Watch out, America: China and Russia are stockpiling gold, says BrettArends:
The yellow metal generates no cash, grows no crops, provides no shelter and supplies no useful service. It hasn’t been official money for decades. It isn’t any kind of “safe haven” because it always seems to be crashing or booming or crashing again. It hasn’t been an efficient way of verifying payment since Samuel Morse invented the telegraph.There’s no inflation. Prices are currently rising by about 1.6% a year.And there’s no financial panic. Stock markets are rising.
And they still are. The People’s Bank of China recently revealed hiking its gold reserves by 74 tons in the six months through May. The Russian central bank has bought about 96 tons in the first half of the year. Do China and Russia really need piles of this arcane yellow metal to break the U.S. dollar’s stranglehold on the world’s financial system?
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