ( probably much like Macron of France and Trudue, both countries either have no gold reserves, or talk about selling all their gold reserves, like Macron), think gold is a relic. But, most people around the world think gold is a solid investment, and so does their government, like Rusdia, China, Hungary and others.
Bucco thinks its a relic also and thats all that counts.
Youre like a sausage machine. Pork and spice in pork and spice out. Do you have any original thoughts or do you just regurgitate what you read.
Bucco