Why China Is Right About Gold
China is arguably the oldest civilization on the face of the earth. A civilization, in the words of a famous historian, that has been astonishingly stable over time compared with others, such as European ones.
When the modern incarnation of that civilization starts buying hand over fist one of the world’s oldest currencies, you have to take notice.
Readers know that we are fixated on how long things have been around; one can make the case that there’s no better predictor of how long things will stay around than how long they’ve been around.
The former Soviet Union was around less than a century when it fell. The euro currency, much less than the Soviet Union -- which doesn’t say much for its long-term prospects.
But when China meets gold, you’re talking millennia.