At 3 AM, China Just Made Gold Money Again

There was significant news out of China last night, as at 3 AM eastern time, China just effectively made gold money again.

Late last night, the commercial banks in China just created the ability for Renminbi savings accounts to be connected to gold accounts, so that Chinese citizens can now buy gold directly out of their savings accounts.

China has long been encouraging its population to purchase gold, and the new policy has just made it even easier to do so. This is also happening at the same time that JP Morgan's Jamie Dimon is on his way to China for the first time in 4 years, which Vince suggests is hardly a coincidence. He talks about the reasons Jamie is visiting China, and the potential links they might be aiming to develop regarding business in the gold market.

Vince also talks about the declining silver inventories on the COMEX, and whether there really is a significant amount of silver available to be delivered. So to stay up to date on the latest developments in the precious metals markets, click to watch this video now!

Arcadia Economics

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