Soros' team includes Xiang Feng, Delimu, and Cyber from Asia Travel Capital, as well as Po Luo, Aliya, and Zhou Wen, the risk control manager from Yellow River Capital.
In addition, there are Soros's old partners, Quantum Fund, Tiger Fund, hedge funds, as well as European companies like ProCap and Sino-Ocean Bank.
After clearing their Hong Kong dollar sell orders, they turned their attention to another settlement currency: gold.
Following the meeting, Sino-Ocean Bank sold off its currency gold reserves in Southeast Asia.
Under the gold standard, gold was the sole currency, and gold reserves were the foundation and basis of the entire system.
With social progress and the improvement of social productivity, the issuance of currencies in various countries is no longer linked to gold.
The Swiss treasury has always held a considerable amount of gold reserves.
Switzerland is also the only country in the world that still maintains the gold standard.
Major Swiss banks hold substantial amounts of foreign exchange, foreign bonds, gold, and other precious metals.
Although Sino-Ocean Bank is not the largest bank in Switzerland, it had made preparations in advance to cooperate with Soros's actions by purchasing a large amount of freely tradable gold reserves in Switzerland.
Southeast Asian currencies have entered a vicious cycle of devaluation, making the appearance of gold an irresistible mirage.
Generally speaking, the amount of paper money issued cannot exceed the amount of gold and silver currency it represents; once this limit is exceeded, the paper money will inevitably depreciate.
Similarly, people generally believe that gold can hedge against inflation.
The Philippines and Singapore never expected that Soros would return with gold at this time.
Financial strategies, once begun, must end; this has always been a principle that Soros adheres to.
The day after Hong Kong's return to China, Soros ordered Sino-Ocean Bank to release the first batch of gold, which was directly injected into the Chinese and Southeast Asian markets.
In the media, Sino-Ocean Bank claimed that their move was aimed at increasing the liquidity of gold in the international market and attempting to salvage international trade in Southeast Asia.
In reality, their strategy of driving gold liquidity to China and Southeast Asia is essentially a second round of capital investment-driven attacks.
In other words, they not only reaped the benefits of Southeast Asia's currency market, but also sought to plunder the remaining wealth of Southeast Asia in the short term.
Due to the Southeast Asian financial crisis, the currencies of almost all Southeast Asian countries have depreciated significantly, and gold has now become a safe-haven asset for Southeast Asian people.
So people didn't care whether Soros or someone else was behind the Swiss National Bank; people bought gold in large quantities, even borrowing money to exchange their national currency for gold.
Soros's sudden shift to Southeast Asia caught the Hong Kong Monetary Authority off guard.
While television stations were enthusiastically celebrating Hong Kong's return to China, many analysts openly and subtly mocked Soros.
They commented that Soros's currency challenge to Hong Kong, while stirring up sensitive nerves in the stock market, was insignificant compared to the scale of his previous operations throughout Southeast Asia.
Some have even predicted that Soros's bullish funds are no longer able to attack the Hong Kong stock market, which is why they have slunk back to Southeast Asia.
Soros ignored these mocking voices and focused on directing Sino-Ocean Bank to sell off its gold reserves in Southeast Asia.
Within three days, Sino-Ocean Bank sold a total of about one ton of gold in Southeast Asia.
Generally speaking, currency sell-offs dilute market demand, which can cause a short-term drop in gold prices.
However, in Southeast Asia, the price of gold did not fall but rose, quickly reaching $1,200.7 per ounce.
This greatly stimulated the depressed market sentiment in Southeast Asia.
Within a week, the price of gold in Southeast Asia was driven up to $1300.6.
Soon, the price of gold soared, even far exceeding the price planned by Ocean Bank.
On the seventh day after Ocean Bank began releasing gold, gold prices rose 7% higher than the previous quarter, reaching a high of $1,360.6 per ounce in the region.
Third-party institutions and investment banks in Hong Kong and Southeast Asia saw the business opportunity and began to invest heavily.
Many Swiss banks are transferring gold from their home countries to this Southeast Asian market.
Large amounts of gold flowed into Southeast Asia through various channels, and after a brief decline, gold prices quickly rebounded, once breaking through the $1,650.5 per ounce mark.
Early speculators seized the opportunity and sold large amounts of stock.
Some people say that the price of gold fell from $1,157 per ounce to $1,600 per ounce.
This means that the price of gold has increased by a full third, and this investor can earn $443 for every ounce of gold he sells.
If he has 100 sell orders, he can earn dollars.
But what if that number is 10,000 or 50,000?
The Southeast Asian gold rush attracted many stock market investors, but many quickly sold their shares after realizing market returns.
These stock market investors became rich overnight, and they quickly converted their stock trading profits into US dollars to buy real estate.
As gold prices surged in Southeast Asia, the Hong Kong dollar also gradually accelerated its appreciation.
Short selling is no longer popular in the Hong Kong dollar market, and many stock investors are turning to the gold market in Southeast Asia.
The economic recession in Southeast Asia is chilling, with locals no longer trusting government-issued currency but instead placing their faith in tangible assets like gold and real estate.
Many people are envious of others' overnight riches and are willing to borrow money to speculate in stocks.
A massive economic bubble is slowly taking shape in Southeast Asia.
Some people see the underlying reason for the gold rush as a lack of confidence in Southeast Asian countries' own financial markets, currencies, and even governments.
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