Why the big move in gold?

[vnatale]

https://money.com/best-online-gold-deal ... aily_money

5 Best Online Gold Dealers of 2024
By: Susan Doktor
Editor: Alison Tobin and Jordan Chussler
Published: Apr 15, 202416 min read

[ppnewbie]

I have tried many times but no gold bars available at costco

[pmbug]

[dualstow]

I’d forgotten about that commercial

[vnatale]

I have tried many times but no gold bars available at costco

That's how popular a sales item that they are there!

[vnatale]

https://www.businessinsider.com/gold-pr ... ion-2024-4


ECONOMY
People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold
Huileng Tan Apr 22, 2024, 2:33 AM EDT

[boglerdude]

This seems not good. Is Buffett wrong about how much better owning businesses is, vs an asset that does nothing?

[barrett]

https://www.businessinsider.com/gold-pr ... ion-2024-4


ECONOMY
People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold
Huileng Tan Apr 22, 2024, 2:33 AM EDT

Didn't want to create an account to read the link but the headline seems off to me. Buying gold makes sense especially if the currency is getting weaker, not in spite of that fact.

Also, what have been the alternatives for Chinese investors? The stock market has been bad and real estate has gotten killed. Cash under the mattress or hidden in walls has been a thing in China forever but, from what I have heard, it's even more of a cashless society than ours now.

We complain here in the US about the official inflation numbers being too low, but in China virtually all economic data is made up by the CCP. Here is a chart (not made up) of the gold to Renminbi exchange rate:

https://ycharts.com/indicators/gold_pri ... se_renmibi

[dualstow]

Didn't want to create an account to read the link

It loaded for me. Maybe we get a few free reads per month?
So, for a limited time, you can read this copy, a .txt file.
https://drive.proton.me/urls/5Z1VMM81T8#z5pI5XYkUUvN
Use password: yuan
Will expire May 3rd.

[pmbug]

... the headline seems off to me. Buying gold makes sense especially if the currency is getting weaker, not in spite of that fact.
...

Weaker Yuan/RMB (relative to other currencies) = Cheaper exports, and more expensive imports

It means that the price of internationally sourced (COMEX/LBMA) gold, priced in dollars, euros or whatever they use in Dubai, is going up more for the folks in China than it is for the rest of the world (but they are still buying it aggressively).