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The New London Gold Fix And China's Gold Strategy
Submitted by Alasdair Macleod via GoldMoney.com,
This month the physical gold market will undergo radical change when the four London fixing banks hand over the twice-daily fix to the International Commodity Exchange's trading platform on 20th March.
From 1st April the Financial Conduct Authority will extend its powers from regulating the participants to regulating the fix as well. This will transfer price control away from the bullion banks allowing direct access to the fixing process for all direct participants and sponsored clients.
From this flow two important consequences. Firstly, the London market is changing from an unregulated to a partially regulated market, reducing room for price manipulation. And secondly, the major Chinese state-owned banks, assuming they register as direct participants, have the opportunity to dominate the London physical market without having to deal through one of the current fixing banks. No announcement has been made yet as to who the direct participants will be, but it is a racing certainty China will be represented.
Implications of becoming a regulated market
Under the current regime a buyer or seller on the fix has to deal through one of the four fixing bullion banks. The information gained by them from seeing this business is crucial, giving them a quasi-monopolistic trading advantage over all the other dealers. Instead, buyers and sellers will be anonymous during the auction process.
The new platform should, therefore, ensure equal opportunity, eliminating the advantage enjoyed by the fixing banks. Crucially, it will change market domination from the privileged fixing members in favour of the deepest pockets. These are almost certain to be China's through the state-owned banks which already control the largest physical market in Asia, the Shanghai Gold Exchange (SGE).
China's gold strategy
China actually took its first deliberate step towards eventual domination of the gold market as long ago as June 1983, when regulations on the control of gold and silver were passed by the State Council. The following Articles extracted from the English translation set out the objectives very clearly:
- Article 1. These Regulations are formulated to strengthen control over gold and silver, to guarantee the State's gold and silver requirements for its economic development and to outlaw gold and silver smuggling and speculation and profiteering activities.
- Article 3. The State shall pursue a policy of unified control, monopoly purchase and distribution of gold and silver. The total income and expenditure of gold and silver of State organs, the armed forces, organizations, schools, State enterprises, institutions and collective urban and rural economic organizations (hereinafter referred to as domestic units) shall be incorporated into the State plan for the receipt and expenditure of gold and silver.
- Article 4. The People's Bank of China shall be the State organ responsible for the control of gold and silver in the People's Republic of China.
- Article 5. All gold and silver held by domestic units, with the exception of raw materials, equipment, household utensils and mementos which the People's Bank of China has permitted to be kept, must be sold to the People's Bank of China. No gold and silver may be personally disposed of or kept without authorisation.
- Article 6. All gold and silver legally gained by individuals shall come under the protection of the State.
- Article 8. All gold and silver purchases shall be transacted through the People's Bank of China. No unit or individual shall purchase gold and silver unless authorised or entrusted to do so by the People's Bank of China.
- Article 12. All gold and silver sold by individuals must be sold to the People's Bank of China.
- Article 25. No restriction shall be imposed on the amount of gold and silver brought into the People's Republic of China, but declaration and registration must be made to the Customs authorities of the People's Republic of China upon entry.
- Article 26. Inspection and clearance by the People's Republic of China Customs of gold and silver taken or retaken abroad shall be made in accordance with the amount shown on the certificate issued by the People's Bank of China or the original declaration and registration form made on entry. All gold and silver without a covering certificate or in excess of the amount declared and registered upon entry shall not be allowed to be taken out of the country.
Additionally, China has deliberately developed her gold production regardless of cost so that she is now the largest producer by far in the world today. State-owned refineries process this gold along with doré imported from elsewhere. None of this gold leaves China.
The regulations quoted above formalise the State's monopoly over all gold and silver which is exercised through the People's Bank, and they allow the free importation of gold and silver but keep exports under very tight control. On the basis of these regulations and as subsequently amended the People's Bank established the SGE, which remains under its total control. The intent behind the regulations is not to establish or permit the free trade of gold and silver, but to control these commodities in the interest of the state.
This being the case, the growth of Chinese gold imports recorded as deliveries to the public since 2002 is only the most recent evidence of a deliberate act of policy embarked upon thirty-two years ago. China had been accumulating gold for nineteen years before she allowed her own nationals to buy any when private ownership was finally permitted. Furthermore, the bullion was freely available, because in seventeen of those years gold was in a severe bear market fuelled by a combination of supply from central bank disposals, leasing, scrap, rapidly-increasing mine production and investor selling, all of which I estimate totalled about 76,000 tonnes in all. The two largest buyers for all this gold for much of the time were the Middle East and China. The breakdown from these sources and the likely demand are identified in the table below taken from my article for GoldMoney on the subject published last October, where a more detailed discussion of global bullion distribution during those years can be found.
Put in another context the cost of China's 25,000 tonnes of gold equates to roughly 10% of her exports over the period, and the eighties and early nineties in particular, also saw huge capital inflows when multinational corporations were building factories in China. However, the figure for China's gold accumulation is at best informed speculation, but given the determination expressed in the 1983 regulations and subsequent events it is clear she had deliberately accumulated a significant undeclared stockpile by 2002.
So far China's long-term plans for the acquisition of gold appear to have achieved some important objectives. Deliveries to the public through the SGE since only 2008 totalled 8,459 tonnes, gross of returned scrap, probably more than 9,500 tonnes since 2002 given estimated domestic mine production of 1,352 tonnes between2002-2007.
With such a large commitment to this market, we must now anticipate the next stage for China's gold policy, which is why the changes in London may be important.
China now has the opportunity to take a dominant role in London, without having to direct its order flows through the fixing banks. Therefore, it is no exaggeration to say that from 20th March, China will be able to control the global physical gold market, which will permit her to manage the price. She has the deepest pockets, backed by the largest single stockpile.
China's motives
China's motives for taking control of the gold bullion market have almost certainly evolved. The regulations of 1983 make sense as part of a forward-looking plan to ensure that some of the benefits of industrialisation would be accumulated as a counterparty risk free national asset. This reasoning is similar to that of the Arab nations capitalising on the oil-price bonanza only ten years earlier, which led them to accumulate their hoard for the benefit of future generations. However, as time passed the world has changed both economically and politically.
2002 was a significant year for China, when geopolitical considerations entered the picture. Not only did the People's Bank establish the SGE to facilitate deliveries to private investors, but this was the year the Shanghai Cooperation Organisation (SCO) formally adopted its charter. This merger of security and economic interests with Russia has bound Russia and China together with a number of resource-rich Asian states into an economic bloc. When India, Iran, Mongolia, Afghanistan and Pakistan join (as they are committed to do), the SCO will cover more than half the world's population. And inevitably the SCO's members are looking for an alternative trade settlement system to using the US dollar.
At some stage China with her SCO partner, Russia, will force the price of gold higher as part of their currency strategy. You can argue this from an economic point of view on the basis that possession of properly priced gold will give her a financial dominance over global trade at a time when we are trashing our fiat currencies, or more simply that there's no point in owning an asset and suppressing its value for ever. From 2002 there evolved a geopolitical argument: both China and Russia having initially wanted to embrace American and Western European capitalism no longer sought to do so, seeing us as soft enemies instead. The Chinese public were then encouraged even by public service advertising to buy gold, helping to denude the west of her remaining bullion stocks and to provide market liquidity in China.
What is truly amazing is the western economic and political establishment have dismissed the importance of gold and ignored all the warning signals. They do not seem to realise the power they have given China and Russia to create financial chaos by simply hiking the gold price. If they do, which seems to be only a matter of time, then London's fractional reserve system of unallocated gold accounts would simply collapse, leaving Shanghai as the only major physical market.
Therefore the failure of the London bullion market to see strategically beyond its short-term interests has opened the door to China's powerful state-owned banking monopoly to control the gold bullion market. This is probably the final link in China's long-standing gold strategy, and through it a planned domination of the global economy in partnership with Russia and the other SCO nations.
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Does this fix fix the fix that fixed the fix before the fix that we're currently in?
I'm fixin' to tell ya that it means we're fuxed
If you ain't broke don't fix it.
After that herbal (spice) spankin they took in ancient times, I can see why they won't let any more gold go out o the country.
I hope the latest fix don't fux us all.
The gold price is the price at which miners will continue to stay open for business, no matter what the GLD price is set at.
"She has the deepest pockets, backed by the largest single stockpile." WHO TOLD YOU THIS???? Link, proof something would be nice thats a BIG claim... You don't know this....
Who do you think has the deepest pockets? It sure isn't the US, all those pockets are inside out to the tune of 18 trillion dollars.
I do not know. But then I am not telling you who does am I?
well, china has sent a trillion $ of exports to the US that the US will never really repay. how deep are your pockets if you fractionally reserve, and then re-rehypothecate, a trillion $ ???
We are repaying them daily with cheap gold
We are repaying them, daily, with cheap gold
We fixed some Folks
I'd say all major CB's have similarly (infinitely) deep pockets. the difference is that China has a massive stockpile and most countries (USSA likely included) have little to none outside of paper.
By the time you "know" something it is usually too late, rather deduction leads to suppositions upon which you act or its all role playing. The article is a train of connecting deductions your free to jump off at any point, but if you are waiting until you know, that train will have left the station long before. If knowing was important, CNBC wouldn't be on the air.
Let me fix who you are.
At least there is records of what China has purchased in recent years, not to mention all of their mined gold that they do not let leave the country.
When was the last time you seen the US with any Gold? 40 years 50 years ago, or maybe Ukraines gold recently.
Just in mining output alone China and Russia produce 700 metric tons a year, with minimal export.
Google that.
Importing of gold shows China exceeding 1000 tons annually.
Google that.
I think they are close to making market.
gotta jail 'em like the Hunt brothers. Whaddaya mean? i dont give a fuck that there's 1.5 billion of em JAILEMALL!!
I can't wait for March 20 when the sh#+ hits the fan / Chinese take control of the Gold Market / Exchange !
I have a great idea.....We can use our military to force China to buy huge quantities of opium and sell it to the public. We also make them pay for the opium in gold.
US military is Spent. What's left are gays/lesbians and/or are on psychotropic drugs. That 18 trillion dollar debt thing too...
Don't forg the trannys too!
If it ain't broke don't break it.
Nationalize "The People's Gold of China":
Article 8. All gold and silver purchases shall be transacted through the People's Bank of China. No unit or individual shall purchase gold and silver unless authorised or entrusted to do so by the People's Bank of China.
...and then lease it all to the IMF to leverage global power:
http://www.bis.org/review/r090402c.pdf
So... no?
Does a wild Mooch shit in the woods?
Talkin' about meanin' the Mooch havin' consequences...
http://news.yahoo.com/univision-fires-rodner-figueroa-michelle-obama-182...
Call a spade a spade, and an ape an ape.
Ouch. The truth hurts, though.
"her"?
Does this mean I can quit crying over BTFD back in 2011 at 1750/oz?
" has the deepest pockets, backed by the largest single stockpile."
I'll buy more when they push it down to 800 :)
"I'll buy more when they push it down to 800 :)"
Paper gold will be available at that price, physical: not so much
Same shit more manipulation I would think. China dosnt want to pay more for what it aquires hmmm BULLSHIT
Lets assume what you say is true....ok? That allows everyone else to buy at a reduced price as well.......follow? At some point, in order to get the most bang for the gold, they have to allow the price to rise.
Very True!
TPTB are not driving the price down to accumulate it cheap without them ever seeing a benifit! ie they are not doing it for there grandchldren's sake!
Heck even Warren Buffet won't give any of his grandchildren a lump some of money. he is making them work!
"exceptional"
the indespnsable shithole of a nation steaming at full speed towards its much deserved end...
DEATH TO THE MONEYCHANGERS.
"China is pushing for the International Monetary Fund to endorse the Chinese yuan as a global reserve currency alongside the dollar and euro. A senior Chinese central bank official said Thursday that the country is “actively communicating” with the IMF on the possibility of including the yuan, or RMB, in the basket of the Special Drawing Rights (SDRs).
Including the yuan in the SDR system would allow the IMF to recognize the ascent of the world’s second-biggest economy while aiding China’s attempts to diminish the dollar’s dominance in global trade and finance. “We hope the IMF can fully take into account the progress of RMB internationalization, to include RMB into the basket underlining the SDR in foreseeable, near future,” said Yi Gang, vice governor of the People’s Bank of China.
However, China will be patient until conditions are ripe, Yi said at a press conference on the sidelines of the ongoing annual parliamentary session. In late 2015, the IMF will conduct its next twice-a-decade review of the basket of currencies its members can count toward their official reserves. SDRs are international foreign exchange reserve assets. Allocated to nations by the IMF, an SDR represents a claim to foreign currencies for which it may be exchanged in times of need."
http://thebricspost.com/china-imf-talks-underway-to-endorse-yuan-as-glob...
By then it will be time to bust out the tractor and go diggin.
PBOC and BIS have been saying this since 2009: http://www.bis.org/review/r090402c.pdf
...and Chatham House agrees: http://www.chathamhouse.org/sites/files/chathamhouse/field/field_documen...
Glad people are finally waking up to this phony East/West dialectic being foisted on us, but the Hour is Late.
This IMF have a hell of a lot of say in other peoples business?
Where do they get their money?
Where do they get so much 'power'?
Eleminating the bullion banks' middle men should reduce your cost but hey why would SGE do anything less profitable or different for that matter.
There's no fixing a fix not worth fixing.
The unpublished Articles of the Fed:
Article 1. These Regulations are formulated to strengthen control over gold and silver, to guarantee the Fed's gold and silver requirements for its economic development and to outlaw gold and silver smuggling and speculation and profiteering activities.
Arcticle 2: [this one is secret like China's]
Article 3. The Fed shall pursue a policy of unified control, monopoly purchase and distribution of everything. The total income and expenditure of everything, including the armed forces, organizations, schools, State enterprises, institutions and collective urban and rural economic organizations (hereinafter referred to as "everything") shall be incorporated into the Fed plan for the receipt and expenditure of everything.
Article 4. The Fed shall be the privately owned enforced by the State organ responsible for the control of everything.
Article 5. Everything permitted to be kept, must be sold with the permission of the Fed. No gold and silver may be personally disposed of or kept without authorisation.
Article 6. All gold and silver legally gained by individuals shall come under the ownership of the Fed.
Article 7: [secret]
Article 8. All gold and silver purchases shall be transacted through the Fed. No unit or individual shall purchase gold and silver unless authorised or entrusted to do so by the Fed.
Articles 9-11: [secret -- get it? 9-11. We laugh at you]
Article 12. All gold and silver sold by individuals must be sold to the Fed at zero.
Articles 13-24 [there are no Articles 13-24 as far as you know]
Article 25. No restriction shall be imposed on the amount of gold and silver brought into the Fed, with the exception that we don't have to tell anyone.
Article 26. Inspection and clearance by the Fed of gold and silver taken or retaken abroad shall be made in accordance with the amount shown on the certificate issued by the Fed or the original declaration and registration form made on entry. All gold and silver without a covering certificate or in excess of the amount declared and registered upon entry shall belong to the Fed. Actually, all gold and silver shall belong to the Fed.
If you read through all the articles and try to think about the reason for each one, you could make a case that China is getting ready for an official monetary role for gold, like a gold backed yuan.
It would certainly propel them to the forefront of international currency legitimacy.
word
As the markets realize that gold prices may rise, they'll start to buy gold. Well, if you move enough dollars to gold, and actually take physical delivery, I really don't think they can BS the markets any longer. Because right now almost every single gold contract is settled in cash, not physical metal. The dollar is absolutely finished once the control of gold price is lost by manipulation. The dollar will become what it always has been: just a piece of paper.
I think you are right.
If you listen carefully to Greenspan's Q&A at the council on foreign relations back a few months, he made it clear that at Bretton Woods, the ONLY reason the US dollar was chosen to be the reserve is that it was backed by Gold. That was the ONLY reason.
Who ever backs their currency by gold, freely exchangeable, will be king of the hill. At one time that was America, the next time it will be....?
Squid
Yeah but who cares? History shows that gold backing is only temporary until a government changes its mind and decides to slam the gold window shut. Would YOU trust a paper gold promise from a government knowing the history?
I smell what they are cooking and have made my own gold dish.
Mark 11:15
On reaching Jerusalem, Jesus entered the temple courts and began driving out those who were buying and selling there. He overturned the tables of the money changers and the benches of those selling doves,
Who knew the Chinese were into the New Testament?
My favorite biblical story. Shows Jesus was a big strong caperter who took no shit from liars. I never beleived thoses silly pictures of a skinny frail Jesus. A carpenter who hung out with fishermen thousands of years ago was capable of kicking ass for sure and there was/is plenty of ass that needs kicking.
Yep.
If Jesus went around acting like a First Century Mr. Rogers, the Jews woulldn't have bothered to brow beat the Romans to crucify Him.
So be damn sure you know what you're talking about when you either accuse or praise someone for acting in a "Christ-like" manner.
But on-topic...What part of this report is "actionable". Like most PM news...not at all.
You either buy, sell, or hold. This report suggest at least hold if not buy with sell to come. Is simple really.
I like my Jesus to party.
Nice anaolgy, but we r special here in Merika.....the Chinese don't fit into our nice little box of WWJD now do they? After all, Merika has to be the promised land right?
/sarc
PS, one of my favorite passages. I would have found that scene to me most interesting on that day.
Speaking of Bible passages...
“‘They will throw their silver into the streets, and their gold will be treated as a thing unclean. Their silver and gold will not be able to deliver them in the day of the Lord’s wrath. It will not satisfy their hunger or fill their stomachs, for it has caused them to stumble into sin." Ezekiel 7:19
Doesn't mean I'm against stacking... just don't think it's going to save you in the real Times of Trouble.
Doc Hood
So, how does China feel about the general reference to its soveriegn status as "she"?
The French think they're a she.
They are.
Correct
" La France "
imagine
" Le France ". fuck ugly sounds liike a sinking ship.
Look, i am French and i will resume ...i would not live there for anything.
Just the other day a local Paris bank asked me to. have my passport signed by the CONSUL in Argentina for a €30,000 transfer of retirement money.
France is number one world destination for travelling . If you do not have a good time there for a couple of weeks you are fucked up.. very diversified..LITERALLY.
I know you arrogant anglo saxonnettes defer.
Most peoples around the world consider their countries as female, ie. Motherland, mother country... only a few cultures like the Germans refer to their nation as male, Fatherland.
if the term fatherland sounds totally weird to you, that means your country is also a "she".
AFAIK all the English-speaking Anglo-Saxon nations are "female" as well.
Don't be raycist(?)! You're forgetting the growing Gay/Lesbian disease that has overtaken Amurika. Amurika, the AmbiguousLand, led by psychopaths and perverts, monitored by psychopaths and perverts, with a growing population of psychopaths and perverts.
Well, we're 'safe' for a little while - China iddn't gonna up the price of gold until it makes real sense to do so, when they've accumulated enuff of it to make global market domination a sure thing, rather than merely a hoped-for thing. The article has some measure of sensationalism.
But essentially it's a correct assessment.
So stack while this low price around $1100 to $1200 hangs around - maybe for a few months, maybe for a very few years.....
Then, when China-Russia do fix the price where it belongs, watch silvuh surge too. Stack silvuh. But really stack gold first and foremost.
Perhaps they are deciding to go for SDR status because they already have enough (25K tons?). That would seem to be the last requirement for them to fist the west to death.
the monetary infrastructure is in place for them to choose between the IMF and the BRICS alternative
You think IMF is gonna give them a respectful seat at the table? the way america is behaving ?
China, Britain, the new Axis of Evil?
US accuses UK over China stance"The Obama administration accused the UK on Thursday of a “constant accommodation” of China after the British government decided to join a new China-led financial institution that could become a rival to the World Bank.
The rare rebuke of one of the US’s closest allies comes as Britain prepares to announce it will become a founding member of the $50bn Asian Infrastructure Investment Bank, making it the first G7 country to join an institution launched by China last October."
Funny. What was the rule of law on that one? I remember some of that when I was a kid: "Hey, he can't play on your team, no fair!"
Britain is an Asian country. Who knew?
Edit: I did not say UK.
http://www.bbc.co.uk/news/world-australia-31864877
Even the BBC are reporting it.
"US President Barack Obama, who met Mr Abbott on the sidelines of a Beijing summit last year, agreed the bank had to be transparent, accountable and truly multilateral."
A transparent accountable bank ?? Just like all the others then.
So the gold fix will now will be set by godless communists instead of satanic illumanatics? My, my but we are making progress.
Them Godless Commies sure have a way with stealin' from the poor to aggrandize the rich.
Just as good as any Western Capitalista
They're all sociopaths. Some just look funnier than others.
SCO,... like Turkey, a proxy for Saudi Arabia, that lives on gold, that can then exclude the US and open up about their al Qaeda/ISIS Wahhabi Islamic State that they've been planning to create since 1744 and replace the former Ottoman Empire? That SCO??? I agree.
electanewcongress.com
I sense some depressed and angry gold investors here.
"Bbbb-uu-ttttt I thought g-g-g-old was sss-u-ppp-o-o-s-e-d-d to go up and equities were supposed to go down...."
Bwa-ha-ha-ha-ha!!!! :-)
Long race said the tortus to the hair. But you hang onto all that paper printed up at will and see what it will get you ten years from now. I am proud of your deep historical iforesite and remember buy iAppl on the FD.
I guess you were one of those lucky people that hung onto a pile of cash under your mattress when they pulled the plug on Bretton Woods. Gold was $35.00 ounce fixed price at that time. So you did really well with that investment of hanging onto paper? Don't worry, you'll get your chance to do it again soon.
iofera just remember he who laughs last laffs best. Stack on!
I read this 4 days ago. Well done zero shit.
That just leaves the other 99.43% of Americans. You know, the well informed TV watchers.
I still see one caveat, the FED has access to unlimited amounts of printed up money which it can use to distort that market. The FED can set up many straw man to buy or sell and since "... buyers and sellers will be anonymous during the auction process." they won't be discovered. For example the FED can, after slowly buying trough their many anonymous subsidiaries for months, give the order to sell all at once at a low traffic time, exactly what they do now with the paper gold.
I truly do hope I am wrong on this one so if that's the case please tell me and make my day.
Where does 'unlimited' printing land a currency? Quite unfortunately, there is a trail of countries that has tried 'unlimited' printing. Guess what happened to them?
That's beside the point I am trying to make. I am talking about using unlimited available 'funny money' to buy up the gold slowly for the sole reason to dump it all at once later at some point in time and thus suppress the gold market at will.
Where are you going to get this gold from?
China, India, Russia already buy more gold than is mined/year! With record gold and silver sales in Canada and the US where do you think you will be able to buy all this gold? Who is willing to part with it, certainly not the gold bugs, or China, India, Russia.
Maybe Fort knox, but I dont think there is any gold there.
The only gold you will be able to slowly buy without raising the price is" PAPER GOLD" ans when you do that boy you will really have something of value won't you!
china has been furiously draining the western swamp of available gold since 2012 - china was waiting for the swamp to dry up before doing this - so there is hardly any available gold in sufficient quantity
You are absolutely right. The bullion banks have massive trading accounts all funded by the fed. These accounts short the fuck out of the market on a constant basis. Nobody in their right mind would put in a 6000 lot sell order in the dead of night but that's exactly what these accounts do. The margin on that type of order would be 20 million dollars. ($4000 MM per contract) Total account value would have to be somewhere around 40-50 million.
If I was China I'd lower the price and drain the west of all the precious I could
Why bother, when the west is doing it for you? They don't need to be rockin' no boats on this one.
Hey. Lets not forget that uk will be under solar eclipse http://www.universetoday.com/119281/will-the-march-20th-total-solar-ecli... on the 20th.
I remember reading an article about a rothschild banking representitive paying a special trip to china to advise Chinas central bank and GOV about something that was not mentioned. THAT WAS 2004
Good luck finding that article now...
It was then that I knew that selling everything I had and putting everything into Au and Ag was the correct thing to do and there would be no worries.
You will know them by their actions.
It is all a rothschild pyramid scheme!
BUY THE DIPS AND KEEP STACKING!!!!!
there is a lot of ambiguity out there. russia was just invited to be on the board of swift and china is being integrated into the new london gold trading scheme. if london is to have any relevance china must be onboard so the reset will include all the world's gold(except india's.lol). like all the previous resets(1933,1970, 1980, the 21st century) gold has ramped to a new higher plateau.
if china wants to turn its economy into a domestic consumer for the benefit of greater asia(prosperity circle) then gold will have to be much higher to cover all the yuan that will soon flood the world like the dollar and the sterling before it.
iFuckup will get caught in selling iWatch/ 2015 mac as tungsten gold
http://www.bloomberg.com/news/articles/2014-06-26/china-finds-15b-of-loans-backed-by-falsified-gold-trades
Foxconn can always give you a gold iWatch that a pawn dealer will check for
How to Test your iWatch Gold in Super iPhone HD retina quality Kidding. Tim, can you provide your iCult with a free iBlowjob app? String up an Apple 100 ft. cord that can match a home depot garden hose reel.
Don't forget- China likes the price low while there's still gold to get.
" Who owns the worlds gold? "
" every single gram of it, and why not he earned it. "
sadly most all of the WE BUY GOLD places have gone and closed..don't see much bling on the hood apes these days..sad all that gold went someware, I know it was not Ft KNOX..theres a good question for G washinton of ZH fame..where's the gold gone?
"......From 1st April the Financial Conduct Authority will extend its powers from NOT regulating the participants to NOT regulating the fix as well....."
The Russian SWIFT seat, China gold fix inclusion and 'IMF reform' are all strategic moves for, and papering over what is coming...
New Eurasian SWIFT system already taking shape - finishing this year, so SWIFT will be massively sidelined; Shanghai Gold Exchange will be pushing the gold price, probably much higher, once China, Russia and India reveal what they actually hold; BRICS Bank will also sideline the IMF and World Bank this year; when the new gold price is known, the BRICS could introduce 1% gold exchange currencies, and most of the rest of the world will follow, so no need for SDR or a global reserve currency, as early as April by the sounds of it.
The new multipolar world is truly born and we will see which nations are swimming naked.
China is going to continue hoarding gold while the rest of the world prints and prints and prints. Eventually, at a time of their choosing, they will switch to a gold standard and buy the entire planet. They will take over the world without firing a single shot.
the battle royal, brics vs bis.
the imf are just middle men taking the vig for loaning out the bis's paper.
it's all going to boil down to each countries population, the first 100 yrs. of america the population was more than willing to rally around what they perceived was the good of god, and country, not so much now.
you get the brics united, they will be a force.
the who's is bigger than who's is coming to an end, the waters being drawn out of the gold pool, and we will see what's really at the bottom.
We are on the edge of another Dark Age and permanent gold backwardation. https://s3.amazonaws.com/khudes/fekete.docx http://www.youtube.com/watch?v=Zy-2GaT6RMo&feature=youtu.be&a Why is nobody mentioning the gold in the Global Debt Facility that the Bretton Woods institutions were created to administer after a 50 year sequestration period? (See paragraph 6 https://s3.amazonaws.com/khudes/BILATERAL.pdf ) Why not ask H.E. Perng Fai-Nan, Governor of the Central Bank of Taiwan, about this Letter of Intent? https://s3.amazonaws.com/khudes/Letter+of+Intent.pdf
The power transition model in the Department of Defense is telling us that a coalition for the rule of law consisting of the BRICS, the G-77, Germany and the US minus the Federal Reserve is now calling the shots. https://s3.amazonaws.com/khudes/Twitter3.9.15.pdf following the Notice of Dishonor of the Fed and Treasury filed with the Director General of the Universal Postal Union, https://s3.amazonaws.com/khudes/Twitter3.3.15.pdf and the filing of UCC-1 Financing Statements with the Secretaries of State in the jurisdictions where the Federal Reserve Banks are located: https://s3.amazonaws.com/khudes/ucc1.pdf
http://presswire.com/content/1324064/board-governors-world-bank-and-imf-announce-transition-asset-backed-currencies