Condor Gold Ord Shs T.COG

China's Insatiable demand for gold

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This might explain why one of China's largest gold miners spent 8 days on site or in country. It appears they will be needing much more gold and would think with the new trade deal between China and Nicaragua and Nicaragua encouranging Chinese investment in country that a Chinese company would pay top dollar for Condor or at least enhance a bidding war since multiple bidders already anounced. Based on this well designed plan, China will need much more gold.

Petroyuan Replaces Petrodollar? China’s Insatiable Demand for Gold Explained

China is the world’s largest gold producer, and its massive gold stash suggests we are on the cusp of a radical change in the global monetary system.

• The Financial Times reports they bought the most gold in 2022, and today, it’s clear why they’ve had an insatiable demand for the yellow metal. Renowned speculator Nick Giambruno points to Chinese President Xi Jinping’s recent visit to Saudi Arabia and other Gulf Cooperation Council (GCC) states to launch "a new paradigm of all-dimensional energy cooperation."

• GCC states — Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the United Arab Emirates — account for over 25% of global oil exports. China is the GCC’s largest trading partner, with over 25% of its oil imports from Saudi Arabia. Hence, the meetings reflect a growing trade relationship between China, the world’s largest oil importer, and the GCC, the world’s largest oil exporters.

• During Xi’s visit, he said, "China will continue to import large quantities of crude oil from GCC countries, expand imports of liquefied natural gas, and use the Shanghai International Energy Exchange (INE) as a platform to carry out yuan settlement of oil and gas trade." For context, the INE launched a crude oil futures contract denominated in Chinese yuan in March 2018. The contract is based on Brent crude oil, the global benchmark for oil prices, and allows oil producers to sell their oil for Chinese yuan instead of the U.S. dollar.

• By trading in yuan, the INE oil futures contract is expected to reduce the reliance on the U.S. dollar while increasing the use of the Chinese yuan in global trade.

• Nick Giambruno notes that “most oil producers don’t want to pile up a large yuan reserve.” This is where China’s massive gold stash comes in.

• They’ve linked the crude futures contract with the ability to convert yuan into physical gold through exchanges in Shanghai and Hong Kong. Moreso, PetroChina and Sinopec, two Chinese oil firms, provide liquidity to the yuan crude futures. So, there'll be a bid if oil producers want to sell for yuan and gold.