Gold bought by Chinese has outperformed SPX total return since 1998, US consensus notes - Traders Union
Gold bought by Chinese has outperformed SPX total return since 1998, US consensus notes - Traders Union
Source: Traders Union
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DW NOTE
China's twenty-eight-year outperformance is real, but the timing matters more than the headline admits. The yuan lost 35% against the dollar from 2014 to 2024. Anyone holding renminbi-denominated equity watched currency drain half the nominal gain. Gold in yuan terms didn't just beat the S&P — it preserved capital through three devaluation cycles the Party called "market reforms."