China is hoarding the world's gold

That’s why I put all my savings into real shitty drawings of cartoon apes who look like they smoke weed. China can take your gold but they can never modify the blockchain record that proves I’m a fuckwit.

The article title says china is hoarding the worlds gold, yet the us owns the most by a very large margin...

Newsweek is hoarding the world's stupid.

Doesn't the US literally have the vast majority of the world's original gold reserves from the bretton woods agreement before Nixon abolished the gold standard?

From the article:

Its gold reserves are estimated to be 2,113 tonnes as of July—the fifth largest behind the Federal Reserve's 8,133

China is hoarding the world's gold

the fifth largest behind the Federal Reserve's

Guess who they learned from?

Ok that was always allowed!

So? We don't use it for money anymore.

China is also the land of dragons. Coincidence?

These were the exact words my trump loving batshit Christian mother in law spews every time she opens her mouth

But I need that gold!

Newsweek

I mean, fuck off

I'd like you to tell me a better way for Xi to swim around in a giant moneybin like Scrooge McDuck.

The world's gold you say? Seems to me that once someone owns it the gold is no longer the property of "the world."

There’s a grizzled old prospector reading this and getting VERY pissed rn

Does gold still have the same value it used to? When it was first used people put value on “oooh, shiny rock, it must be precious”, but now is it really that valuable? It sounds like they’re hoarding it because they think it’s useful as a currency, but if things got bad would other countries care about it?

This is the best summary I could come up with:

Despite China being the largest producer of gold in the world, its central bank has been at the forefront of a surge in purchases of the precious metal on the international market as it seeks to reduce its reliance on the dollar.

While the full extent of China's holdings and purchases are opaque to international observers, experts say the increase in interest in gold is part of a broader move away from dollar-based assets that has been taking place for a while, at a time of financial and geopolitical volatility.

Rather than seeking to influence the U.S. economy, they say, China's gold rush could be an attempt to shore up its fiscal position with a stable and highly saleable asset as bond markets suffer and its relations with Western nations sour.

Since the spy balloon incident, questions have been raised of land purchases near U.S. Air Force bases, while it has been accused of stealing American agricultural technology and intellectual property.

In order to combat post-pandemic inflation, many central banks have raised interest rates, which have in turn affected government bond yields that drive down the return on such investments.

"Contrary to widespread perception, if China buys fewer U.S. assets, this will not hurt the U.S.," Michael Pettis, a professor of finance at Peking University's Guanghua School of Management, told Newsweek.

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