You are here
China's gold prices surge, hitting a record against the world
By Sybilla Gross
Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, September 26, 2023
China is suddenly full of gold bugs.
It's a flight to safety familiar to students of economic stress.
"With the yuan falling, the property market slumping and capital controls keeping money from leaving the country, investors are buying gold," Bloomberg economists David Qu and Chang Shu wrote in a report.
It also marks a sharp reversal from earlier in the year, when China's slowdown curbed interest in the metal as consumers responded to uncertain economic conditions by conserving cash.
... Dispatch continues below ...
... ADVERTISEMENT ...
USA Gold: Coins and Bullion Since 1973
USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
The so-called Shanghai premium started rising in June, a response in part to import curbs imposed by the People's Bank of China, which may have been trying to shore up the value of the yuan by shrinking the need for dollars to buy gold. But now the currency's plunge is having the opposite effect, as investors chase dollar-denominated assets to preserve value.
Although import restrictions have been loosened, bullion should remain supported by firm demand, Standard Chartered analyst Suki Cooper said in a note last week.
Factor in China's protracted property crisis, loose monetary policy, and tumbling bond yields, and it's no mystery why demand for a haven like gold would soar.
Withdrawals from the Shanghai Gold Exchange in August jumped 40% from the previous month, while imports climbed 15%. Meanwhile, inflows into Chinese exchange-traded funds rose to their highest since July 2022. Gold is also finding support from China's central bank, which has boosted purchases for 10 straight months as it diversifies its reserves.
... For the remainder of the report:
https://www.yahoo.com/finance/news/chinese-gold-bugs-lift-price-010537829.html
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, November 1-4, 2023
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
