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Stunning Images From China: Ten Thousand People Waiting In Line To Buy Gold
Sometimes one must see to believe, in this case believe just how massive the raw demand for the shiny, barbarous relic is in China during times of relative monetary stability (in this case the Dragon Boat Festival). Now assume runaway inflation as we saw in 2011 China, which may be unleashed by something as catalytic as the PBOC once again deciding to inject liquidity in its suffocating banking system and to revive growth in the stalling economy.
June 11, ten thousand people line up in front of a gold shop to buy gold. The buyers lined up during the three day Dragon Boat Festival.
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Important for Gold Cockroaches such as myself
(I don’t care for the predicate ‘Gold Bug’ anymore, it’s used too much and not aggressive enough. Gold Cockroach is better because every time the FED thinks they kill us we multiply :) )
“If the PBOC sold repos or bills today, the market would have collapsed,” said Liu Junyu, a bond analyst at China Merchants Bank Co., the nation’s sixth-biggest lender. “The cash shortage hasn’t eased and banks are still busy borrowing money.”
Which means one thing: any minute now the PBOC, which has moved from a tightening to neutral stance, will have to continue along the spectrum, and quite soon, proceed to once more inject liquidity, either via RRR or an outright Interest Rate cut.
Aside from the fact that this is just the catalyst that gold bugs have been waiting for (recall 2011), this means that the global inflation exporting game is about to go into overdrive as now the Chinese Central Bank is about to join the Fed, the BOJ, and soon the BOE in actively easing. At that point the countdown to the ECB’s joining the race starts, because the real fun will begin only when all global central banks engage in actively injecting liquidity into the system.
FROM: “The Market Would Have Collapsed” Had The PBOC Drained: Chinese Liquidity Shortage Hits All Time High http://www.zerohedge.com/news/2013-06-13/market-would-have-collapsed-had-pboc-drained-chinese-liquidity-shortage-hits-all-tim
I don't see any gold coins, bars, or bricks. Just chains, rings, and blings. It's a slanty-eyed jewelry bazaar. These people aren't hedging. Nothing to see here.
Chinese jewelry is 99.5% pure and marked up less than 10%. It is different than the West. I find people here use western views to see the East so they come to wrong conclusions all the time.
Ok. I'll bite.
The people in those pictures are not lining up to shop (as in pure consumerism). They are lining up to transform wads of yuan fiat into wearable bullion - stylin', profilin', storin' value, all at the same time.
I suppose. I was marginally aware that Oriental jewelry is of much higher purity than its Occiedental counterpart. But I am highly skeptical that these people are making a conscious decision to hedge against inflation here, or otherwise protect themselves from the pitfalls of fiat currency. I'm pretty sure that they're just shopping.
But what do I know? I'm just a bug-eyed gaijin.
Off course they are protecting themselves against inflation. Having lived in both places, I feel that Chinese in general do not trust their government and poeple in the western countries do. This is probably due to the recent history.
There where 10 people standing outside of the Comex. They all had tin cups and said will work for food......
I would expect a more attractive segment of the female chinese population at the gold jewelry bazar edging on their rich boyfriend to bling them up. The ladies in these pictures don't outshine any gold jewlery.
I do not know any person selling their gold, only buying. It appears the same is true in China and India. Russia, China, other sovrigns are openly now buying. The US Fed is profoundly secret about their unaudited gold holdings. I suspect the US Gold holdings are massively misreprisented.
You can't fool me. That's really the line for Space Mountain.
Or the line for condoms that don't leak!
Need a FastPass
The shop in picture have a big sale goin on, offerred big discount on the premium... I have read the news 2 days ago in a Chinese paper
funny looking bear market Roubini
These people are dangerous.
Only to the Western governments.
The fact that Chinese people are buy in gold indicates they are seeing the real picture.they have a long history with gold. It's a good omen.
Stunning !
Ahh....You call that a line....just wait till they see our FOOD STAMP LINE!!!
There are no Food Stamp lines. Or Soup Kitchen lines. That is so 1930's. Now we just charge up 50+ million EBT cards. So much more efficient when it is just electrons ...
walmart + strip clubs + liquor stores = actual size of foodstamp lines if they were seen all at once :D
Jamie Dimon sold the last of the US Gold Reserves for $1.75 last week to his friends at NSA. China Persons, you are shit out of luck.
GOLD!!!
The only REAL MONEY!!!
FUCK YOU BEN BERNANKE AND CENTRAL BANKERS AND YOUR POLITICIAN CRONIES!!!
"Everything else is credit"
-JP Morgan
Am proud of my fellow barbarians
Ancient Chinese proverb:
!zehctiB, dloG
8 million chosen I'm more than a super Jew with too many curls, how about you suck it and leave with a nose bleed, bitch.
I got drums but I'm not buddy rich, if you don't like then die, if you do then just die later.
http://youtu.be/bYG0c9OkiE0
Ben: You mean this isn't the line for printer ink?
in Zechariah Sitchin's speculative multiple books on the scrolls of Mesopotamian origin, he posits that alien gold miners genetically engineered Hominids to do their mining, and god-worship was born when those aliens departed Earth. suppose they just inserted a gene that made us covet gold. they could come back later and we would have dug most out of the ground for them. they will just demand we give it up - the Bible mentions the apocalyptic vision of people throwing their gold and silver into the streets. God returns and wants his gold. he ceated you to gather it for him.
I just want to know, as did Daniel, when?
Is gold in a "bear market"? This gefiltefish thinks so.
http://finance.yahoo.com/blogs/talking-numbers/gartman-gold-broken-commo...
There are lots of rural mainland tourists who travel to the 'big city' during the holidays for shopping vacations. Based on the uniform style of the "guards" and the appearance of there being only one jewelry store open, I'd say the photos were taken somewhere on mainland China.
Sorry guys but the same pictures have been circulated also on the day gold broke the 1530 resistance a couple of weeks ago!
Seen them before. So it must be a hoax.
I'll just call you a liar until you have a link to it.
I see a trend here, gold is moving east and every time someone asks the US or the FED about the gold it's asshole puckers up and they deflect, everyone knows they don't have it. Similar things in Europe, people asking about their countries gold holding and again misdirection, deflection, lies, etc... Then we hear about ABN Amro and the whispers about the COMEX and the JPM/FED "supplies" taking hits from all sides all the while the overall open interest in PM's is globally strong and getting stronger as the digital paper game starts to unwind.
What I'm saying is one of the rabbit holes I fell down a couple years ago talked about all this ancient Asian gold that was lent, borrowed, redistributed to the west and Europe after world war II. Some of you may have heard all the different versions of these stories so I wonder if Asia is calling in it's marker on their stash, how else do you get you're gold back from people who won't give it willingly? There is a lot of gaps to fill in from what I have said but those of you watching all this play out can probably put some of the pieces together. I don't claim to know what is going on behind the scenes or even out in the open I just find all this interesting.
Is the gold transfer also a power transfer or a global re-balance? BRICS? Dragons? maybe neither...?
Golden rule: He who has the gold makes the rules... Is this still valid this day in age?
Any gold sold in India and China will disappear from the market since there is a tradition to pass treasure from generation to generation. One only sells gold when they are in trouble and feel shameful.
no one element or commodity will be the medium of exchange.
except for electrons.
TULIP MANIA!! in full gear, and the price won't even move an inch. What do you think will happen when 10,000 people are in line to sell????? PLUUUUUUUUUUUUUUUUUUUUUUNGGGGEEEE!!
You sell if this happens in US since Chinese just start to buy gold.
Stunning images? 10,000 people? Where are they? I see about 200-300 people based on these pictures. Doesn't look much different than a typical business day in China to me.
When 8,000 people showed up to support Ron Paul the pictures verified the numbers. These pictures verify a few hundred.
10,000 people buying Gold bullion and coins due to worry over "monetary stability"? Or a few hundred people buying jewelry?
Sure Jeweler contains gold and silver but why pay additional huge premiums on Jewelery over bullion if you are buying to protect yourself?
Chinese Jewelery has very low premium and made of pure gold. people usually don't buy gold like 14k and 18k. People only buy 22 and 24k. It is totally different in China, India as compared to the West.
stunning indeed. will probably cause another sub 1% 'surge' in prices, sometime in the future.