Gold Tops $2900 As China Pushes Insurance Companies Into Precious Metals

• Gold Tops $2900 As China Pushes Insurance Companies Into Precious Metals
  by Tyler Durden, https://www.zerohedge.com/
  Hot on the heels of the People’s Bank of China’s (PBOC) recent resumption of official gold purchases (after a six-month pause), and amid ongoing economic turmoil domestically and trade-war threats geopolitically, Beijing has launched a pilot program  that allows insurers to buy gold for the first time could free up billions of dollars of investment in the metal, adding further impetus to a record-setting rally, hitting a new high (in USD) above $2900 this morning…
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  As Bloomberg reports, ten insurance firms – including PICC Property & Casualty Co. and China Life Insurance Co., two of China’s biggest – will be able to invest as much as 1% of their assets in bullion, in a program that became effective last Friday. That would translate into a potential 200 billion yuan ($27.4 billion) of funds, Minsheng Securities Co. said in a note.
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