Jeff Brown: China Moves 30% More Funds into Physical Gold Bars – Ingots
Jeff Brown: China Moves 30% More Funds into Physical Gold Bars – Ingots by Rory, The Daily Coin
As most people know President Trump held his first meeting with China’s President, Xi Jingping on Thursday April 6, 2017. This was also the day the President Trump launched 59 tomahawk missiles at Syria. The aim was Shyrat Airfield. It is curious that Trump would launch a missile attack against Syria while visiting with America’s number one trading partner – China. China had just recently announced they would assist Syria in the rebuilding effort from the damage of several years of on going war. What was this missile attack really about? Why would Trump use this occasion to initiate his first major act of war?
I sat down with Jeff Brown, China Rising, our eyes and ears on the ground in China, who has lived in China for more than 15 years. Jeff has written two books about China and is currently working on a third. Jeff has a keen sense of what is happening as his field of study centers around the government and economics of China.
Jeff, along with most of the people reviewing the Syrian missile attack are struggling to make sense of the whole situation. On paper there could be any number of reasons and in theory there are any number of reasons Trump decided to launch this attack.
Show of force, showing China the U.S. is still in charge or pick any reason from there. What has happened since is where the real story lives. Lavrov meeting with Tillerson, Putin stating the “sarin gas attack was a false flag” event. China threatening North Korea. There are any number of situations that have come to the surface that, almost, overshadow what happened in Syria. Syria seemingly was just a spark to make our already mixed up world a little crazier.
We turned our attention to the developments in electronic gold and this is where the conversation gets really interesting. During the Chinese Lunar New Year, in February, the citizens of China decided to make use of a phone app called “We Chat”. This app allows the user to send money via their phone to anyone who has a We Chat account. This year, during the celebration, instead of sending money the citizens decided to utilize one of the new functions and send micro-gold. Micro-gold allows a person to transfer as little as 1/1,000th a gram of gold to as much as one kilo of gold via We Chat to anyone who has an account. It has been reported there were more than $14.5 million worth of gold transactions during the New Year – which is a two week period. Jeff reports there were more than 300,000 new gold accounts opened at the various banks throughout China.
What makes this different is the banks in China all have gold on hand to “sell” to the public. Anyone can walk into a bank and acquire physical gold. A person can now walk into a bank and convert their We Chat electronic gold into physical gold via the nearest bank. That seems to be brining more Chinese to the gold table.
This is an in-depth show and Jeff, as usual, keeps us up to date with what is happening on the ground in China.