Thailand Joins China In Driving Gold Bull Market
==========
Thailand, like China, is currently driving up the price of gold by becoming a gold buyer, shedding its long-standing price sensitivity to gold. This shift in the global gold market, with pricing power shifting to the East, could potentially lead to a transformation in the international monetary order. Thailand has been a net importer of gold since November 2023, accumulating gold as a safe haven investment due to geopolitical tensions. The Bank of Thailand has increased its gold reserves nearly threefold since the Great Financial Crisis. Thailand's change in gold buying behavior may be related to the mBridge international payments project, which aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks. The mBridge project, coordinated by the BIS Innovation Hub in Hong Kong, could allow for non-dollar trading and storing surpluses in non-dollar assets, contributing to de-dollarization. The gold recycling theory suggests that countries store their surpluses in gold rather than US Treasuries. Russia, Saudi Arabia, and China are all involved in the mBridge project and are actively buying gold, potentially signaling a game changer in the gold industry and the international monetary order.
#Gold #Thailand #China #InternationalMonetaryOrder #GeopoliticalTensions #BankOfThailand #Mbridge #Cbdc #Dedollarization #GoldRecycling
https://seekingalpha.com/article/4699750-thailand-joins-china-in-driving-gold-bull-market
Seeking Alpha /
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2024-06-18 08:05:53
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2024-06-18 08:05:53Event JSON
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"content": "Thailand Joins China In Driving Gold Bull Market\n==========\n\nThailand, like China, is currently driving up the price of gold by becoming a gold buyer, shedding its long-standing price sensitivity to gold. This shift in the global gold market, with pricing power shifting to the East, could potentially lead to a transformation in the international monetary order. Thailand has been a net importer of gold since November 2023, accumulating gold as a safe haven investment due to geopolitical tensions. The Bank of Thailand has increased its gold reserves nearly threefold since the Great Financial Crisis. Thailand's change in gold buying behavior may be related to the mBridge international payments project, which aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks. The mBridge project, coordinated by the BIS Innovation Hub in Hong Kong, could allow for non-dollar trading and storing surpluses in non-dollar assets, contributing to de-dollarization. The gold recycling theory suggests that countries store their surpluses in gold rather than US Treasuries. Russia, Saudi Arabia, and China are all involved in the mBridge project and are actively buying gold, potentially signaling a game changer in the gold industry and the international monetary order.\n\n#Gold #Thailand #China #InternationalMonetaryOrder #GeopoliticalTensions #BankOfThailand #Mbridge #Cbdc #Dedollarization #GoldRecycling\n\nhttps://seekingalpha.com/article/4699750-thailand-joins-china-in-driving-gold-bull-market",
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