All Is Golden, Part II 6/13/23 Excerpt: ”China increased its...

All Is Golden, Part II
6/13/23

Excerpt:
”China increased its gold reserves for a seventh straight month, among strong demand for the precious metal from the world's central banks. China raised its gold holdings by about 16 tons in May, according to data from the People's Bank of China on Wednesday. On April 16, Reuters reported that China had given domestic and international banks permission to import large amounts of gold into the country.”

”In November, Chinese President Xi Jinping told the People's Liberation Army to "focus all its energy on fighting" in preparation for war. U.S. military personnel have confirmed China is preparing for war to annex Taiwan but have not given a time frame. China's behavior is like Russia's before the invasion of Ukraine.”

”This is not getting any coverage in legacy media yet, but the Peoples Bank of China announced changes about three weeks ago to incentive its citizens to buy gold. 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. I believe you will see an even faster drawdown of Western gold as it gets bought in the east from China and other central banks as well. ”

”Central Bank buying has been strong for over ten years, and it went into overdrive in 2022, and with Q1 2023 this pace looks to continue. You may also notice that ETF flow remains weak, slightly negative. It is only a matter of time before funds, and retail get on board.”

https://www.streetwisereports.com/article/2023/06/13/all-is-golden-part-ii.html

Kind regards,