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Financial Times/Thomas Hale, Neil Hume and Henry Sanderson/6-16-2021
“Industrial metals are in the spotlight after Chinese authorities made a pledge to release government reserves to tackle concerns over shortages and high prices. The National Food and Strategic Reserves Administration said in a statement on Wednesday that it would release batches of metals, including copper, aluminium and zinc, making them available to manufacturers.”
USAGOLD note: These short-term bandaids don’t really work except in the short term and even then they usually create dislocation and misallocations in other sectors of the economy. As FT points out in this article, China has about 500,000 tonnes of copper stockpiled which seems a considerable amount on the surface. That said, it consumes about 15 million tonnes of copper a year. We note, though, that gold and silver are not included in the list of mentions.
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