With Inflation marching on worldwide, the Gold Bugs are back in force, this time led by big Chinese investors.
Per Josh Belanger at SubStack:
"Chinese Gold Rush
Chinese speculators are betting big on gold, pushing its price up. They're really influencing the gold market now.
Lots of gold is being traded in Shanghai. One company, Zhongcai Futures, bought gold worth almost $4 billion. This is changing how gold prices are set.
Gold prices hit a record high this month. More gold is being bought by banks in Asia and other places. They use it to keep their money safe.
Gold is more expensive because people are worried about money and wars. The price went up over 40% since last November. Now, it's at $2,431 per ounce. But it was a bit lower yesterday.
People in China are using gold to protect their money. They are moving away from real estate and stocks. This big interest in gold in Asia is new and important."
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Last edited: Apr 24, 2024