This story is interesting.
Until recently, it was illegal for individuals to own gold and silver in China. China's politicians have repealed all laws forbidding gold and silver ownership. They are actively promoting gold and silver ownership!
I wonder if any politicians in China are reading my blog? The US paper dollar is going to collapse in hyperinflation. Buy gold and silver to protect yourself. That information is available from many other sources besides my blog.
Of course, China's own paper money is subject to inflation, but it isn't as bad as the US dollar (yet). China's government is inflating its own paper money, to keep stable exchange rates with the US dollar. In this manner, China's government is subsidizing the profits of the banksters in the USA. When China loses money on its dollar investments, that wealth doesn't vanish into thin air. It winds up in the pockets of the banksters in the USA.
In China, it is very easy to go to your local bank and buy gold or silver! The gold and silver market in China is very liquid.
Contrast this with the USA. State regulations make it *VERY* hard to invest in gold and silver. I went to a coin dealer store, and he quoted a bid/ask spread of 10% on purchasing gold American Eagles! There are a lot of extra State-imposed costs on State-licensed gold and silver dealers.
In the USA, politicians and the IRS and State enforcers actively discourage people from investing in gold and silver.
This is an interesting example of "Individuals in China have more economic freedom than individuals in the USA!" In the USA, it's very hard to operate a gold/silver dealer business, due to State regulations. In China, it's very easy to buy gold and silver! In the area of gold and silver ownership, people living in China have more freedom than people living in the USA!
Saturday, October 3, 2009
Is China More Free than the USA?
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2 comments:
Back in fall 2008/winter 2009 when people were freaking out I took several calls from Americans who found our Canadian investing firm on the internet. Alot of them were very interested in buying gold up here. Some of them even wanted to get safety deposit boxes to leave it in Toronto! It is fairly easy to get gold here, alot of the banks sell it but there is still tax applied to the transaction. Canadian Maple leaf coin seemeed to be the most popular option rather than bars.
Krugs are apparently the cheapest gold oz rounds now. See apmex.com, $40 over spot and delivered for flat $25 (buy in bulk). tulving.com has also been rec'd to me but I can't vouch for them.
You may be exaggerating the difficulty. I've found it to be pretty easy!
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