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What Chinese Consumers Are Rushing To Buy This Christmas
While the US consumer is rushing to spend what little savings they have left and grab that last for 2013 "X% off" deal from the local inventory-clearance bin on plastic Made in China trinkets or marked-down clothing, Chinese consumers are likewise scrambling to buy products. Only, unlike in the US, the object of China's affection is not some gizmo that will end up in the local landfill within 3-6 months. China News Network shows what it is.
Google Translated from Chinanews:
Gold price lower and lower end of the Christmas rush of people buying
Taiyuan a gold shop gold prices as low as 287 yuan / gram, people flocked buying gold jewelry. Western Christmas in China has gradually become the "Consumer Day", much of the gold market on this day after discounts, plus the price of gold hovering cheap Christmas discounts, and more gold has broken 300 yuan / gram mark.
With the recent stumble endlessly international gold prices, gold investment income in 2013 or will be achieved for the first time in 13 years is negative. As for 2014, the price of gold, most institutions are still bearish.
Publicly available data show that this year, gold prices fell more than 25%. The picture shows a gold shop in Taiyuan people flocked to buy.
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Bullish (for stackers)!!!!
The Chinese likes to sell fake stuff, those ppl better make sure its not filled with tungsten
Tungsten has been flowing west to east. Been a trend for a while now. One of the west's finest exports !(besides paper and inflation)
"He who waits for 900.....waits for wong wong time"
This happens every year in China before the Chinese New Year.
Not quite sure what's news worthy out of this, unless it's one of those BTFHope posts seen so regularly around here.
Get the feeling the Asian youth is more informed than ours here in the US?
BTFDYFI - "there I said it"
http://www.youtube.com/watch?v=jllJ-HeErjU
Nov 15, 2010
Youth in Asia, maybe is final solution.
http://www.youtube.com/watch?v=O1kW2yYXEeQ
the chinaman is not the issue,
janus
Sorry for sucking the life out of the perfect joke:
http://www.youtube.com/watch?v=Ya_uJHdOtdc
FTFY
Kind Regards,
apologize for nothing...you beat me fair and square.
janus won't post anything in response...in respect -- perfect clip.
i know when i've been bested.
+ big exponent.
salud,
janus
Presently, Boris is confuse...
so funny dude!!! thanks much for that clip.
I lived there and have a Chinese girlfriend.... I would say the Asian youth is about as informed as the Western Youth, meaning they aren't well informed at all.
They only care about the next Lady Gaga song coming out or the next Psy song as much as our youth in the West do.
They are as equally ignorant as youth everywhere else are...... my chinese girlfriend at first resented the idea of buying silver and gold telling me her government would bail everyone out.
It is mostly the older generations that are buying up gold and silver in china, not the younger for you folks that have never been to or lived in china.
You is Number One!
Fiat is the mother of all bubbles, and the Chinese know bubbles. In fact, they make bubble tea for American tourists. Check it out!
http://www.engrish.com/2013/09/im-bubble-tea/
Mother of all bubble is Boris in bath after big bowl of Bortsch.
(Boris is apology for excessive use of alliteration.)
You can't be Russian because you correctly used big words in a four-word phrase (". . . excessive use of alliteration"). Sorry, comrade. You are as Russian as Sean Connery's accent in The Hunt for Red October. /sarc off
You are funny guy and make you make ZH comment section very enjoyable. Boris keep up the good work.
Boris realize literary creation by accident! Is make for new twister of tongue tie...
Boris is blow bubble in bath after big bowl of borstch.
You are repeat 10 time without mix line and win prize.
This guy was literally everywhere a few years back on some forex forums. Forexfactory comes to mind..
Same idiot-like communication. You can use google translate you know?
Boris,
Big booming brobdingnagian beer belches beat bantam bath barszcz* bubbles bodaciously!
*As a Pole, it would be traitorous of me to use the Russki slang word in place of the proper name for this beet-based soup.
Akak is very smart funny, is create most difficult phrase for oral reproduction. So, Boris is share special recipe for very most delicious bortsch... mix full body whole cream in broth* and when is eat, sprinkle paprika and add large big dollop of sour cream in bowl.
* Beet is optional as is turn Boris' urine crimson color.
Fuck me, funny. I don't whether I peruse ZH for information and knowledge or pure unadulterated comedic entertainment.
If I drank I'd toast you with a Vodka, and vomit in my hair.
RU Niban?
Nubian?
His girlfriend love him long, long time !!!
Sir, the girl that said that was Vietnamese. But who cares right?
I visited my cousin in law's home last summer, in South Korea. They tried to run the aircon and TV at the same time, which killed the power in their brand new apartment. They called a maintenance guy, who simply pushed a button to reset the breakers. They tried the TV + aircon again, with the same effect. Rather than resetting the power themselves, they waited 20 minutes for the maintenance guy again. They wouldn't even allow me to do it. People are stupid everywhere. Ever wonder why Asians wear slip on shoes? (They can't tie up their shoes.)
Get the feeling that China wants a war with the US???
http://www.infowars.com/new-bomber-can-nuke-us-military-bases-brags-chin...
get the feeling the chinese know what the western bankers play book calls for when the smoke and mirrors stop working and the public start demanding to know where 's the $$$.
Which is why certain factions so desparately want to stop Iran's nuclear programs, and why Iran will not really give it up. It is their "get out of jail free" card.....a big F.U. to Western central bankers
There is no fucking way China would win a war with us, the new treasury purchases alone would bankrupt them !!!
Yes, it happens every year. I believe the point of the article is that there is more buying this year than past years because this year the price is way down over years past. It's a matter of degree.
But beyond that is the point of the Chinese buying "something of real value" while American's are "borrowing from foreigners(Chinese) to buy shit they can't afford and don't need."
One day the sheeples will figure it out...maybe. Long odds on that happening any time soon though.
Everybody is buying things of real value - to themselves.
Those hordes kicking the shit out of each other the other day were doing it to get those valued shoes. Don't ask me why, but they do..
The sheeples won't figure it out. They never do. The important thing is that you and I figure it out.
I'll be in Beijing just before the Chinese New Year. I'll try to make a trip to the big shop and see what the score is then. But demand is always high there and those shops are always busy. People love to put gold on their kids. But the kids would rather have other stuff.
And how do we know this is the "good stuff", right? Chinese love to pull one over on their fellow citizens, it all could be thinly plated garbage for all we know. This isn't a shop with racks of mini gold bars on sale, guys...
But keep on pumping that agenda...
My local gold merchant tells me I only need to worry about bars 10oz and up, it's too difficult for the smaller stuff. Would that I had that concern....
Unfortunately, it's not too difficult.
I have some one ounce "silver coins" (Chinese, American, French, etc...)
that look perfect even with a magnifying glass, but a magnet will pick
them up. I had a magnet with me when I bought them, and they
were sold to me as a collection of replicas, but someone could
easily try to pass them off as real. A magnet would detect a one-ounce
"gold" coin made mostly of iron, and a good scale would detect one
made of copper or nickel, but one made of tungsten would be very
hard to detect.
LOL....YES THEY DO...The Chinese love to sell fake stuff. TO AMERICANS!! AND WE BUY IT!! THE JOKE'S ON US!!
The Chinese likes to sell fake stuff, those ppl better make sure its not filled with tungsten
---
I guess you were joking; of course they check, as does any gold importer. There are on-site checks on the way into the country, but those aren't foolproof. Most of the gold entering the country is not in standard size/purity for the local market or PBOC vaults, and that's by design. It forces an additional purification/metalworks process, during which it is tested very precisely for purity. Chinese SOE-mined gold goes directly to pboc vaults, obviously they don't need to check the gold they dig up themselves... no point lying to theirselves (well it's possible the miner's execs might try to fake it, but that would be very risky... definitely a death penalty infraction if they exaggerate gold mined or purity). only importers that have been tested to provide gold with purity as stated are used for repeat business or for large orders.
As for sales at local retail stores... well I personally would stick with either a PBOC outlet for pandas or a large listed-company store for jewelry. Once gold has entered the country and has been tested for purity, it isn't as stringent to test gold changing hands within the country.
gosh, who would want some heavy piece of metal when you could get a nifty iphone instead?
They sell enough fakes to know what is real. My closet is filled with thier fake shit and this is what they are buying with the proceeds.
If you want an American fake buy a comex futures contract or shares in GLD and SLV.
My understanding is that people in China buy expensive stuff to show off their wealth. Gold is only one of these types of status symbols. Others include LV bags and Mercedes, etc. People are well aware of fake stuff so they only buy from reputable shops. The good shops are filled with crowd and the small shops are rarely visited. Every major gold shop has an assay center so people can test the gold they buy from any place as long as they pay a few dollars.
Since people buy gold to show off, they mostly buy jewellery instead of bullion bars. I suspect that the bullion bars are purchased by the state. I doubt that people is capable of buying 2500 tons gold this year. Central bank may have gobbled up most of the gold. They created the image of aunties to hide the fact that they are switching dollars into gold. Western governments have to help them by knocking down the price so they can load up. Both sides get what they want, China get the cheap gold, west get the stable dollar.
China has seen fiat currencies come and go...mainly go.
What do they know?
Keeerist! How many times do u have to lose money on PMs to figure it out! Idiots!!! You stackers dream of instant wealth while ignoring the losing trendline. Zerohedge is heavily incetivized to push gold via this propaganda-and their sponsors are paying in fiat, not PMs. Get a clue!
Precious metals (especially gold) are money, hence why the BIS settles accounts between CB's in gold terms. The fiat exchange rate is important only in the sense that it sets the rate at which an individual can exchange said fiat for money. As the value of our productive labor is still compensated largely in fiat (USD specifically), it is generally preferred that USD price to be lower, so that an individual wouldn't have to work as hard to get money.
Anyone still exchanging their fiat for money is in no way trying to "get rich quick", they are merely trying to preserve the excess value of their productive labor.
Might as well talk to a wall if you think that dude is going to listen. That up tick he has is a selfie.
Debt will beat PMs in 2014, in fact will bitch-slap PMs in 2014. PMs are dead for another 50 years.
I can't. My Perth Mint bars are inside those numbered paper folders. They won't stack properly.
Another city where your yanki dollars won't get you layed in anymore. Eventually, thanks to the fed, you will be left with your hand and a jar of fake vasiline.
http://www.ingoldwetrust.ch/new-years-eve-gold-rush-shanghai-shopping-mall
gold will get closer to $1,000 before it explodes well past $2,000/oz...
Hopefully for buying purposes... But I'm starting to doubt it.
If 2 years ago someone would have told me it was going to be $1200 an ounce, I would have said no way. But yet here we are. It wouldn't surprise me at all to see $1000 gold. When you own the printing press, you can short something to infinity. Alchemy is turning lead into gold. They did one better, they turned paper into gold. As long as the paper is what sets the price, it could certainly head lower. At some point you won't find the metal at whatever price the paper price happens to be however.
CNBC needs to repeat every day next year that "gold lost 30% in 2013 (or whatever)".
that is gonna be a tough sell to the peasants when we start with the 100 buck gain days
they skunked the peasants this year, but.....it cant go on forever....
cnbc sucks banker ass and so does troll clumpus!
a billion plus chinese can't be wrong.".mr wong ain't right " so says the FED
CNBS can spew all the propaganda it wants about gold, fact is though, nobody watches them anymore. It won't be long until you see yet another post here on ZH showing how far down the shitter their ratings are.
When you own the printing press, you can short something to infinity
you can only use fake money to beat down real money for so long - when the turn comes and the real ass kicking takes place, it will be ugly!!
Amen! And in response to duo above, CNBS can say whatever the hell they want to and it won't make any difference as they are completely irrelevant as is Bloomburg. It is possible that COMEX, as we speak, is OUT OF PHYZZ (= out of biz, bitchez!).
It is possible that COMEX, as we speak, is OUT OF PHYZZ (= out of biz, bitchez!).
This would be a very good thing! However I'm not sure if this would be the end of gold price manipulation or not. The Chinese now have their "paper market" up and humming. Is this to further depress gold prices for their own Phyzz buying? Is this to "head off" another Wall st. "paper market" that may replace the COMEX? Or it may be that " pinpoint moment in history" (i.e. Archduke Ferdinand, Lusitania, Pearl Harbor) that marks the turning point of a cycle. Anyone familiar with the "fourth turning"? I am not but it does peak my interest.
wHEN THe wEsT SToPS DeLIvEriNG gOLd TO cHINa...THE GAME ENDS.
Enjoy...
http://www.youtube.com/watch?v=lPXOZYn4qSY
Deceptions, Dupes & Dots
By: Jim Willie CB
Let us take a break from the hustle & bustle loaded to the gills with nastiness and mayhem. Consider some information cookies during the Christmas holiday down time, not without a few lumps of coal. The deceptions are deep; the ranks of dupes are legion; connecting the dots is not so easy. Despite the constant stream of deception and the steady interference by the well-meaning but all too often simpletons in the madding crowd mixed with sheep, the story can be rather extensively told. It takes the new skill of connecting the dots, along with a mental stubbornness mixed with a certain measure of insight.
Information cookies?
This guy should spend more time doing basic research and less time trying to turn a witty phrase.
Too clever by half.
I, for one, really appreciate Jim Willie's insight.
Plus he is entertaining in a high strung, little man, intellectual sort of way. And his info is top notch!
The Chinese are making out like bandits on the gold fixing! And western gov's & bankstrs aren't paying attention? There's more to this that meets the eye.
Yes...it WILL be ugly.
...and maybe your great-great-great-great-grandchildren will tell you about it, if you're still above ground and blowing gas.
and maybe your great-great-great-great-grandchildren will tell you about it
I don't think it will be that long, my stawks-buying friend. My great great great grandchildren will talk of the legacy of "gramps" and his stacking during the "great period of illusion", whereby most bought "stawks" for retirement and greed. Eventually they had to be transferred to FEMA camps for feeding after the "great revealation" took place whereby China taught the world what money is and Russia taught what energy really costs.
addendum: The "Great Revealation" will also expose the 4 great ponzi's in America: Social Security, Stawks, COLLEGE, and The US DOLLAR!
Uh oh!
She is having the making of the doing of the being back!
when the turn comes and the real ass kicking takes place, it will be ugly!!
No, it will not be ugly - it will be beautiful!!
My God, it's full of stars!
price may not be function of availability until it is...at that point over $5k/oz...
Alchemy is turning lead into gold.
Ha, I like to turn paper into lead.
Forward (over the cliff)!
rob kirby claims the shenanignas will end once China has bought all the available gold, that they are just waiting to grab the last ton they can, then down comes the hammer. unlike foolish westerners, the chinese pboc is a roach motel for the yellow metal.
China is the Hunt brothers in modern time. The Banksters broke the brothers by changing the rules in the middle of the game. Can they get away with what they did to the Hunt with the Chinese?
The Hunt Brothers were buying on margin and buying with other people's money. Pressure on their Saudi partners to cut off the funds and pressure on COMEX to change the rules were the nails in their coffin.
China is buying with CASH - very 'real' US cash, paying in full and taking delivery. China is a hell of a lot better capitalized than the Hunt Brothers and has strong incentives to convert thier paper $US holdings into tangible assets while those dollars still have any buying power left.
AND instead of discouraging this massive buying, the Western Central Banks are helping them out by discounting the price of gold in a ridiculous MOPE effort to make gold look 'bad' and paper currency look 'good'.
So.... how are you going to change the rules on China? Tell them that we won't take their US dollars any more?
Maybe the Chinese are being temporarily pacified with downward gold price manipulation so they can dump their dollars for better value. Otherwise maybe they get pissed and showcase their military might.
Thew only thing that makes me wonder just WTF is up with all the gold manipulation and metals is a conspiracy theory level bullshit idea I had.
We've heard about breakaway civilizations and secret space programs and such. What IF this civilization has access to the PM's in the asteroid belt and intend to "change the rules" when China decides to bust out and announce a gold backed currency?
Yeah you can ding it for being paranoid or pie in the sky ... but stranger shit has heppened.
You have a bright future ahead of you in Hollywood as an "Ideas Man!"
Short answer: no, the Banksters CAN NOT.
Unfortunately, LBMA or COMEX can only default once. Then they have to close their door in disgrace. US can no longer impose its will unilaterally. By comparison, the East gets a bigger tading house. US (and GB) can set the price only based on credibility. Once they lose that, it's game over.
Well try to remember this 2 years from now.
Gold will go to $0 but you wont find it available for sale anywhere.
Bitcoin will be $1,000,000 per at a minimum,
You don't have to believe me now. Just remember this phrophetic post by Prisoners Dilemna.
I agree, gold and the rest of the market have been reasonable correlated until last November so I could see gold trading back to 1100-1000 maybe even around 500$ if we got some real heavy downside sell everything market action.
That is what I am waiting for, if (when) this market ever goes south again I wanna see what gold does, I believe it will tank hard and then I will really load the boat because you just know the FED will be fast to push the printers to ludicrous speed and gold will shoot straight to the moon.
The idea behind the $1000 to $700 decline in gold during the financial crisis was that people were being forced to sell their long positions in order to raise cash to cover margin calls. Those long gold positions were winning positions at the time. Currently the winning positions are in the short gold side. Therefore, if the hedge clowns are forced to dump positions in order to raise cash again, it seems logical to assume that they'll cover their currently profitable short positions in the gold market. The next financial crisis will not be met with a declining gold price.
hopefully it will be met with declining prices of junk stocks like twitter.
that shit is out of control up another 5%, now 6% after I wrote that sentence, today.
FFS how can a company that makes basically no money be up 150% in a couple months and be worth 40 billion dollars?
...no bubble they said
Honestly, I was tempted to buy it after it when down some after the IPO. My theory is that WallStreet will never allow these high-profile stocks to go down as they serve as the the shiny objects necessary to get dumb money off of the sidelines... with that said, dumb is the new smart in the new era of bizarro-economics.
BTW, I couldn't bring myself to hit the buy button... part principle, part refusing to buy an obvious bubble. Clearly, I'm the greater fool here.
Same here, I cannot participate in fraud on either side of the trade.
I've been waiting for more than 3 months for $1100. Now, as the spot price gets closer to $1100, I will only buy half of what I was planning to acquire, and waiting a little longer for $1000.
I can't imagine gold price at $500 but I didn't think gold price would have gone down to $1200 either. All I know for sure is that I won't be buying any gold at $500 because I would have broken my piggy bank to get all the gold I could get at $800.
If gold ever drops to $500 I'd be selling everything I could to buy as much as I can, heck I'm doing with that with silver at 20 bucks which is an absolute seal IMO
Get Zee some gold!
.
Hey, they figured that out pretty quickly.
Once again, 'Sons of Heaven' blobbing-up the eternal nature of US 'american' citizenism parangongs of consumptionalization is forever the crustiest bit of the nib of the mattering thing. Up to the limit with.
Welcome to the symmetry-seeking Chinese Citizenism world, it's a progrational and hypocritizenistic kind of place, you'll see. Don't forget to wok your dog first.
I think the expression is "cut to the chase".
You mean they arent buying Bitcoins!?
they already did! hence the run-up: mostly Chinese....
All humor or sarcasm aside, it occurs to me that the Chinese see both bitcoin and gold as something to protect them from the printing press of their feudal bankers -- and that is pretty much the way many of us here: protection from fiat, wealth preservation and possible asset appreciation.
If their Gov/CB bans them from having one, well, then it's time to load up on the other. This would explain the demand, and we'd do the same thing.
When is the ESF going to get over their case of the "dumbass"? It is lethal.
As the first user of fiat currency, China has had an early history of troubles caused by hyperinflation. The Yuan Dynasty printed huge amounts of fiat paper money to fund their wars, and the resulting hyperinflation, coupled with other factors, led to its demise at the hands of a revolution.
Sound familiar??? Looks like the Chinese remeber that history repeats itself
And the West thinks they will get that gold back somehow. It is never going to happen. This exact same dynamic started the opium wars. China sells goods for PMs and never buys anything.
In fact China was being rapidly depleted of silver at this time as the volume of opium imports vastly outweighed the value of their tea, silk etc exports
The opium came after the West was depleted of silver. That is why they forced China to take opium in payment.
Watch this:
http://www.hulu.com/#!watch/575362
I hate history! It shows all my beliefs as lies!
/s
you mean "never buys anything but oil, natural gas, food, cars, bitcoin, debt dollars, euro's, insurance, steel, Detroit, Chicago, Berlin, Greece and now Syria." I do agree that gold is going nowhwere and USA and Euro Inc look to be in terminal decline.
Not with PMs.
It looks like the average Hu in China does not have many options when it comes to preserving their capital. The stock market has been shunned. Real estate is in a bubble. The banks can blow up at any time. Paper gets eaten by inflation. As a result, they turn to gold, and silver...with the blessing of the government I must add, who has been encouraging it's citizens to invest in phyzz for awhile now.
It is only a matter of time before the physical supply is exausted and the paper gold game goes up in flames. Then the ultimate truth will finally be exposed as the Fed and the US Treasury will be forced to admit that there is no more gold...and the blackest of swans will make it's debute, and havoc will commence as nation after nation demand it's gold back from the world's #1 thief.
Miners actually jumped pretty good earlier this week - across the board. I take that as a sign that some bigger money is starting to bottom fish. Gold is bouncing a little as well, but the miners being bought at the same time gold dipped under $1200 looks to me like a manipulator is either covering or at least ending their active push down.
when you got nothing but empty vaults, and a mountain of naked shorts. the risk is increasing now exponentially to the downside.
propaganda effort that gold will go back to 1K or lower, has been successful keeping peasantry away, but the bitcoin getting a leg up as a result (peasants do know something is wrong and many more than anticipated are looking for the exits).....
you have to wonder just how long they can keep this train on the track....
the 10year is at 2,99%....3% and the 273 TRILLION dollar derivative megatower starts to rattle and rolll.....
first banks should start going under in another couple of weeks......
+1 yup. while everybody was sleeping in or rushing to carch the boxing day sale, the 10 yr. busted through 3%. I see 3.25 coming real quick.
you can ignore reality, but, you cannot ignore the consequences of ignoring reality
Pretty much EVERYBODY here said the same thing last summer. It didn't happen.
And if it did, do you thing the Fed would just stand around and not 'do something' about it?
oh you are so right. but eventually you lose control of the things you think you have control over, but that in the end, you have no control over. sure. they will mop it up, and thats why gold will march lock step with the pressure on the 10 yr yield. as yields push higher the FED will intervene and buy it up. eventually however, this will not work. it will take increasingly more to accomplish the same price suppression (interest rate suppression). As Grant says, "The FED can change what things look like, but, they can never change what things are."
Two gold shops I checked out in Prachuapkirikhan were very busy yesterday, a normal working day in Thailand
I'm opting for all the 50% coffee and cashew Xmas gift boxes I can find. Hard to find coffee at half off thru the year.
I stopped drinking coffee. Reality provides enough stimulation these days!
So THERE is the gold. I see. Solved!
Chinese sell fiat(paper) to get hard assets( gold, realestate). Anglos sell hard assets to get fiat investments. It will be interesting to see which one retains their wealth in the end...
The central bankers have their heads so far up their collective asses, they think they can manipulate the BRICS into accepting their definition of monetary reality. They are in for a rude awakening when China pulls the plug on the USD.
The Chinese buy things that keep their value (pm), or rise in value (RE, education). That's investing.
Westerners buy things that lose their value (clothes, vacations), or drop in value (TVs, cars, boats, jet skis, etc.). That's consumption.
It is a fact and a big economic news that gold is moving from the West to the East Fast.....no one seems to want to report on it other than here at ZH....kind of strange actually..but there has to be some bankers who are a little scared right now...as they little gold to deliver...but have many pieces of ownership paper.....how they will get out of this lie will be another chapter in the Bankers crooked story....I predict a confiscation...
I think they already have a plan. It will be know as the Corzine maneuver.
How has he avoided a bullit for this long? You steal that much money you end up dead.
Nope, he's Booker T, then failed plan C, and is currently on the Do not Disturb plan.
That's exactly right. Imagine, stacking for years and years, through price rises and falls, only to be told---"Sorry, in the name of financial stability, all your gold belongs to the government, and must be promptly turned in to avoid criminal charges."
Also, I wouldn't be surprised if pm mines get nationalized, in whole or in part, for the same reason.
Faber is saying pretty much the same thing, with his actions, as he recently announced that he's moving his physical to Asian locations. So unless you can afford to do the same thing, you'd better be prepared to sell---or lose---your gold on VERY SHORT NOTICE someday in the future.
right...from my cold dead hands.
Won't happen, and I've explained why numerous times on previous threads.
If the Government chooses to attempt to steal gold wealth from its citizens, it will be done through taxation, not physical confiscation.
"Withholding payment of taxes is one of the quickest methods of overthrowing a government"
Mahatma Gandhi
the time is now...
"Tax strike" - the most dreaded phrase in a politician's mind. Try organizing one, and watch the NSAFBISECMSNBCLSD horde descend like a bunch of angry killer bees on meth and bath salts.
Glad to hear that you're so sure of that.....it's not like it ever happened before, eh?
You're referring to the Roosevelt gold confiscation scheme. If you had bothered to research this for longer than 5 min, you would have realized just how not-terrifying this idea is for holders of gold bullion, esp. the small timer individuals/families (less than 1K oz. in possession).
I do agree that nationalization or banksterfication of mines is a non-trivial risk, which is why I stay away from mining stocks.
I think he's right, but for a different reason. I doubt there's enough gold in private US hands to make it worth the trouble. The last time gold was confiscated people actually had some. Not so true today.
China, on the other hand, has no doubt studied the US confiscation and considered it as part of their overall strategy. In that light, it make sense to allow their people to buy gold as a) it doesn't run the price as much as if their central bank did all the buying, b) it stays in-country, which means it can be confiscated in a crisis under threat of dire punishment.
That said, I doubt gold will get them through a full-on global crisis where your ability to produce food and energy will be the deciding factor, not how much gold you have in a vault somewhere. Of course they can just let millions starve. It's not as if they haven't done that before.
If things really get that bad, there's only two places I'd want to be: Canada or the USA. Between the two, there is enough oil, food and water to ride out the storm, plus enough infrastructure and expertise to get things running again post-collapse. Not saying it won't be nasty, mind you, just not as bad as anywhere else.
As I remember as part of my oriental history, the last time Chinese government confiscated gold, the government was overthrown in 3 years and millions of officials lost their heads. I seriously doubt that the government dares to do that this time since they have spent over 20 years to show good will to people to pay for their 1989 crackdown. People do revolt in China unlike here in US. The culture is different I guess.
Me too. Canada is my 'back up' country.
This is concerning...But I lost all of mine in a Boating Accident. So I am not too concerned.
You guys can mine the Pacific Ocean for that which I lost.
Yeah, fortunately we both made it to shore.
Funny how the number of boating accidents has gone up since GPS became available. Who would have thought?
youngman, scumbag bankers keep gold in their private vaults. bank vaults are just loading zones.
"Confiscation"
In light of history, not a tough prediction to make-politicians/banksters take from the hands of the few, deliver promises to the many (FSA) and receive the continued temporary loyalty of the many (FSA) while keeping the fraud going.
Silver is the poor man's gold-and less likely to be confiscated, and copper is the poor man's silver-very unlikely to be confiscated.
Confiscation avoidance strategies:
"artwork"-stack you gold into an "art piece", put a label on it, and send it to an out-of-country "gallery" as a "travelling exhibit"-don't forget to insure. Real artwork, stamp collections, coin collections, etc. will work here also.
"jewelry"-trade your gold for a substantial "piece" from Tiffany's. Travel and insure.
"real estate"-buy that home away from home in [wherever], and rent it out. Keep the money offshore in the hands of the RE mgmt. company, and buy something else when you get enough money.
It takes one to know one.
Jesse: Record COMEX Gold Claims Per Deliverable Ounce of Gold at 92 to 1
Jesse reports that we have another All-Time-High leverage at COMEX with 92 Owners per one once of Gold. http://sufiy.blogspot.co.uk/2013/12/jesse-comex-gold-claims-per-delivera... Jesse: Record COMEX Gold Claims Per Deliverable Ounce at 79 to 1 GLD, MUX, TNR.v, GDX
"Jesse reports that the Game Of Musial Chairs in the Western Fractional Gold Reserve System is getting into the new stage with the record level of leverage. Now report from Bloomberg can be put into another perspective."
Bloomberg: London Gold Vaults Are Virtually Empty GLD, MUX, TNR.v, GDX
Bloomberg quite suddenly provides some really interesting information about the state of the gold market and ongoing manipulations around it these days. Could the reports about JPMorgan being Net Long Gold now be correct in the end?
Why do you always end titles with:
GLD, MUX, TNR.v, GDX ???
I KNOW what they are, but what gives?
And what is a "sufiy" ?
Haven't these morons heard of Bitcoin???
We must forgive these Chinese since they are new to consumerism. Americans are educated on consumerism from the moment they are born. Chinese have only been introduced in the past 10 years. As a result, they neglect purchasing pairs of LED big screen TVs but purchase gold. Give them a little more time and we shall see maxed out credit cards buying Duck-dong-Dynasty in a few years.
Forward!
Well the chinese buy a lot of rice too, doesn't mean we should invest in rice.
Oh, yes, of course Bitcoin and FRN paper much better than rice, is not it? LOL
Maybe...
http://www.sfgate.com/business/article/Global-rice-squeeze-hitting-U-S-consumers-3286210.php
http://www.dailynewsegypt.com/2013/11/26/rice-shortage-behind-rice-exports-suspension-official/
http://blogs.wsj.com/searealtime/2013/04/23/thai-rice-exporters-hit-by-domestic-shortage/
http://www.irinnews.org/report/77478/philippines-rice-shortage-hits-poor-as-government-grapples-for-solution
http://www.philstar.com/nation/2013/10/14/1245190/producers-warn-rice-shortage
Flogging gold: it's what Zerohedge and Glenn Beck have in common.
Idiocy: that's what you and huffington post have in common
You are technically correct!
and there is only 1.5 billion of them...
Not to mention that their culture is only a few thousand years old. The west are the newcomers on the block.
China owns FED debt, they will no longer buy FED debt, instead they are buying up physical Gold and Silver along with real estate making a move with their currency.
The FED creates debt, buys it's own debt, inflates the dollar, and owes everyone Gold.
I am not saying China is without their own problems but they seem like they are getting the better deal right now, maybe it's time to fire the FED?
What's the score here?
The score is that the US still has the most developed MIC on the planet. Be afraid, be very afraid.