China tells people to buy gold & silver

[The Sceptical Chymist]

Fuck off! You don't need to post over and over the same photo in different topics.

I don't mind photos when they're appropriate, but this one is just a space-waster.

China can give all the advice it wants, but that doesn't mean a rational person has to listen to it.  Maybe when they can get honest and stop counterfeiting every successful concept that's introduced, I'll start paying attention.  I think China is the foremost counterfeiter of American silver eagles, so there you have it.  I have a feeling they just want to flood the market with fake coins, some of which are very hard to distinguish from the real thing.

Buy metals at your own risk.  Both silver and gold keep falling, and I'm not sure if they're going to recover anytime soon.  Me, I'll take bitcoin.  Can't fake that.

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[pumbum]

China gives excellent advice to its investors. I believe that an excellent example for their citizens

[mindrust]

I like gold but it is completely fucking useless in real life as a currency. As a store of value it is quite good but lately it is boring as fuck. After bitcoin nothing excites me. I am addicted to the adrenaline rush that bitcoin provides maybe.

Maybe China is preparing for a gold backed crypto? If that's their plan it would make sense to own some gold but in the end i see gold as a dead currency. It will never ever to be used again to buy stuff because there can always be fake coins and you usually can't tell the difference. Some people even say gold bars in Fort Knox are tungstens. We will never know about it because as you know they don't let us to see them which raises lots of red flags.

In the end, it is fine to own some gold but I wouldn't keep more than 5-10% of my total wealth.

[bajingluncat]

I think it's the right of every government of a country to give an appeal or invitation, but I don't think it will affect crypto, it's still an option not an obligation, indeed investment in gold is also advertised in my country even banks in my country offer gold as a commodity for investment, but it has no effect, what I see is that more and more people are interested in crypto, so that is not something to worry about because it has no negative impact on the crypto market
 

[GangNamSK]

I do not know for sure how economic growth in China so I think it is natural if the government encourages its citizens to buy or invest in gold, China is also a country with a demand for gold as jewelry in the world with second place after India, whereas for silver I don't know much because I'm not very interested in silver. Besides being in the crypto world and buying some coins as an investment I also bought gold because in my opinion the risk is not so much.

I thought maybe that was their good way. What if one day they will monopolize all the gold and silver? At that time they will certainly sell them at a fairly high price. It is also a profound economic problem that China wants to show. And investors need to be aware of possible obstacles.

[First77]

China has $2 Trillion to $5 Trillion for Gold ??

Did China make a BIG BUY in Gold ?? Today Gold price is up +2%. Gold price is universal and up +2% in one day, that is major deals.

[The Sceptical Chymist]

Maybe China is preparing for a gold backed crypto? If that's their plan it would make sense to own some gold but in the end i see gold as a dead currency. It will never ever to be used again to buy stuff because there can always be fake coins and you usually can't tell the difference.

You can tell the difference.  It might be a pain in the ass to do so, but it can be done--and if you're buying from a reputable dealer and are buying government-issued bullion, I'd say you can trust what you have isn't counterfeit.

But you're absolutely right, gold has been dead for a long time now.  It was rising for years right up until 2011, and I remember when it was about $1900 or so, and it looked like it was going to keep rising.  Silver was booming right along with gold, too.  But since the market for precious metals started to decline in 2011, it's been a horrible investment ever since.  If I owned a stock that either kept dropping for 7 years or went sideways for that period of time, I would sell it.  The problem is that goldbugs love gold, and they'll continue to hold what they have even though they could be making money with some other investment.

It might sound like I hate metals, but I really don't.  There's a place for gold & silver, but I'd put it at less than 5% of your portfolio.

Yeah, gold rose like 2% today but that's likely just random market fluctuations, and I think that gain is going to be lost within a week.  Meanwhile, compare bitcoin's price history in the past 7 years to gold's price history.  Which would you rather have owned, honestly?

[jcarlo]

I like gold but it is completely fucking useless in real life as a currency. As a store of value it is quite good but lately it is boring as fuck. After bitcoin nothing excites me. I am addicted to the adrenaline rush that bitcoin provides maybe.

Maybe China is preparing for a gold backed crypto? If that's their plan it would make sense to own some gold but in the end i see gold as a dead currency. It will never ever to be used again to buy stuff because there can always be fake coins and you usually can't tell the difference. Some people even say gold bars in Fort Knox are tungstens. We will never know about it because as you know they don't let us to see them which raises lots of red flags.

In the end, it is fine to own some gold but I wouldn't keep more than 5-10% of my total wealth.

Gold is just for maintain our asset value and its hard to use gold for our spending. It is true that holding gold is good but we should diversify our investment in different investment instrument. In digital world right now, its more easy for holding bitcoin because its more secure and spendable

[mindrust]

Yeah, gold rose like 2% today but that's likely just random market fluctuations, and I think that gain is going to be lost within a week.  Meanwhile, compare bitcoin's price history in the past 7 years to gold's price history.  Which would you rather have owned, honestly?

I think the main problem with gold is you really can't calculate, know, see how much of it is in circulation, unlike bitcoin.

I believe they are taming gold with these ETF's, future markets and shit by shorting. They don't want people to do gold rushes. Even if they do, CB's will just manipulate the prices so people will get fucked.

Yes. Central Banks are fucking gold hodlers right now.

They are trying to do the same thing to bitcoin but unlike gold we all can see how many bitcoins are in circlation and who got them. That's a big problem. For them.

They'll be able to short bitcoin for a time but then there will be a time where they won't be finding any sellers. They won't be able short it at some point.

Think it this way, would you buy bitcoins if it was $1k now? Yes? Maybe 3 pieces?

How many would you buy if it was $100/piece? 10?

What if they were able to successfully short bitcoin to $1? You would fucking buy 1000 or maybe 10k. Now think about that there are hundreds, thousands of people like you.

As long as there are people who believe in bitcoin, those shorters will get fucked. This is a certainty.

[Anewor]

Gold is physical that is what most people like about it. While physical and a less volatile object to buy, it is also a very much in demand by the people for oneself as a treasure or jewelry and or perhaps as a technological needs because some components like CPU of a computer and other components are gold plated. Gold acts also as the basis for a country's economy. So this could be the reason why China would like you to buy it. And maybe because they have so much gold and silver which when bought by others could also make them rich.

[First77]

Yeah, gold rose like 2% today but that's likely just random market fluctuations, and I think that gain is going to be lost within a week.  Meanwhile, compare bitcoin's price history in the past 7 years to gold's price history.  Which would you rather have owned, honestly?

This picture could be from Russian or Chinese central banks

[F_Ivanov1993_]

No wonder they talk about gold and silver.  This country differs from all its unusual economy.  They need people to invest in what is beneficial for them, and therefore they call for such an action.

[reliable]

No wonder they talk about gold and silver.  This country differs from all its unusual economy.  They need people to invest in what is beneficial for them, and therefore they call for such an action.

It is every country strategy as what they want and how much they can benefit from it. So if they want and think crypto could be a beneficial for them they will ask their citizens to buy that as well. But do they think how much beneficial it can for their country person or not?

[Impros88]

China is the superpower country, so I would like to hear that they are forcing people to buy bitcoin instead, lol. They can be highly beneficial for us if they will support.

[frankiemalton]

Now the No.1 gold consumer nation by weight for 5 years running, China has also been the No.1 gold-mining producer since 2007, although output fell over 9% last year amid tighter environmental regulation of the sector by Beijing.

[Viranz]

Because with gold and silver we already know clearly very profitable if you buy it and then sell above the price we buy it. The Chinese I know even though they get a small profit they prefer it to be compared to its unclear profits.

[First77]

China has also been the No.1 gold-mining producer since 2007, although output fell over 9% last year amid tighter environmental regulation of the sector by Beijing.

Big South African gold mines are drying up after 50 to 80 years of Gold mining that has fulfilled world's gold requirements till now. Russian Central bank bought 27 tonnes gold in July 2018, that says it all. There cannot be Gold everywhere.

Gold $1800/ounce is the right price as per the gold industry.

[lamadu3]

I do not know for sure how economic growth in China so I think it is natural if the government encourages its citizens to buy or invest in gold, China is also a country with a demand for gold as jewelry in the world with second place after India, whereas for silver I don't know much because I'm not very interested in silver. Besides being in the crypto world and buying some coins as an investment I also bought gold because in my opinion the risk is not so much.

I thought maybe that was their good way. What if one day they will monopolize all the gold and silver? At that time they will certainly sell them at a fairly high price. It is also a profound economic problem that China wants to show. And investors need to be aware of possible obstacles.

Many Chinese guys that are ready to risk to get the better profits than they can receive from gold continue to invest in the cryptocurrency. the government cannot stop them.

[7Dyoknga5]

If a government decided to support a product or service, chances are, it will be supported by the people.

Government has the power to influence any product's value if thry wanted to. Especially with China's population, their spending power is greatly seeked by international consumers.

[First77]

Is China secretly building up its huge gold stockpile?

https://www.rt.com/business