Who buys gold ?

[captainsilverton]

Flawed reasoning. Interior people can order gold. Or coastal retailers can periodically travel to interior customers.

lol...much of china is dirt poor, no internet, no folks travel to them peddling gold !!??.....

oak333, the poster has a point to an extent, not totally flawed at all in his post, imo..

[nergal]

lol...much of china is dirt poor, no internet, no folks travel to them peddling gold !!??.....

oak333, the poster has a point to an extent, not totally flawed at all in his post, imo..

I was in China for two weeks last summer. There are many wealthy folks in the cities in the Chinese interior. Never seen so many Benzs and Audis as I saw in Xian, Chon Qing, and Beijing. Saw lots of gold jewelry too. They have some USA wants that are out of left field. I was wearing a new pair of high end New Balance running shoes that have USA emblazoned on the heel in reflective material. Apparently they are high on the list of many young Chinese folks. I must have been asked how much I would take for them at least 20 times. One young guy told me the US made high end New Balance shoes go for an equivalent of $300 U.S. in China due to tarrifs. The rural areas we passed through in the interior were poor looking I must admit, however so were the rural seaside areas around Shanghai.

[oak333]

lol...much of china is dirt poor, no internet, no folks travel to them peddling gold !!??.....

oak333, the poster has a point to an extent, not totally flawed at all in his post, imo..

Much of China is poor..you are probably right. However much of China is rich.
My understanding is that China has grown a middle class of cca 350 million
people...and they are not poor at all.

I have seen reports on the Internet about very rich people buying gold
bra for hundered of thousands of dollars. You can easily google to find it.

nergal was in China and you can see in his post what he saw there.

[oak333]

Central banks buy gold......



They give you Paper(fiat/Paper gold) and bitcoin to hold..........LOL






China's gold reserves rose to $71.292 billion at the end of January, from $67.878 billion at end-December, data published on the People's Bank of China website showed.




Gold deposit accounts in banks skyrocket


The price of gold, considered a safe haven in investments, has broken records one after another since last year, while the number of precious metal deposit accounts kept in banks are on a rise in parallel with President Recep Tayyip Erdoğan's call on people to convert their foreign exchange savings into gold or Turkish lira in an attempt to help boost the value of the Turkish lira. Having broken successive records since last year, gold became one of the favorite investment instruments in 2016 again.

According to Banking Regulation and Supervision Agency (BDDK) data, gold deposit accounts in banks soared to TL 16.964 billion ($4.54 billion) at the end of 2016 from TL 10.624 billion at the end of 2015. As far as the last one year's transactions are concerned, this figure corresponds to 51.6 tons of gold, based on the average gold price of TL 122 per gram.

A total of TL 15.922 billion worth of gold deposit accounts belonged to natural entities, while TL 1.042 billion worth of them belonged to commercial institutions and others in 2016.


http://www.dailysabah.com/economy/20...anks-skyrocket

......

I have found this report about the gold market in China:

http://www.munknee.com/the-chinese-g...-need-to-know/

Chinese official (government) reserves are estimated to 1,823 metric tonnes.
However, keep in mind that the big Chinese banks are quite involved in gold
and have huge gold holdings. Catch ? These banks are state owned...so who
owns the gold: the state or the banks ?

[shades]

Flawed reasoning. Interior people can order gold. Or coastal retailers can periodically travel to interior customers.

Actually, having travelled to interior China and Mongolia, once you take a train or bus out of the main coastal population concentrations, you rapidly get into areas where a shared village telephone is the only means of getting communication out of a multi day drive distance. And most cannot afford a long distance call. And, the number of people without even any access to internet of any kind in china is greater than the current population of the united states. China hegemony is a HUGE vast hard to travel through land.

[goldmineral]

Actually, having travelled to interior China and Mongolia, once you take a train or bus out of the main coastal population concentrations, you rapidly get into areas where a shared village telephone is the only means of getting communication out of a multi day drive distance. And most cannot afford a long distance call. And, the number of people without even any access to internet of any kind in china is greater than the current population of the united states. China hegemony is a HUGE vast hard to travel through land.

And yet they are all trying to buy gold? Yeah, right!

[blitzdude]

It is well known that Stanley Druckenmiller sold all his gold!

No idea who this Drunkenmiller is but i buy the shat.

[captainsilverton]

Actually, having travelled to interior China and Mongolia, once you take a train or bus out of the main coastal population concentrations, you rapidly get into areas where a shared village telephone is the only means of getting communication out of a multi day drive distance. And most cannot afford a long distance call. And, the number of people without even any access to internet of any kind in china is greater than the current population of the united states. China hegemony is a HUGE vast hard to travel through land.

exactalactly as was my point in the post earlier today here....

[oak333]

Hedge funds are buying gold. The long positions of money managers
increased by 5,504 contracts, to 140,663 contracts.

http://www.kitco.com/news/2017-02-06...certainty.html

[goldmineral]

No idea who this Drunkenmiller is but i buy the shat.

Of course you do. We all do. It's on the internet...