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10,000 Chinese Line Up to Buy Gold/Detroit Defaults/Moar QE?
"Our plan is bold..." Try telling that to your bank or landlord next time you can't pay what you owe. I don't know what the answer is here. But geeez .....*##!!#
The Chinese as well as the other Asian peoples have always loved gold. Physical gold that is. Along with a high savings rate, Asians invest their money into gold, real estate and other tangible assets as a financial backup in case something happens that requires a lot of money. For example, many countries here have a cash only health system. No money, no care. If someone is involved in a accident or a serious health crisis like cancer or a heart attack, they will barter with the hospital using their assets to pay for the healthcare. Hospitals and doctors have huge amounts of properties they have attained through this process. Gold comes in very handy during this kind of event. Families stick together so if a uncle has a stroke, the family gets together and does what is needed to provide him with the necessary healthcare.
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