Europe Is Now the Frontline in the War on Cash - Europe has banned the use of €500 bills. The reason? They claim these bills are used in money laundering and for drugs. And if you believe that is...
China gold frenzy
I went to the Caibai Gold and jewelry market on Sunday. The first level of gold products was wall to wall people, with lines snaked around the cashier's counter. The employees behind the gold counters had almost no time to speak with customers because they were processing sales non-stop. In these pictures there are some prices for gold: as of Sunday, January 15, gold was 337 renminbi per gram for investment. Many of the gold products, which included gold knives, abacuses and combs to name a few, sold for 390 to 410 renminbi per gram and up. On the third floor, there were investment bars for sale at small premiums above spot. Silver was selling for 6.3 renminbi per gram. Also, several items are measured in taels and candareens. A candareen (分）is 1/100 of a tael, a mace（钱）is 1/10. I did not ask which tael they were using, as Hong Kong measures a tael as 37.43 grams or 1.2 troy ounces. The silver coins say: 7 mace 2 candareens, which is the weight for 1 silver Chinese yuan.