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After Bitcoin, Chinese Go Crazy About Silver
Epoch Times ^ | July 5, 2016 | Valentin Schmid

Posted on 07/09/2016 6:25:39 PM PDT by TigerLikesRooster

After Bitcoin, Chinese Go Crazy About Silver

By Valentin Schmid, Epoch Times

July 5, 2016 AT 3:30 PM

Last Updated: July 7, 2016 12:06 pm

Chinese speculators have the reputation of buying anything and everything that is going up.

Real estate, the stock market, copper, bitcoin, and now silver. Futures in Shanghai reached their upside limit when prices hit $21.13 per ounce, up 6.9 percent on the day. Chinese are behind the bulk of the buying as volumes on the Shanghai futures exchange exploded to 95 billion yuan ($14.2 billion) last Friday.

The price has since retreated to a tad below 20, but the overall performance over the second quarter is best in class, up 17 percent.

At least considering traditional asset classes. Bitcoin, the preferred Chinese capital outflow vehicle is up 66 percent in Chinese yuan over the same time period. After peaking on June 16, it has leveled off a bit, a good chance for Chinese traders to focus on silver again. Like Bitcoin, silver is not part of the Chinese banking system and provides insurance for a possible debt restructuring.

Throughout history, the Chinese have been alternating between currency systems based on silver and currency systems based on paper money. Genghis Khan was the first emperor to force his citizens to use paper money, Chiang Kai-shek’s Nationalist Party was the last one to switch silver for paper in 1935.

"The fact that the traded volume goes up while the open interest goes down is a clear indication that day traders have taken over for now."— Ole Hansen, Saxo Bank

(Excerpt) Read more at theepochtimes.com ...


TOPICS:
KEYWORDS: bitcoin; china; metals; silver
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To: Therapsid

http://www.thriftyfun.com/tf47824676.tip.html


41 posted on 07/15/2016 2:17:51 PM PDT by Therapsid (eagan)
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To: Therapsid

suspend in water wait a month...check ppm...no power required..

And thats ALL I have to say About THAT


42 posted on 07/15/2016 2:20:27 PM PDT by Therapsid (eagan)
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To: atomic_dog

Are they counterfeiting silver bars?


43 posted on 08/20/2017 7:13:50 PM PDT by MSF BU (Support the troops: Join Them.)
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To: MSF BU

Yes, big time. They sell them on the markets on DarkNet. Most of the fakes are 10 oz Engelhard bars. If I buy bars now I stick to Sunshine that has the mintmark SI security feature.


44 posted on 08/20/2017 8:18:04 PM PDT by atomic_dog
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To: atomic_dog

Good to know. I’ll have to check my inventory. I wonder at what point they get caught in the buyer/seller chain. In my area I have not heard of many turning up. Maybe it would be better buying dime/quarter/halve junk silver or alternatively buying directly from the mint?


45 posted on 08/21/2017 5:57:22 AM PDT by MSF BU (Support the troops: Join Them.)
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