China Just Made Gold Money Again
Drainage: China's New Gold Wallet Will Suck the West Dry.
There was significant news out of China Monday, as at 3 AM eastern time, they effectively made gold money again. Not just as an SOV, but as a Medium of Exchange MOE linking state-run savings accounts with Gold bullion accounts
The commercial banks in China created the ability for Renminbi savings accounts to be connected to gold accounts, so that Chinese citizens can now buy gold directly out of those savings accounts. All of this is similar to linking savings to checking at a bank.
By China enabling its citizens to buy Gold with a click using their already connected savings accounts, you are going to see an even faster draw down of western gold as it gets bought in the east.
China has long been encouraging its population to purchase gold, and the new policy has just made it even easier to do so. This is also happening at the same time that JP Morgan's Jamie Dimon is on his way to China for the first time in 4 years, which Vince suggests, while not a gold-trip perse, is hardly a coincidence.
He talks about the potential reasons Jamie is visiting China, and the potential links they might be aiming to develop regarding business in the gold and other markets. Vince also talks about the declining silver inventories on the COMEX, and whether there really is a significant amount of silver available to be delivered. So to stay up to date on the latest developments in the precious metals markets.
Gold, China, CBDCs and JPMorgan's possible role in all this explained...
This is obviously a tool for confiscation by the State from the Chinese people. After they buy it and pull it into china.. they cant get it. For the Chinese people they have a choice, owning worthless yuan, or owning worthless yuan with a "promise" of being able to have gold buying power. The choice is easy. Citizens will pull in foreign gold
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