Crapto descending, gold ascending. Perhaps they will pass each...

Crapto descending, gold ascending. Perhaps they will pass each other at $US19,000?????

Pierre Lassonde: “The gold price is being set in Shanghai, and the Chinese are huge gamblers. They love gambling. And I think the Shanghai Gold Exchange could become a casino where they’re going to gamble. Under that scenario anything can happen. $18,000, $19,000 gold could happen. I would not be surprised…

https://kingworldnews.com/billionaire-pierre-lassonde-just-predicted-gold-price-may-hit-19000/

Perhaps the one gram 'gold bean' will become the new version of Bitcoin, especially in China????

A lack of faith in traditional investments has fueled this new China gold rush.

The nation’s stock market has seen declines after reopening from the pandemic, with one of its key benchmarks dropping to levels last seen in 2018. The country’s middle class is bearing the brunt of a property downturn — while the central bank has lowered a key interest rate four times since December 2021, eating into the return on wealth management products.

Young people are skipping “pleasurable consumption” and instead purchasing “asset-style jewelry” such as gold beans for adornment and investments, said Nikos Kavalis, managing director at the London-based consultancy Metals Focus Ltd.

However, he cautions that it makes no sense to invest in gold beans — or other gold items — because their price is often 10% to 30% higher than the commodity’s spot price. Investors would be better served by parking money in gold ETFs, he said.

Still, the fascination with gold is sweeping across social media. On Weibo, the Chinese equivalent of X, formerly Twitter, the hashtag “Why Are Young People Getting into Buying Gold” garnered 91 million hits. A lively discussion about the enduring value of gold dominates the social media site, with one popular post stating that “buying gold keeps troubles at bay.”

Three-quarters of gold consumers are now estimated to be between 25 and 35 years old and many believe investing in gold is low-risk, according to a 2021 report from the World Gold Council. That belief is reinforced as gold prices have hit multiple historic highs since December. Gold bullion passed the $2,100 per ounce threshold for the first time this month.

Sales of gold, silver and jewelery reached a six-year high in December, a 29.4% year-on-year jump, according to government data. Precious metals now represent one of the fastest-growing consumer markets in China.

https://www.bnnbloomberg.ca/gold-beans-all-the-rage-with-china-s-gen-z-as-deflation-bites-1.2047599