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How China plans to change the way gold is traded

How China plans to change the way gold is traded

Trading range of the gold price suggests that the market continues to be heavily manipulated. Over the last 10 years, the price of gold has moved up or down by more than 5% on only 10 occasions.

Today, the global price of gold is largely controlled by just five "bullion banks" in London. These banks establish the price twice a day by offering to buy or sell gold at a fixed price. The world's other markets operate largely off these prices...

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very informative article

I have wondered why a communist country would encourage it citizens to own gold and silver. After all, they invented paper money right? Then Marco Polo brought it back to infect the western world with this curse. Makes a lot of sense and as the author points out propertyrights really dont exist there. After FDR took the gold from US citizens in 1933 we should know this can happen again not only to us but could happen in any country. If the Chinese can succeed in making their curreny(backed by gold) the world standard then dollars or euros would become worthless very soon thereafter.
Do not underestimate the chinese.

eric grote capt usaf ret