Vince Lanci: At 3 AM, China Just Made Gold Money Again

Arcadia Economics, Released on 5/8/23

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!

Vince Lanci is Managing Partner at Echobay Partners LLC. Vince founded Echobay after a profitable career running CiS Options and Berard Capital. The firm is a vehicle for expressing his and “friends and family” personal investment ideas. Echobay also consults on market structure, risk management, and legal cases involving fraud in markets. Vince is also a regular contribute to ZeroHedge.com

Chris Marcus worked 2 years at bond rating agency Moody’s, has an MBA from Wharton, and also worked 7 years as an equity options trader for Susquehanna International Group on the American and New York Stock Exchanges, before leaving in 2012 to create Arcadia Economics. In addition to publishing Arcadia’s Monthly Market Snapshot, he also currently writes market commentary for gold and silver dealer Miles Franklin, Investing.com, and several others.

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