Michael Howell: The real story behind gold's run has nothing to do with global debasement fears. "It is not a global debasement as many people argue. It is a Chinese-led debasement." China has been printing money to inflate away its debt burden. Chinese retail investors, blocked from crypto, poured into gold instead. Now the PBOC has hit the brakes - and gold is seeing an "air pocket" as a result. FT @CrossBorderCap @BitcoinJesusETH.
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