It is true that the Chinese hoard gold because due to the depreciation of their currency. However, the way they do it is wrong.
Background: Last year, i hosted three parasites from China for my work. Like hungry ghosts, they wanted expensive meals, lodging, sightseeings in Singapore without any sense of shame. So my boss was very happy that I brought them to Silver Bullion at Suntec when they asked about buying gold in Singapore. (costs us nothing to bring them there, except transport and my time).
If you are a precious metals investors, you buy bullion bars, and sealed ones for gold. The buy-sell spread is 2-3% for gold from LBMA-approved refiners, if you sell back the bar in sealed condition. Once you break seal, you lose 10-15% at least. If you buy jewellery pieces (less pure) or gold bars from non-LBMA refiners, you have to sell at 25-45% discount from spot prices (market rate for pure gold).
The parasites were very shocked when I told them that. In china, they buy gold from non-LBMA refiners, or just bits and pieces of unpure gold. Even if gold appreciates 30%, they wun make money. I sort of enjoy correcting them and scaring them because they had been unreasonable to me during their visits.
Background: Last year, i hosted three parasites from China for my work. Like hungry ghosts, they wanted expensive meals, lodging, sightseeings in Singapore without any sense of shame. So my boss was very happy that I brought them to Silver Bullion at Suntec when they asked about buying gold in Singapore. (costs us nothing to bring them there, except transport and my time).
If you are a precious metals investors, you buy bullion bars, and sealed ones for gold. The buy-sell spread is 2-3% for gold from LBMA-approved refiners, if you sell back the bar in sealed condition. Once you break seal, you lose 10-15% at least. If you buy jewellery pieces (less pure) or gold bars from non-LBMA refiners, you have to sell at 25-45% discount from spot prices (market rate for pure gold).
The parasites were very shocked when I told them that. In china, they buy gold from non-LBMA refiners, or just bits and pieces of unpure gold. Even if gold appreciates 30%, they wun make money. I sort of enjoy correcting them and scaring them because they had been unreasonable to me during their visits.
