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Non-Tech : The Woodshed

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To: bull_dozer who wrote (60731)5/6/2024 11:11:15 AM
From: bull_dozer  Read Replies (2) of 60754
 
China’s gold-buying spree could be the straw that breaks the dollar’s back

Beijing could hold the key to the imminent demise of the US currency’s special status

This is not necessarily anything sinister. It could simply be that the PBOC is a shrewd investor, capitalising on gold’s traditional appeal as a safe haven, a hedge against inflation and a means to diversify risk.

The Chinese authorities may just have been playing a rising market extremely well.

It is worth noting too that private Chinese citizens have also been enthusiastic buyers of gold as a way to get around the country’s strict capital controls, and at a time when domestic equity and property markets have been performing poorly.

Nor is China alone. According to the latest official data, Turkey actually bought more gold in the first three months of this year (about 30 metric tonnes) than China (27 tonnes), with India (18.5 tonnes) not that far behind.


telegraph.co.uk
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