Yuan Collapse Sends China Physical Gold Premium Soaring to 3-Year Highs
By Tyler Durden / ZeroHedge.com
“Worse than Lehman…”
The premium that mainland Chinese investors are willing to pay for physical gold has surged to over $40 as the Chinese government seeks to curb illegal capital outflows. Following slowing in Tier 1 home price growth, and a collapse in the China bond market, it appears gold panic-buying is accelerating…
This premium is higher than during the Lehman crisis and as bad as the peak of the Chinese banking system liquidity crisis in 2013 as onshore investors appear to prefer the precious metal to hedge against ongoing Yuan devaluation…
But it’s not just precious metals that are bid as alternatives to their paper money, Bitcoin is bid to its highest since Jan 2014…
More great articles here: http://www.zerohedge.com
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