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Chinese citizens are buying gold, not just the government for its gold reserves.
Why?
Because the Chinese people don't trust the Chinese Communist Party with their money. Why would they? The CCP is a murderous cabal, which nihilistic characteristics.
Even if the CCP developed a gold-backed cryptocurrency, many would not trust it.
"The rising interest in gold bars and coins was primarily driven by investors’ safe-haven demand,supported by global geopolitical instability and weak performance of investment products denominated in Chinese yuan," writes Zero Hedge, quoting the South China Morning Post.
“Gold represents the only safe asset for [Chinese consumers] to protect their wealth against domestic inflation, asset price declines as well as against geopolitical risks,” said Chen Zhiwu, the chair professor of finance at the University of Hong Kong.
“I expect Chinese household demand for gold to rise more in the future. And the Chinese central bank will also continue to purchase more gold to prepare for more geopolitical turmoil ahead.”
Gold is a historical store of value. Until the human race figures out a better option, it will continue to be.
If you own a retirement portfolio, or other fiat assets, you should consider hedging your portfolio with precious metals.
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