Gold Going Gangbusters
From The Maven Letter: 3 April 2024
Gold is marching higher. At close the price reached $2300 per oz.
It’s a very impressive chart.
As I wrote at length last week, this move is coming entirely from Asia. The People’s Bank of China (PBoC) is buying gold hand over fist. Meanwhile, putting money into gold as a store of wealth is resurging in China, especially among people 25 to 35 years old.
Here’s how the article in The Straits Times starts:
BEIJING – With China’s deflation at its worst in 15 years, a volatile stock market and bank interest rates too low for her liking, 18-year-old Tina Hong is placing her financial security in gold beans.
Weighing as little as one gram each, the beans – and other forms of gold jewellery – are increasingly viewed as the safest investment bet for young Chinese in an era of economic uncertainty. It is part of a larger consumer trend for all things gold – from bullion to beans and bracelets – that has gripped the mainland.
“It’s basically impossible to lose money from buying gold,” reasoned Ms Hong,
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