This Is What Gold Does In A Currency Crisis, China Edition

“As China’s leaders figure out that pegging the yuan to the dollar while quintupling their debt in five years was a colossal mistake, they are, apparently, concluding that the only way out is a sudden, sharp currency devaluation. See Pressure on China central bank for bigger yuan depreciation.

Chinese citizens, meanwhile, are anxiously awaiting tomorrow’s market open while mentally repeating the same three lines:

Sure am glad I bought that gold last year.

Wish I’d bought more gold last year.

Wonder what I’ll have to pay for gold next week…”

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