Chinese major banks prevents customers from buy gold, precious metals but WHY?

in HODL4 years ago

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Major Chinese banks have taken measures to prevent customers from buying gold, platinum, palladium, and other precious metal-related products through them. The Shanghai Gold Exchange also says it may take necessary measures to curb gold trading to “protect investors.”
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Some actions by the banks calls for questioning. Why would the banks bar customers from buying gold? The reason here is to curb the gold rush which is currently having gold peak at $1975 at the time of writing this post. I get curious when banks acts like this.
Why should customers be prevented from investing in precious metals at their own will and whenever?

The most common used word to bash Bitcoin is it volatility and so banks, media and governments keeps advising people to stay off Bitcoin and cryptocurrencies.
Preventing people from investing in gold with excuses such as protecting them to me is just an act of banks preventing people from moving their worthless fiats to safe havens.

Interestingly billions fake gold was as collateral to secure loans in China: Gold Industry Shaken as 83 Tons of Fake Gold Bars Used to Secure $2 Billion Loans in China
Do we really need banks? Do we need to be told what to invest in and what not?
Clearly this institution have no our interest at heart and just wants to keep holding on to the power of monopoly.

Further read: Link

Hopefully more people wake up and smell the foul being played.

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This is a good question to ask! Why!

They know people are getting wiser

And I'm sure we will not get answers!

Very interesting read, Thank @joetunex.

It would have been great to have some maybe idea of the world's gold reserves in banks by country maybe?

Cheers,

Many thanks @hodlcommunity, I will actually prefer countries to be responsible for storing their own gold reserves instead of being held by some other powerful country that can decided whether to give a nation its gold back or not.

China has spent a number of years trying to stem the flow of money out of the country. Anything that can be used to move wealth out is being stopped. That is why they took such a hardline against Bitcoin. Of course, they studied it and by putting in the new central bank digital currency, we see how they can stop any outflows.

Expect similar actions in Europe as the EU finds itself in similar position.

I am keen on seeing how the digital Yuan will do against the Dollar as both nations strive to retain world dominance.

The banks know that people are getting smarter.
Well, it doesn't make sense to stop people. They are making things look fishy.

How can someone buy gold?
What is the minimum one can use to buy gold?

People are waking up and starting to question some acts and laws put in place by governments.

I intend buying gold through Karatbars as they offer gold in increment, one doesn't really have to buy an ounce but there was some questionable news about Karatbars a while back that have made me not confident with the company.

I think you should check out Mike Maloney, he is an advocate for gold I'm sure you can get info on how to buy gold from him.

Thank you

You are welcome bro