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China Imports More Gold From Hong Kong In Five Months Than All Of UK's Combined Gold Holdings
There are those who say gold may go to $10,000 or to $0, or somewhere in between; in a different universe, they would be the people furiously staring at the trees. For a quick look at the forest, we suggest readers have a glance at the chart below. It shows that just in the first five months of 2012 alone, China has imported more gold, a total of 315 tons, than all the official gold holdings of the UK, at 310.3 according to the WGC/IMF (a country which infamously sold 400 tons of gold by Gordon Brown at ~$275/ounce).
As for the UK (from the WGC):
From Bloomberg:
In May, imports by China from Hong Kong jumped sixfold to 75,635.7 kilograms (75.6 metric tons) from a year earlier, Hong Kong government data showed. The nation “remains the most important player on the global gold market,” Commerzbank AG said in a report. The dollar fell from a five-week high against a basket of currencies, boosting the appeal of the metal as an alternative investment.
“Higher physical demand in China is good news for the market,” Sterling Smith, a commodity analyst at Citigroup Inc.’s institutional client group in Chicago, said in a telephone interview. “The mildly weak dollar is also positive.”
The World Gold Council has forecast that China will top India this year as the world’s largest consumer because rising incomes will bolster demand.
And those looking at the trees will still intone "but, but, gold is under $1,600" - yes it is. And count your lucky stars. Because while all of the above is happening, Iran and Turkey have quietly started unwinding the petrodollar hegemony. From the FT:
According to data released by the Turkish Statistical Institute (TurkStat), Turkey’s trade with Iran in May rose a whopping 513.2 per cent to hit $1.7bn. Of this, gold exports to its eastern neighbour accounted for the bulk of the increase. Nearly $1.4bn worth of gold was exported to Iran, accounting for 84 per cent of Turkey’s trade with the country.
So what’s going on?
In a nutshell – sanctions and oil.
With Tehran struggling to repatriate the hard currency it earns from crude oil exports – its main foreign currency earner and the economic lifeblood of the country - Iran has began accepting alternative means of payments – including gold, renminbi and rupees, for oil in an attempt to skirt international sanctions and pay for its soaring food costs.
“Iran is very keen to increase the share of gold in its total reserves,” says Gokhan Aksu, vice chairman of Istanbul Gold Refinery, one of Turkey’s biggest gold firms. “You can always transfer gold into cash without losing value.”
Turkey’s gold exports to Iran are part of the picture. As TurkStat itself noted, the gold exports were for “non-monetary purpose exportation”. Translation: they were sent in place of dollars for oil.
Iran furnishes about 40 percent of Turkey’s oil, making it the largest single supplier, according to Turkey’s energy ministry. While Turkey has sharply reduced its oil imports from Iran as a result of pressure from the US and the EU, it is unlikely to cut this to zero. The country pays about $6 a barrel less for Iranian oil than Brent crude, according to a recent Goldman Sachs report.
According to Ugur Gurses, an economic and financial columnist for the Turkish daily Radikal, Turkey exported 58 tonnes of gold to Iran between March and May this year alone.
And here is the punchline: if Iran is getting gold in exchange for products, that means that someone else is demanding Iran's gold in exchange for other products. But we won't read about it until those "others" decide to issue a press release.
In other words, the anti-dollar trade is now alive and well, and Iran has been happily transacting in a dollar-free vacuum since the March SWIFT embargo. Most likely "buyers" of Iran's gold? The usual suspects of course: China, Russia, (both of whom recently established bilateral trade relations with the country just for that purpose, here and here) and India.
So: is gold fairly valued at $1,000, at $1,600 or at $10,000... Or is that question even relevant any more as the part of the world that is not broke is quietly shifting to its as its default currency?
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and gold is dropping ???
When there is 100x more paper fantasy gold being traded (but never physically delivered) than real gold, the price has pretty much nothing to do with physical supply and demand.
The Wall St. and LBMA banks can play their games and set any price they want (A bit like Libor, really) with little or no regard to whether there is any actual metal out there to buy or sell.
Isn't systemic fraud wonderful?
I love Golden Chinese Turkey's!
During the opium wars, China told Britain, you're only borrowing this gold, okay? We'll be back for it once we come down.
I don't know what everyone is complaining about, the UK's currency is the only one is call the "pound" this obviously means it is backed by something that has real value.
That fact that the central bank with the currency called the "pound" has relatively zero gold/GDP is nothing to pay attention to.
British currency notes used to be denoted as 'pound sterling' for the nations creditors.
Pretty soon it will be just be 'pound salt'.
"pound" = go pound sand...
Salt hurts more... no questions please... just trust me.
KILL BILL 2?
I'm in China right now and EVERY BANK sells gold. They always have it displayed in glass cabinets in the corner. They each have around 2 kg on display (on average) and I've been told they have a lot more 'out back'. I make it a habit of asking how popular gold is to customers and the managers confirm that a lot of people are buying.
pound of flesh
Ned Naylor-Leyland on CNBC: “Gold May Have Been Manipulated Like Libor”:
http://maxkeiser.com/2012/07/09/ned-naylor-leyland-cnbc-gold-may-have-be...
Fantasy Gold: I like it! I can almost hear midget tranny porn yelling "Da paper, da paper" and ringing the bell.
Those are some pretty insane figures/charts above. So is China importing Gold because of economic / currency problems ahead?
So much going on, in every part of the economy Local and Global.
http://www.dailyjobcuts.com
Our currency or theirs?
Not a clue, just import gold has to mean something like that correct?
It was a poor joke... but, I think it's more of a symptom than preparedness... I guess everyone could just focus on one particular bubble with the cheap money, but I think the money tends to be distributed a bit better. In the end, there are carrying costs for jumping on the commodity train... e.g. deteriorating ghost towns.
Think of it kind of like brewster's millions...
They're buying gold because what else are they going to do. buy more USTs at 1.5% yield? Buy euros, pounds, or the Swiss?
They're buying gold because they have to. They can only load up on so many resources at one time and gold is the best liquid investment they can make.
And why did the chicken cross the road?
I would add because the WANT to...who would want anymore paper when you see what is coming...it seems though they have picked up the pace quite a bit...so when will the Comex fail....not be able to deliver and metal....and London too....the sale of the London exchange stinks....and there has been very very little dealer movement in the Comex...when does the paper market fail....or will it ever since its just a day trade..
"...so when will the Comex fail....not be able to deliver and metal....and London too....the sale of the London exchange stinks....and there has been very very little dealer movement in the Comex...when does the paper market fail....or will it ever since its just a day trade...?"
Yes, when. That's exactly what I'd like to know. It can't happen soon enough for me. I've grown old and lame waiting.
I and I alone know where a fair amount of gold and silver is buried. (There is no map.)
It would be nice if it were suddenly "worth" what it's really worth once again. Right now it's just some stuff under a few feet of dirt and gravel in a lonely place. In a way it's not even worth its weight in paper fiat currency now. I mean, a $100 bill weighs one gram. One gram of gold is only "worth" about $50 now.
I don't even know what silver goes for per gram. Not much. Hardly worth the trouble and risk of digging up.
Jim
For an ounce of gold I can get a good AR and 2000rds of ammo.
With a good AR and 2000rds of ammo I can protect or acquire alot of ounces of gold.
Just sayin........
I already had two (2) ARs (and a number of other rifles and shotguns and handguns, and I don't honestly know how many magazines or how much ammunition, plus various accessories, as well as ballistic helmets, body armor, etc., and also some non-perishable food) before I ever bought my first Mercury dime or my first tenth of an ounce of gold.
The big thing I lack is real estate, especially a place that's both defensible and self-sufficient. I was rather hoping that if gold and silver broke free of the price suppression scheme they might enable me to finally buy a good place. For now I can only dream on.
Call me out if you like just don't whine about prices like the rest of the goldbugs on here do when it crashes.
The gold game will continue until ...
THERE IS A RUN ON THE CENTRAL BANKS BY CENTRAL BANKS.
Who got Greece's gold?
Who else? JP Morgan....
Or Libya's ..?
or the tons of gold in the twin towers that vaporized
These fraudsters and manipulators should get caught, tried (as in guilty, heretics) and sentenced in an Islamic court.
Oh, BTW, was that metric about the UK's gold pre or post Brown's sale?
Helluvajob, Brownie
Thanks Gordo, you total penis.
That miserable Scottish son of a bitch should be castrated and thrown into the Firth of Forth on a cold day.
... with the rest of his psychopathic family.
I wish posters on this site would stop using the words Gordon and GOLD together.
Your not doing my angina any good at all folks!
Wouldn't mind but I never voted for these psychopathic morons and still have to suffer their stupidity.
I'd join in the chorus re drowning in the firth but I have to answer the door now
oh!
no need, the nice pleecemen have simply kicked it off it's hinges....
Oh Jerusalem
I have that Compact Disc. 'Gordon's Gold'. OH! Sorry, PBC!
this is really the fundamental fraud problem
whether we are talking about money, securities or any other asset class today, it is the fundamentals debasement, through instruments, programs, and outright chicanery that should concern us most.
all other arguments devolve on shit like paper/digital vs physical
People who are buying paper fantasy gold do not want real physical gold, they want paper fantasy gold exposure. These guys are not demand for physical gold. If they wanted physical gold, the price would rise.
could you tell me why your avatar is a Chinese flag on a German Flag? what's that representing for?
a symbol of all the German manufacturing (and expertise) that is now in and owned by China?
I dunno, but there's sure a hell of alot of those little yellow guys running around in Frankfurt. I can'y spit out my 6th floor window without hitting one on the sidewalk below.
Oh Really?
It's the Steel or Property they must be after.
Steel would be my guess, if getting ready for war... that Krupp will come in REAL handy.
They're just there for the 'Love Parade'...
BRICS + GERMANY = Strength
The fact that paper gold can depress the price of physical is a given - what baffles me is that the premiums over spot for physical are not climbing. One would think that in a supposedly tight market for deliverable metal we'd see a decoupling from the paper price signaled by dramatically increasing premiums. . .
It aint tight yet.
The only time gets tight is when the Bullion Sources put "Limited stock" or ration the physical.
Then everyone buys hand over fist.
That's the only explanation that makes sense. Even if one believes the published numbers regarding world-wide gold stock-piling (I assume that stealth accumulation is rampant as well) one has to think that we'll reach that point of tightening sometime in the very near future. .
Gold premiums aren't rising, but silver eagle premiums are up 25% from 1 year ago
The Premiums stayed the same at my vendor, however the delivery prices charged jumped three to 4 times what it was before.
It's easier to get it off the bay with free delivery and cheaper too if you are careful.
But banks leveraged 100 to 1 allow them more access to capitol to give loans to students and stuff. Bankers are our friends.
It's the mining companies that are the greater fools. They have to be a special bread of patsies to go along with the comex price, london price or the spot price anywhere. They're like sheep. Why don't they just stand up for their industry and refuse to sell at these prices. Above basic cashflow reqmnts, don't sell any gold at this price, just stockpile it. More need to do this.
Miners who finance through debt are almost always forced to hedge or sell production forward. ABX took it a step beyond that in the 90s or early 00's and essentially became more of a hedge fund, as Fekete called it.
banks and shareholders discourage witholding product...short term thinking unquestionably.
All mining companies have certain amounts of inventory at any given time. But to expect that they somehow award themselves better by stockpiling all production is totally unrealistic.
Stockpiling occurs at the banking or savings level, not at the production level. Gold is made to be stockpiled as an asset and leased out in quantity, only to be bought back almost immediately.
Physical gold brought to market introduces arbitrage risk, meaning people will leverage futures to buy gold. Prices then rise. When there is little gold in actual production supply, then prices actually decline as the sheer volume of short selling trades expect no takers in demand. Miners are doing correctly by supplying the market with physical gold, and can only expect a premium when aggressively marketing their gold to interested parties.
By comparison, copper or oil stockpiliing is patently insane.
+100 It's as though the mining companies have the ability to find gold (at least the better ones do) but don't have any fucking clue about the value of the stuff they're digging out of the ground. Honestly, given the rampant stupidity of the executives and boards running these companies, they deserve the shit-kicking the market is giving them.
Quintus, that was the comment of the week.
All the systems rely on trust. We are in deep
Paper gold is dropping.
Gold PRICES......per ounce....are dropping, *$%^@#(&.
Big BUYING should raise prices, it isn't, how come ???
Yes - and there are at least 100 ozs of paper gold claims for every 1 oz of physical gold. So the paper gold price can go up and down like a groom's dick until a real market price is established for the physical.
a 60 year old groom....on Viagra
until the medics are called
The words "Drop your drawers so we can remove the blood from your member by a large needle at the base..."
If that does not "lower the flag" then you are really in trouble.
Yes, gold is dropping and one day it will fall on the heads and toes of those who are fighting it.
but Paul Krugman told me "why would he buys gold at top's?!"
"
Do I believe that gold and silver make for valuable investments? Well, they are used in technological devices, but why not buy apple if you want technology? Or a HC stock. Then you get opportunity for growth AND yield. Gold is too speculative an investment. Besides, it is at a high, why would I buy a top?
The dollar has become stronger, and although that isn't helping our exports, it isn't a bad thing short term. Over the long run we should create growth by increasing exports. In due time, we will."
http://www.zerohedge.com/news/greek-psi-terms-leaked-imply-greek-redefau...
$275 / oz was an all time high, by the way...
Anyone believeing the Gold holdings as shown for China is in the Twilight Zone.
They likely have as much as we do, maybe more.
They keep their REAL info close to the vest. They are going to spring the Yuan, backed by gold,or partially hide n watch.
Just remember that outside of this forum it's considered bad form to suggest that the Chinese are in any way aware of the massive US debt and deficit, are not in any way planning to exploit their growing power in the world, and are content to be America's lackeys forever, sacrificing their own standard of living so they can trade cheap manufactured goods for paper.
Move over english.... "Press 1 for Chinese"
Press 2 for non Chinese.
That is WHY China bougth MORE!
West spends money killing people
East saves money and buys gold.
And we think they are the commies...
False comparison. West and East are identical in their greed, depravity, destruction, immorality, etc. Both excel at crime in their own ways.
When all is said and done, only gold & silver remain as safe haven.
And the funny thing is that Chinese purchases of gold count as imports when in actual fact they are exporting paper dollars in return for real money. That's how screwed up our understanding is. The bottom line is that once you include gold holdings of China in their forex holdings it will become apparent who is the smarter nation.
Good call Mr. Dabolina. Well played.
Bob wrote this?
The fraud just keep on spinning on GOLD/SILVER and now CARS!
Fail: Government Motors Inflates Sales by Selling to...the Government
http://economicaldepression.blogspot.com
Go panhandle somewhere else, maybe Vegas
Canada, zero.
Check out the current stats from the Bank of Canada.
http://www.bankofcanada.ca/rates/related/international-reserves/
...but thank G-O-D for that 8k + of those SDRs...I was worried there for awhile...(sic)
If the Canadian central bank took all of its U.S. forex reserves and converted it to gold, then they would at least have made a good decision which might eventually show a surplus especially in the depths of the gold price correction here. Buying approx. 700 tonnes and taking delivery to the mint is not totally out of the question, either.
I really wonder if policy wonks get it that on the heels of a housing bust, the central bank had better be prepared to bolster its assets to be able to serve as a lender of last resort. I also wonder if they get it that the U.S. dollar is not the reliable foundation it used to be, or that if a monetary crisis occurs in the world, that the central bank will require a hefty balance weighted towards gold.
Gold is a mineral. That is all.
Now how long did it take you to come up with that one? Or did you cheat by looking up Wikipedia?
Fuck Wiki, if something is on the periodic table, Im fairly sure its an element.
Sure...and paper money is just wood fibre mixed with linen and with a pretty picture stamped on it.
What matters is what people BELIEVE it is.
A good part of the world does not buy into the 'Barbarous Relic' propaganda put out by the Western moneycentres.
Neither do the western central banks, I suppose, given how much of the stuff they own and are still buying.
Pretty picture???? Name one..........Andrew Jackson????????
Now if they put Lauren Lyster on there...............
$ 2
Always liked that one.. Especially the backside.
Too bad Ron Paul isn't on the front side of that bill.
He'll be on something, look what they did to Andy.
is it possible china, russia, iran, india after trading in gold for a period of time may begin to back their currencies with a gold standard...how would TPTB attempt to curtail this? would TPTB move then to control or head the return to it internationally rather than allow control to move to another sphere?
"What matters is what people BELIEVE it is."
Well, that is true for currencies and collectibles, but money is not a belief, but rather a definition. The qualities inherent to gold and silver are what make them money, not that people believe they're money. This said, people have been indoctrinated and mis-educated to where they confuse money with currency, but the irrefutable laws of the free market (which is still there, albeit dressed up like a french whore via our friendly governents and PTBs) dictate that money will always return to it's rightful value and place at the end of each fiat debt usary cycle. We're at that point now... days/months much more probable than years.
"We're at that point now... days/months much more probable than years."
I hope you're right. I really do. I need something to change, fast.
Jim
Neither do the western central banks, I suppose, given how much of the stuff they own and are still buying.
EXACTLY, you have to be stupid to not see WHAT the CB's are doing, and it is not hoarding currencies,or USD's.
Make that ALL Central Banks..
And Gene is a vegetable. That is all.
lets split the difference : golden vegetable with a mineral taste.
squash?
No, it's elemental dear fellow.........
GeneMarchbanks.....
.........you are an Idiot.That is all.
so is calcium....try living without it...you ass pimple fuck wad.
The Chinese use the gold to make bullets and IR/heat shiels.
They used to... But Scaramanga & Hi Fat are now dead...
The gold & silver beach balls will not stay suppressed underwater forever. Sooner or later, when the DXY has some real competition in it, the ball will jump out of the water like it did last summer. Keep pulling your phyz out of the system at these sale prices ladies.
Fucking criminals.
Isn't one of the problems that most of the US gold was sent to the US from China for safekeeping pre-WWII?
The US gold is really Chinese gold and the Chinese are being allowed to buy it back with excess fiat Benji-Bucks.
And THEN they use is for IR shields on the space cruisers and deep bunkers.
Research this - Yamashita's Gold http://www.youtube.com/watch?v=Le7SCVNA7Z8&feature=results_main&playnext=1&list=PL77B30C7BB38F76E1
Wow!
Ha Ha Ha !
No, the 8k tons is US gold, down from a peak of 20k tons that the US bled off during the massive expansion in spending during and after Vietnam, man on the moon, etc. Nixon closed the gold window to stop the bleeding, which would have seen the 8k tons become 0k tons pretty quickly.
If I am not mistaken, and I don't have a source handy, the FRBNY holds about 4k tons, a lot of which is the stuff you are talking about (European gold, etc). So, yes US bank vaults house a lot of foriegn gold (for good reason at the time), but the 8k tons does not include these holdings.
Regards,
Cooter
For all anyone knows... 50 years ago someone might have have loaded up a Saturn 5 rocket and uploaded the shit into an Earths orbit...
LOL!!
I can tell your not a rocket scientist fs....
The S5 was a mother of a rocket but you would need to light the heavens up like the 4th of frickin July to get that amount of GLD up there!
The scramble for re-entry material would be exciting tho, it's rainin GLD courtesy of NASA and the US taxpayer!
Bernanke copter eat your heart out LOL!
OK... PBC... (this is just 4 entertainment)... What's the PAYLOAD of a 'Saturn V'?...
Irrelevant if one used the entire USD Paper Money as fuel.
Me thinks cheaper too.
Even today that was quite a rocket.
But nothing like the Soviet Monsters that lifted half as much.
A few weeks ago I read on this site that China was lying about everything.
They most certainly are lying... about their official gold holdings, a number which has not been updated in years, and which when updated to reflect the reality, which is likely in the 3,000+ tons range, will cause quite a few to scratch their heads.
It will cause some to get more agitated than just head scratching. This is an obvious potential paradigm shift in global finance. The reason the dollar was chosen to be the world-wide reserve currency was because the US had the world's largest gold reserves. China is now clearly on a trajectory to change that, and is being pretty open about it. At this pace they could overtake the US by ~2015 in terms of legitimate, historically proven capital reserves.
This has to be causing a real shitstorm in the back rooms of the Central Bankers, as it could culminate in their Guernseys running dry.
if gold becomes an open tool/weapon of a cold war, does that help gold bulls though?
I would argue that it would help gold bulls more then hinder them.
Remember the Golden Rule?
He who has all the gold makes all the rules.
He who HOLDS the gold makes all the rules.
Fixed!
in a relative sense it's great for gold bulls because if/when any realignment comes it will involve big devaluations in currencies relative to gold.
The downside could be that the gold bulls merely preserve their purchasing power rather than expanding it, but they will not suffer the enormous losses that are coming to people who do not own gold, silver, or land.
This may very well be true. And I am scratching my head and not only because US Treasuries look far more safer than gold FOR NOW.
That's not a crazy thought process, I think the likely accurate thinking is controlled crash followed by another paperfest. Controlled crash = +govt. bonds. Paperfest = +everything in nominal terms (including govt. bonds if they are the conduit for the paperfest), but most strongly with gold priced in (insert fiat currency here).
yes but only if they manage to save the current system, europe is not the end of this, if they ever get their shit together then the usa will be Goldamn sachs next target, labor and capital are transnational now.
Uh, and when was the last time we checked our's out?
BTW, thanks for all you do.
just weeks away from a full House vote on Ron Paul’s Audit the Fed bill (H.R. 459/S. 202), and I’m counting on your help.
This Thursday, July 12, Campaign for Liberty is holding an absolutely critical “Audit the Fed Moneybomb” to help turn up the heat on Congress to finally pass H.R. 459/S. 202.
One thing I absolutely cannot get my masters in the future to understand is that in this time, just before the Collapse, China and the US are both lying about their gold reserves -- but in opposite directions.
I'm glad to have the 3000+ ton estimate for No Bullshit China. I wish I could get a similar estimate for No Bullshit US. Right now my own not-very-educated best guess is 0 tons and 0.000 ounces -- unless you count the negative couple thousand tons that the US was holding for Deutschland.
Hope it's not that bad but since we haven't verified in over 60 years, why on earth would the rest of the world believe us? I keep saying that the curtain will someday open all the way, and then BOOM! Government, getting nervous yet? You better be!
amrkn global military occupation bases.
helps with the "belief" systems. . . that and bribing those in control.
Exactly, everone forgets China is also the number one gold producer and quit exporting a drop since 2008. Ive been keeping tabs and I figure they are getting close to 4000 tons. They are currently the number 2 holder of gold because Germany most likely ain't gettin theirs back. Thats if Tricky Dicky did not sell the gold to finance Vietnam. I would not want Fort Knox audited either. Remember those tungsten bars China bught from the good Ole USA?
dp Sorry
This is Hong Kong government data, not Chinese. Yes, there is a difference. No, that does not make it credible or not credible.
It will drop until it doesn't. Then it will rise until it doesn't.
Do you have monthly market reports I can subscribe to?
Anybody take the time to think perhaps it's the Chinese that are suppressing the price of bullion and JPM et al are just acting as agents carrying out their marching orders... Sure, benefiting via their own prop trading but who has the biggest advantage to gain from keeping prices low, .... A DETERMINED and LARGE BUYER!
See: Ted Butler
Gold price held down.
Sovereigns buy gold.
Global return to a gold standard.
Gold price allowed to rise.
Currency worth more the higher gold price goes.
Au / Monetary Base = value/monetary unit. Manipulating the valuation of gold upward with a stable monetary base makes no sense. To increase $ value in terms of Au you need to reduce the supply of paper.
Of course the SBs will print to collapse, so it's really a moot point. At that point Au will be the currency. The real "valuation" for Au is more likely: Above Ground Au stockpiles / World Population with some kind of constant correcting for standard of living/avg consumption. This would give you a more workable trading value.
in booger's scenario, the $ will be replaced as will all other current fiats. one world global currency is the plan, controlled by the BIS and initially and breifly linked to an asset basket of which gold will be the largest %.
If Ponzi banking practices are retained in said "new" monetary system (fictional reserve banking, debt-based monetary creation, etc.) any use of paper as a real, one-to-one proxy for gold will be short-lived. TPTB can try to reset this rigged market all they want but economies are ultimately bounded by supply, not demand - and you can't print supply.
and the Fed Audit will reveal that it is driving aggregate demand for paper PM and playing exchange badmitton with JPM et al.
If this pace merely levels off and China imports 650 tons, coupled with the >350 tons they are expected to produce internally, they will acquire more than 40% of the global output this year (~2500 tons). This is where the real gauntlet is being thrown down. The question is, how will the central bankers respond to this obvious challenge to their monetary authority?
In an unrelated note there was also a record amount of thread and fabric sold in China during those same 5 months.
Very subtle Alpo for Granny, nearly missed that one. Lol
Now that is scary.
Every time I think I'm set someone ups their game. These bastards are not messing around!
some pictures of the next worlds financial center. http://vincentloy.wordpress.com/2009/04/19/the-process-to-final-design-o...
Pass the baton: 1807 - UK, 1907 - USA, 2007 - Asia
pass the bacon ...
U.S. reserves have been personally audited by Bob Pisani.
"Geraldo" Piss on me
I saw that !
They were in a "blacked out" car, but someone as insignificant as the driver knew the location !!!
Too Funny.
They made sure he was driving blindfolded.
either china is a goofy gold bug or china is the first to understand that the fiat shit storm is about to unfurl and the USD reserve has its days numbered all soaked in debt devaluation.
Who is selling all this Gold to china and India? I didn't realize there was so much readily available for delivery. Can someone shine some light on this? Lastly, how much physical gold is left ?
You might want to check what Jim Willie has to say about that. Not sure it is true what he says, but it seems to make sense, at least partially
http://www.financialsense.com/contributors/jim-willie