China’s Gold Strategy
By Alasdair Macleod
November 1, 2014
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Since 2002, the Chinese state has almost certainly acquired by these means a further 5,000 tonnes or more. Allowing the public to buy gold, as well as satisfying the public’s desire for owning it, also reduces the need for currency intervention to stop the renminbi rising. Therefore the Chinese state has probably accumulated between 20,000 and 30,000 tonnes since 1983, and has no need to acquire any more through market purchases given her own refineries are supplying over 500 tonnes per annum.
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The “barbarous relic”?
Now if the Chinese are good “Communists”, then why stockpile gold?
Maybe because they take a 1,000 year view!
The Swiss will vote on Gold and their national bank. While the jury is still out until the end of the month, either way, you have to wonder why folks don’t trust paper money.
I sure don’t. I remember the grandparents talking about the Great Depression.
Be nice to have skills and things of value WHEN the SHTF!
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