Chinese people are buying gold, taking money out of banks and stock market
“Chinese people are starting to feel the pressure of economic slowdown. As China’s yuan continues to devalue, and several small and medium-sized banks have filed for bankruptcy recently, many Chinese choose to buy gold or take their money out of the bank, to protect their assets.”
USAGOLD note: In several past posts, we have raised the possibility of ramped-up demand in China based on a depreciating currency and problems in its banking system. The cultural attachment to gold always permanently represents latent demand quickly triggered at the first signs of problems in the economy or financial system, cleverly illustrated in the Ed Stein cartoon below.
Repost from 7-5-2019