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Strategies & Market Trends : Humble1 and Swing Trading Friends
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From: threedrives5/12/2023 1:27:26 PM
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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 is effectively setting up a one way straw to drink the West's Bullion wealth. Because as we know, that gold will not be permitted to check out of China once it checks into it. They are going to drink our milkshake. The question is, does JPMorgan help them insert the straw to get access to China accounts or not?

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.
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