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China banks, regulators move to cool gold rush

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Published : July 31st, 2020
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Reuters/Andrew Galbraith, Winni Zhou, and Arpan Varghese/7-29-2020

“The scramble to limit risks comes as gold prices hit record highs this week, spurred by investors hunting for safe haven assets in markets rattled by worries of rising coronavirus cases, lofty equity valuations and a falling U.S. dollar. A deepening rift between the United States and China has also become a factor drawing mainland investors to gold.”

USAGOLD note: For a good many years, China has encouraged its citizens to own gold. It would be interesting to know if the banks and regulators are interested in curbing the Chinese people’s native interest in outright ownership of physical metal or speculation and leverage in various precious metals through paper representations of the metal. We suspect it is the latter.

Read the rest of the article at USA Gold
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