Pure Gold and Soggy Dollars

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Published : September 30th, 2015
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Category : Opinions and Analysis

We’re going to be introducing some new formats. One of them is quick article links, with the good ones labelled Pure Gold and the bad ones labelled Soggy Dollars.

A Soggy Dollar

The headline reads, “China Bought Gold With Proceeds From Record Sale Of US Treasurys”. It’s been in the news for a while: China is selling Treasurys (i.e. dollars). The PBoC is forced to sell dollars and buy yuan, to prevent a yuan crash as people are selling yuan. However, many mistake this for China “de-dollarizing” in favor gold.

According to this article, China sold $83B of Treasurys (i.e. dollars). And how much gold did they buy? Less than $600M, or 0.7%.

We are sponsoring a seminar in central London, this Friday Oct 2. If you want to attend please register here.

 

Data and Statistics for these countries : China | All
Gold and Silver Prices for these countries : China | All
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Keith Weiner is a technology entrepreneur and president of the Gold Standard Institute USA. He was the founder of DiamondWare, a Voice Over Internet Protocol software company, which he sold to Nortel in 2008. He is an Objectivist who has his PhD from the New Austrian School of Economics, with a focus on monetary science. Keith, who currently trades and analyzes precious metals and commodities, advocates a return to a proper gold standard and laissez-faire capitalism. He lives with his wife near Phoenix, Arizona.
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