Sounds like they are are set up to move to a gold economy.
I read more about this machine earlier.
it takes 40 minutes to melt all your old gold and then it xrf and gives you about 80% of the gold value. if you dont like the amount offered too bad since your gold was already melted.
reminds me of this tv episode https://www.imdb.com/title/tt2138527/
“Sounds like they are are set up to move to a gold economy.”
LOL!
Actually it sounds like their currency is being debased so much that people will want to hold hard assets and ONLY convert to their crap currency when they have to.
If their economy was good and people were optimistic they would not need this stuff. China might go to a gold based YUAN for import/export, but they would not use it for internal transactions. They want to be able to manipulate their currency and you cannot do that on a Gold Based economy.
Sounds like they are are set up to move to a gold economy.
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Many greats in the field state China has accumulated close to 30,000 tons of Gold, to our small 8,100 ton pile.
Steer, Schetchman , and McGuire estimates closer to 40 tons, presumably to obtain a 40 percent currency backing ( like the Brics). In any case, they have way, way more than they report to the western WGC.
Remember what Trump stated, those with the Gold make the rules….we shall find out soon.
One of my distant relatives in the Hong Kong financial field states close to 40,000 tons. He also added they have been mining for years, and have had a ban on Gold exports for at least a decade.