“Chinese speculators have really grabbed gold by the throat…”
That is how John Reade, chief market strategist at the World Gold Council, describes the scramble in the communist nation among investors looking to move money anywhere but in the yuan or Chinese assets.
As evidenced by soaring Chinese FX outflows , the recent surges in ‘alternate currencies’ such as bitcoin and gold strongly suggest where the Chinese are seeking safety.
Of course, worsening geopolitical tensions, unprecedented fiscal profligacy by the Biden administration that shows no signs of slowing, and a Fed that seemed willing to support that spending with rate-cuts that were wholly un-necessary based on the ‘data’ they are so ‘dependent’ on (prompting fears of a policy error) are all factors driving precious metals higher, but, as Bloomberg reports , juicing the rally is unrelenting Chinese demand, as retail shoppers, fund investors, futures traders and even the central bank look […]
Read the Whole Article From the Source: www.zerohedge.com
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
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