Macro

Letting gold rise may spur Chinese consumption and lower USD, Luke Gromen argues - Traders Union

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DW NOTE

Gromen's logic runs backward. The PBOC doesn't need a higher gold price to "spur consumption" — Chinese households bought 210 tonnes in H1 2026 while gold sat 15% below its January peak. What China needs is a weaker dollar to make dollar-priced imports affordable without burning reserves. A rising gold price achieves that only if Washington revalues Treasury gold stocks, which would require Congress to admit the dollar's backing is fictional. Consumption is a symptom, not the mechanism.

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Letting gold rise may spur Chinese consumption and lower USD, Luke Gromen argues - Traders Union

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