China is stocking up on gold

[pinkflower]

I just saw this. This is old but its still relevant I think. When this kinds of topics are released more in the news, we all already have an inkling that another economic collapse will happen soon. What do you think will this do to BTC? Is it still relevant to BTC?

China To Replace Dollar System With Gold Standard

http://yournewswire.com/china-to-replace-dollar-system-with-gold-standard/?utm_source=grc&utm_medium=relatedcontent

[ArdiPrabowo]

i Think is not big effect in bitcoin price
china replace capital devisa from USD to gold
because response about donald trump say not import or reduce import from china

[Pursuer]

the economical collapse is something that is more like a hot topic and it always stays a hot topic, like a theory that never happens in reality.
but if this is true and China is really starting to stock up on gold, then it would affect gold price greatly not bitcoin. because it is increasing the demand for gold and also hyping it up at the same time.

but economy collapse is another matter, and that can affect bitcoin price too. because people will start investing in other things and what else is better than bitcoin.

[deisik]

the economical collapse is something that is more like a hot topic and it always stays a hot topic, like a theory that never happens in reality.
but if this is true and China is really starting to stock up on gold, then it would affect gold price greatly not bitcoin. because it is increasing the demand for gold and also hyping it up at the same time

China as well as Russia has been buying gold in massive amounts for a few years already. So it is an old news really. Why they are doing that is also straightforward enough. They are most certainly moving their reserves from pure currency oriented to mixed type reserves, where currencies such as the US dollar and Euro make only a certain percentage of the grand total. It could be said that they are trying to get away from the possible repercussions should the dollar or euro collapse or get seriously devalued...

In other words, gold is giving them a safety cushion of sorts

[chesatochi]

the economical collapse is something that is more like a hot topic and it always stays a hot topic, like a theory that never happens in reality.
but if this is true and China is really starting to stock up on gold, then it would affect gold price greatly not bitcoin. because it is increasing the demand for gold and also hyping it up at the same time

China as well as Russia has been buying gold in massive amounts for a few years already. So it is an old news really. Why they are doing that is also straightforward enough. They are most certainly moving their reserves from pure currency oriented to mixed type reserves, where currencies such as the US dollar and Euro make only a certain percentage of the grand total. It could be said that they are trying to get away from the possible repercussions should the dollar or euro collapse or get seriously devalued...

In other words, gold is giving them a safety cushion of sorts

I already read this topic over 2 years ago and I think they prepare in the case the worst situation could happen. I see it like a diversification of China and Russia in the case of the extreme devaluation like you said of the US and EURO.

[Sithara007]

The Chinese are wise. A huge bottleneck in gold supply is coming up, and the market prices are going to zoom up very soon. Anyway, investing in gold is much better than investing in the Chinese Yuan (which is no better than toilet paper).

[susila_bai]

I just saw this. This is old but its still relevant I think. When this kinds of topics are released more in the news, we all already have an inkling that another economic collapse will happen soon. What do you think will this do to BTC? Is it still relevant to BTC?

China To Replace Dollar System With Gold Standard

http://yournewswire.com/china-to-replace-dollar-system-with-gold-standard/?utm_source=grc&utm_medium=relatedcontent

This is not new, china always does this first it went in gold stock pilling and then the gold price went up then they started to pile silver then silver rate also boomed and now i dont think they will start back gold as stocking it may be they start bitcoin stocking. Which is the latest hot coin

[buwaytress]

The Chinese are wise. A huge bottleneck in gold supply is coming up, and the market prices are going to zoom up very soon. Anyway, investing in gold is much better than investing in the Chinese Yuan (which is no better than toilet paper).

Wiser than you think... the doomsday theories about what happens when China decides to dump all their USD reserves... and now stockpiling gold. They're good at reading the future and China is always thinking 50 years ahead and not 10 or 20. That's why they're also the only ones risking everything to develop Africa before the boom happens on that continent.

The Yuan is also actively devalued by the Chinese themselves.

[veleten]

tell us something we didn't know
China,Russia,Japan have all increased their gold stocks immensely
if China decides to withdraw from the Fed's treasuries,they would effectively make USD collapse together with the worlds economy
but the debt pyramid cannot last forever-there are only two ways to get rid of the spiralling debt that cannot be paid(it is not supposed to paid either,it is some form of a tribute)
first one is to conjure another war or some sort of a catclysm to simply erase this debt from the books and start anew
second one is to slowly and carefully get rid of the US dollar as the legal tender accepted worldwide
and to do that you have to present something to be its substitution,gold is one of the possible options

[bitbunnny]

It's always interesting to see what Chinese are doing. And everything they do have the good reason. Sometimes I think they are one step ahead of the whole world. They influence the world economy a lot and not without consequences. This step with gold maybe will not influence the Bitcoin price that much but we'll see what future brings.

[michellee]

this will make the price of gold is increase in future, but i think its different with bitcoin as bitcoin is crypto currency and don't have a physical form and its need long journey to see bitcoin is use for the payment. the china people can see the opportunity for the good product and they will make for their investment in long term and this is why the china country is grow so fast.

[deisik]

tell us something we didn't know
China,Russia,Japan have all increased their gold stocks immensely
if China decides to withdraw from the Fed's treasuries,they would effectively make USD collapse together with the worlds economy
but the debt pyramid cannot last forever-there are only two ways to get rid of the spiralling debt that cannot be paid(it is not supposed to paid either, it is some form of a tribute)

It has been a sort of tribute till now. But one day (say, tomorrow) it may miraculously turn from a tribute into a real $5 trillion debt (amount of the US national debt held by foreign investors such China, Gulf states, Japan, etc) after the US loses its grip over the world. They could default on their liabilities, but what are they going to do next? They could devalue the dollar, but what will happen to their economy and populace now basically living on imported goods?

Anyway, if Trump is going to build a wall around America, it shouldn't really matter

first one is to conjure another war or some sort of a catclysm to simply erase this debt from the books and start anew
second one is to slowly and carefully get rid of the US dollar as the legal tender accepted worldwide
and to do that you have to present something to be its substitution,gold is one of the possible options

Apart from a few tiny countries in Latin America and Zimbabwe, the US dollar is not legal tender anywhere in the world

[eternalgloom]

I'm just wondering what the US response to this will be, I don't think they would make it easy for China to just switch to a gold standard instead of the Dollar.

[Red Fish]

I do not think, that China goverment can buy gold mines around the world so easy and start to stocking in gold. Gold mines are rare around the world and find one, which you can buy, would be very hard.

[coin-investor]

The Chinese are wise. A huge bottleneck in gold supply is coming up, and the market prices are going to zoom up very soon. Anyway, investing in gold is much better than investing in the Chinese Yuan (which is no better than toilet paper).

I think it applies to every country,here in my country I prefer investing in Bitcoin and gold these two will always go up,whatever the economic situation in whatever country these two are the best investment in our times,one technology driven the other comes from nature good combination..

[bamboylee]

I think china and russia is stocking up on gold because they know America has depleted their gold reserves. When US economy crashes because of that, china will be the superpower. That will also effect bitcoin very much because people will lose faith in fiat and turn to bitcoin for refuge.

[error08]

tell us something we didn't know
China,Russia,Japan have all increased their gold stocks immensely
if China decides to withdraw from the Fed's treasuries,they would effectively make USD collapse together with the worlds economy
but the debt pyramid cannot last forever-there are only two ways to get rid of the spiralling debt that cannot be paid(it is not supposed to paid either,it is some form of a tribute)
first one is to conjure another war or some sort of a catclysm to simply erase this debt from the books and start anew
second one is to slowly and carefully get rid of the US dollar as the legal tender accepted worldwide
and to do that you have to present something to be its substitution,gold is one of the possible options

That's right, China  bought and stocks gold since long time before, they keep country wealth still inside for future usefulness and the supply of gold will limited. It will affected economics for sure if some countries possessive of so much gold, some kind of state savings.

[Vitnatin]

I think china and russia is stocking up on gold because they know America has depleted their gold reserves. When US economy crashes because of that, china will be the superpower. That will also effect bitcoin very much because people will lose faith in fiat and turn to bitcoin for refuge.

I think they should stock up the bitcoin.

[Ayers]

I do not think, that China goverment can buy gold mines around the world so easy and start to stocking in gold. Gold mines are rare around the world and find one, which you can buy, would be very hard.

i think they will end up producing it in the future, because it's rare like you said and it's not convenient to buy it at this point, because it's also very centralized and i assume that buying one will not return the cost in a short term and not even in a long term

[deisik]

I think china and russia is stocking up on gold because they know America has depleted their gold reserves. When US economy crashes because of that, china will be the superpower. That will also effect bitcoin very much because people will lose faith in fiat and turn to bitcoin for refuge.

I think they should stock up the bitcoin.

Their miners are already doing exactly that

i think they will end up producing it in the future, because it's rare like you said and it's not convenient to buy it at this point, because it's also very centralized and i assume that buying one will not return the cost in a short term and not even in a long term

I don't quite understand what you mean by saying that it is not "convenient to buy it at this point". When did any government ever care about something being inconvenient, and the Chinese one specifically? On the other hand, the price is currently low and the New York and London vaults are still full of gold. They might not find sellers willing to sell them so much gold, of course, but this is another story. Just in case, governments don't buy gold to return costs...

They are buying it as a safety cushion against major currencies' possible collapse and the whimsy of governments issuing these currencies