Posted on 10/06/2019 6:33:03 PM PDT by LS
https://twitter.com/freeHKer/status/1180810938548547584
"China banks are running out of cash in HKD and USD. Maximum withdrawal limit drop from USD1300 to USD38. A drop of 34 times. China financial doom day coming. @Jkylebass @GordonGChang @robert_spalding
SaveFerris wrote:
“Hmmm, reading more of the responses.
Will be interesting to see if this is confirmed. Or not.
Hmmm.”
The WSJ picked up on it (h/t LS):
https://www.freerepublic.com/focus/f-news/3784183/posts?page=105#105
Ahhh... but what I hear is that US banks are also running out of USD. The Fed is loaning out over $150 bil a night - every night - to member banks to meet their reserve requirements. The ultimate implication of that is above my pay grade.
The buys were made some time ago, sometimes by the ton. Buy in anticipation, not reaction. (If a Russian bank bought a ton of gold, someone was selling a ton of gold.)
As to gold not being the hedge it once was, the person selling that idea is likely heavily invested or presently investing... 6 thousand years of history are hard to argue against.
I have met several young female Chinese students who have come to study at Johns Hopkins School for Advanced International Studies (SAIS) in Washington, DC. They have come from one child families, and they think that many young people are likely to stick with the one child idea. On the other hand if we have a sudden big freeze a reduced population will be helpful as people move south.
Thanks!
Go for it.
I won’t ever hold gold.
They will need it.
And more.
Their debt is 95% toxic.
Did I suggest you should? ...or that I have? I was pointing out that the US banks may be short of USD also - perhaps like 2008. Time will tell. Take a look at Greece recently.
The posted story is that Chinese banks are running out of money; my addendum is that - if a Russian bank bought tons of gold - perhaps they bought it from the Chinese to allow the Chinese to gain some cash. Perhaps Trump has put the Chinese between a rock and a hard place. I doubt the Russians bought a ton of gold from the US Treasury... perhaps Venezuela.
I have not found out where Russia obtained the gold. CNN for example, does not say. Russia may think the USD is at risk... or perhaps wishful thinking. As I say, above my pay grade.
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