Tether Is Shaking Up the Gold Market With Massive Metal Hoard [Yahoo! Finance Canada]
HSBC Holdings, plc. (HSBC)
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hsbc.com/investor-relations
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Source: Yahoo! Finance Canada
And yet relatively little is known about its inner workings, or its gold strategy. When two of the most senior gold traders quit leading bullion bank HSBC Holdings Plc last year, the industry was abuzz with gossip about where they would head next; few guessed that the answer was Tether. In an interview with Bloomberg, chief executive Paolo Ardoino described the company's role in the gold market as similar to that of a central bank, and predicted that Washington's geopolitical rivals would launch a gold-backed alternative to the dollar. He revealed that it plans to keep ploughing its enormous profits into gold, while also beginning to compete with banks in trading the metal. “We are soon becoming basically one of the biggest, let's say, gold central banks in the world,” he said. Even in these historic times for the gold market, Tether's activities stand out. It has rapidly stepped up its purchases, buying over 70 tons of gold over the course of last year for its reserves and i
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