Nice charts Callum. One of my first About Gold Substacks was on Chinese gold-backed ETFs and how it's going to emerge as a whale. We experienced explosive growth in holdings over this month and I'm expecting that trend to continue
Yes, it's not just about the returns, it is an efficient way for households circumvent capital account restrictions. I think the policymakers have been fine with this as it's leading to an inflow of gold into the country and as it's ETFs, the Party still has the ability to control it (like all assets in China, you only own it to the extent that The Party lets you). But if you consider the scale of the banking system, holdings are absolutely tiny, hence the capacity for explosive growth over multiple years.
In our world, 'this story has legs' And as someone whose covered China for 25 years as an economist, strategist, PM and now independent researcher, it's a perfect hunting ground.
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
Built to Be Left.
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
Nice charts Callum. One of my first About Gold Substacks was on Chinese gold-backed ETFs and how it's going to emerge as a whale. We experienced explosive growth in holdings over this month and I'm expecting that trend to continue
indeed, great work. Kind of crazy too if you look at CNY gold price it's up nearly 4x off the 2015/16 lows... no wonder they are chasing it
Yes, it's not just about the returns, it is an efficient way for households circumvent capital account restrictions. I think the policymakers have been fine with this as it's leading to an inflow of gold into the country and as it's ETFs, the Party still has the ability to control it (like all assets in China, you only own it to the extent that The Party lets you). But if you consider the scale of the banking system, holdings are absolutely tiny, hence the capacity for explosive growth over multiple years.
In our world, 'this story has legs' And as someone whose covered China for 25 years as an economist, strategist, PM and now independent researcher, it's a perfect hunting ground.
Rotation Incoming ;-)
yes sir
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
Built to Be Left.
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e
I am new to Substack. Check out my charts: https://substack.com/@investingcharts