If you think this is just another story about global markets, think again. China’s largest banks are literally turning customers away — empty-handed. And what’s missing tells a story about the direction the world is betting its money.
Two of China’s top four banks have reached a startling milestone: they’re completely sold out of investment gold bars. Not low. Not rationed. Sold out. That’s ICBC and the Agricultural Bank of China, financial giants holding trillions in assets. The Bank of Communications is in the same boat.
This isn’t a temporary supply problem. Chinese households collectively have $5 to $6 trillion in annual savings. They aren’t putting it into apartments — Beijing’s property market has been in a freefall for years. They aren’t buying stocks either. They are buying gold. All of it.
Silver is telling the same story. Premiums in Shanghai are running 12 to 14 percent above London’s spot price, meaning Chinese investors are paying steep markups just to hold tangible metal.
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