Is China Controlling The Gold Price?
From The Maven Letter: 27 March 2024
An article by Jan Nieuwenhuijs, published late last week, has taken the gold investor world by storm. Everyone is talking about China Has Taken Over Gold Price Control From The West. Many have asked me what I think.
Before diving into his article, let me state that I have a lot of respect for Jan. I’ve never met him but he started writing about gold about the same time I started Resource Maven. He initially focused on China and he figured things out about that opaque gold market that no one had figured out before.
He now writes about all things gold for many outlets and I often read his articles. And he continues to be his own person, which is to say that he often contradicts common gold bug thinking.
When I first read his latest argument, I was skeptical. It seemed too easy. But the deeper I dove, the more likely his argument became for me.
His argument is that dramatic increases in Chinese gold buying, by both the People’s Bank of China (PBoC) and retail Chinese, are the force that has driven the gold price in
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