…because it’s coming!
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Please support I. U. … if you can …
The U.S. gold exports to Hong Kong surged in February consuming nearly all of the domestic gold mine supply. According to the USGS recent Gold Mineral Industry Survey, February gold exports to Hong Kong more than doubled compared to the prior month. This was an interesting increase in gold demand from Hong Kong as the market price increased slightly month over month.
Not only did gold exports to Hong Kong jump, but total U.S. gold exports also increased 40% from 36.1 metric tons (mt) in January to 50.4 mt in February.
— Enrico Ivanov ☦ (@Russ_Warrior) April 25, 2018
HONG KONG’S public broadcaster RTHK dropped a 24-hour BBC World Service channel from its airwaves today, replacing it with state radio from China in what critics say is a sign of encroaching Chinese control in the former British colony.
H/t reader kevin a.
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Much more photos here:
L’une des villes les plus prospères de la planète cache ses exclus dans des “maisons-cercueils”. Le photographe Benny Lam témoigne de leurs conditions de vie indignes.
H/t reader I.G.
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Less than a week after the official launch of the Chinese Yuan-denominated gold fix on the Shanghai Gold Exchange, a historic move which represents “an ambitious step to exert more control over the pricing of the metal and boost its influence in the global bullion market” and which will gradually transform the market of paper gold trading, in the process shifting the global trading hub from west (London) to east (China), overnight Hong Kong’s Chinese Gold and Silver Exchange (CGSE) Society revealed plans to do something similar for physical gold when it announced plans for what may end up being the biggest gold vault in the world.
As reported initially by SCMP, the Hong Kong gold exchange has teamed up with the world’s biggest bank by both assets and market cap, China’s Industrial and Commercial Bank of China (ICBC) to launch gold trading services in the Qianhai free trade zone in September, providing custodial and physical settlement service targeted at commercial users and precious metals traders, according to the exchange head.
One place that provides some glimpse into true price discovery was the just completed government tender, in which a parcel of land sold by the government in the New Territories went for nearly 70% less per square foot than a similar transaction in September.
Chinese stocks are trading at the lows of the day after Overnight HIBOR rates (Hong Kong’s interbank borrowing rate) exploded a stunning 939bps to a record high 13.4%. It is clear that banks are utterly desperate for liquidity and/or are extremely concerned about one another’s counterparty risk. This has dragged HSCEI down 5% (to its lowest since Oct 2011).
– Hong Kong’s Chief Executive Publicly Tells Citizens to “Act More Like Sheep” (Liberty Blitzkrieg, Feb 18, 2015):
Hong Kong’s unpopular chief executive has infuriated pro-democracy campaigners by using a Chinese New Year message to urge the former colony’s citizens to act more “like sheep”.
“In the coming year, I hope that all people in Hong Kong will take inspiration from the sheep’s character and pull together in an accommodating manner to work for Hong Kong’s future.”
In case his message had been missed, Mr Leung noted that the 12 animals in the Chinese zodiac had 12 individual “character types”. “Sheep are widely seen to be mild and gentle animals living peacefully in groups,” he said.
– From the Telegraph article: Hong Kong leader tells people to act like ‘sheep’
This is simply a spectacular admission from a clueless authoritarian. No wonder things are so volatile in Hong Kong with this clown in charge. Rather than quieting the mood, CY Leung’s comments are more likely to infuriate the island’s youth and strength their resolve. Not smart.