Gold scams in China and changing global politics
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China is in the midst of a gold-buying frenzy, driven by soaring prices that have seen gold outperform other assets such as real estate and stocks. The surge in demand, however, has led to a rise in gold-related scams. Individual investors are not the only ones hoarding gold. Central banks globally, including the People’s Bank of China, are ramping up gold reserves as they downsize US dollar holdings. Such moves come amid major shifts in global politics and a perceived instability of traditional safe assets, but is that all that’s fuelling China’s gold rush?
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