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Drainage: China’s New Gold Wallet Will Suck the West Dry.

Arcadia Economics Monday Fix w/ Vince Lanci

This is ultimately a tool for confiscation by the CCP from the Chinese people. After their citizens buy Gold  and pull it into China.. they won’t be able to get it. But the Chinese people now have a choice. They can own paper Yuan or Yuan with a “promise” of being able to have gold buying power. The choice is easy. Citizens will pull in foreign gold

Authored by Goldfix, ZH Edit

There was significant news out of China Monday, as at 3 AM eastern time, they effectively made gold money again. Not just as an SOV, but as a Medium of Exchange MOE linking state-run savings accounts with Gold bullion accounts

The commercial banks in China created the ability for Renminbi savings accounts to be connected to gold accounts, so that Chinese citizens can now buy gold directly out of those  savings accounts. All of this is similar to linking  savings to checking at a bank. 

By China enabling its citizens to buy Gold with a click using their already connected  savings accounts, you are going to see an even faster draw down of western gold as it gets bought in the east.

China is effectively setting up a one way straw to drink the West’s Bullion wealth. Because as we know, that gold will not be permitted to check out of China once it checks into it. They are going to drink our milkshake. The question is, does JPMorgan help them insert the straw to get access to China accounts or not?

China has long been encouraging its population to purchase gold, and the new policy has just made it even easier to do so. This is also happening at the same time that JP Morgan’s Jamie Dimon is on his way to China for the first time in 4 years, which Vince suggests, while not a gold-trip perse,  is hardly a coincidence.

He talks about the potential reasons Jamie is visiting China, and the potential links they might be aiming to develop regarding business in the gold and other  markets. Vince also talks about the declining silver inventories on the COMEX, and whether there really is a significant amount of silver available to be delivered. So to stay up to date on the latest developments in the precious metals markets.

Gold, China, CBDCs and JPMorgan’s possible role in all this explained…

Run time18:26

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Video Flow

Intro: at 3 am some important news hit the tapeChina: links savings accounts to Gold physical accountsWhat is China Doing?Drainage: What will the effects be and why?Drainage of US Gold, Bank role, intermediary, network connectivityJamie Dimon visits China Why it is not a coincidence What about Silver? Silver is nextRemember Jamie Dimon and Gold?Why the Comex is Empty

Reports Referenced:

 

Remember, at this point, it is all about draining the West’s wealth dry  in to the coffers of China…

 

Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.

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