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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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This is the ugly downside of manipulating the price lower. Sure, you can fuck over the gamblers in the paper casinos, but if you set the price at 1580 and somebody steps up and says 'sure, give me a couple of tons' then you're stuck having to deliver (especially if the person doing the buying has some kind of other leverage over you, say, funding your deficit). So when you hear about allocated accounts being vaporized, or Libya (and their gold) being liberated, or Greece guaranteeing their loans with gold, this is what's driving those things. Also, if you check out the commercial positions, it becomes apparent that they've been working for months on edging out of their short positions - $20 up, sell calls to the spec longs, $30 down, close out those new short positions, and as many others as possible.
Lots of bullshit being spread and obfuscation, but the basic underlying story is pretty simple - things that can be created in unlimited supply (eg USTs USDs) will not hold value over time, while things are valued, and that can't be created in unlimited supply will hold value over time.
china is simply getting ready to back up yuan with gold. they need it in order to make yuan new world reserve currency
...and Yuan currency to rule them all!
https://www.youtube.com/watch?v=Eh44QPT1mPE
Live from 1971- Neil Young.
“The desire of gold is not for gold. It is for the means of freedom and benefit.”
-Emerson
I don't believe the U.S. has 8,000 tons of gold. Nor do I believe the COMEX has 100,000,000 ounces of silver.
a firm non-believer in official statistics
..stick around, you'll fit right in
Do you believe in creation or evolution....no matter.
In either case, millions believe you are wrong.
Millions believed in Enron too.
DING! DING! DING! DING!
The last time Fort Knox was audited was in the 1950's so I read. Why is that? Tungsten too easy to identify now?
SHOW ME THE GOLD!!!!
It would be easier to pull up photos of the Baggage cars that carried gold to the trucks which ferried it to Ft Knox.
Hey Gringo.
If you did believe it you would also believe that the bear shit on a jewish pope in the woods.
China is the biggest producer of gold and if you take a considerable amount of gold outside of China is a crime to be charged.
Therefore the real gold reserve of China is in China rather than the public amount sitting in the Fed or World Gold Concil balanced sheet
(a country which infamously sold 400 tons of gold by Gordon Brown at ~$275/ounce)
Gordon was a socialist and only according to him, an economic genius.
To the rest of us he was a very sick (and sad) bitter twisted person who professionally/politically was a trainwreck with everything the Tartan toerag touched... though he always cooked the books to hide his total incompetence (yes he was a pathalogical liar too)
I didn't think we could find a worse Prime Minister in British history than Tony f'n Blair ..Brown surpassed him in 3 short farcical years!!!
Brown must be royally pissed off about not getting the World Bank president post - after all, he sold out UK interests exclusively to bail out complicit bankers, so from his point of view, it must only be fair if the insiders now grant him top post.
Sickening. The Brown/Blair pairing is a bigger financial catastrophe than the second world war.
China better be melting that down and checking for authenticity.
They are, according to Jim Willie. They recast it into kilo bars, from 400 oz delivery bars. I think it is for two reasons, to make it easier to trade, and to remove the tungsten.
http://www.gold-eagle.com/editorials_12/willie062712.html
Easier to bury and hide about the place. Easier to palm. Easier to move in bulk disguised as goods. Easier to disperse. Easier to carry.
I believe there are more advanced methods these days.
So does the U.S keep gold prices suppressed so China will keep buying our debt and in turn get gold at a "reasonable" price? I know there are other factors at play like the prevention of a competng currency. But there has to be more to it, or why else let China build up their reserves at these levels?
300 families own planet earth
the decision was made to crush western civilizations (too much trouble, too costly, too inefficient) sometime in the last century and a half
this is just the play-by-play from the grand chessboard
there is almost no point in debating the behavior of internal mechanisms when the operation of the machine is understood
but its a great point all the same, you nailed one of the basic "changeover" mechanisms
Interesting. I'd like to hear more about that. Any recommended reading?
there are many places to "source" the information, this book might be one you'd like,
CONSPIRATORS' HIERARCHY: THE COMMITTEE OF 300 by Dr. John Coleman
http://www.greatdreams.com/coleman.html
I always recommend folks do their own search, and follow what seems plausible or "true" for them - it helps keep the knee jerk "tin foil hat" response at bay.
also, I've found that gathering information from many sources that say essentially the same thing reinforces the truths in one's mind - rather like the big lie we currently live in, maintained as truth simply because so many people have been told it is, and never questioned. . .
China stopped buying UST's in July 2011.
There is a quid pro quo going on ,but I have'nt worked it out yet.
Did the Chinese threaten to dump their entire dollar reserves at once unless
they were allowed to buy gold on the cheap ?
Do not forget China is also the world's biggest gold miner @ approx. 300 tons
per year.That the 'official' figure,so who knows what the real figure is.
Well my thoughts are that the Chinese are the new primary dealers since they have direct access to the treasury bi-passing the existing primary dealers. China buys long dated paper and flips it to the fed while making money on the spread. That helps sterilize the fed purchases. The existing primary dealers are forced to load up on short term paper, thus the swelling in their balance sheet. It's all a shell game at this point.
Perhaps that's why gold launched to 2G last August. The Chinese were buying buku gold with their us treasury notes. Perhaps the U.S. Gov made a deal with them, the usg will hold gld at 1700 so the chines can dump qiuetly. Gold going to 3k would cause a panic out of dollars. So whats the burn rate of 2T at 1700 an ounce?
Note: China did not import 315 tons of gold in the first 5 months of 2012. Chinese individuals ( and probably a few companies) imported that gold mostly in little bitty gram-size pieces of metal, not paper. It is also not part of China's 'official' holdings.
But of course, it is. China can call in all that privately-owned gold any time it wants to. Wonder what that would do the the "official holdings' numbers. You have to assume that this is the plan behind allowing its citizens to own gold. Stealthy move oh clever Chinese comrades.
Really,
No one KNOWS anything, or, at least, very few do, and it's NOT yopu or me.
An IGR goldgram a day....
digital holographic paper
Yeah but, yeah but, yeah but Gordon Brown was good at economics. (muttley snigger) Believe it or not, thats what the press had him down as for many a year, and thats what many people still accept as the gospel in the UK. When welfare became a by-word for dishing out money like it was going out of fashion; Gordo brought welfare to the masses. Working families, working single males getting tax credits!, twenty somethings with bad backs and sore toes going on the sick, pregnant teenagers getting free houses and free money to raise their sprogs(talk about incentivising underage sex), alcoholics getting £130 a week!! for their "illness"...anyway, the list is practically endless. Good one Gordon, and where did it all get you? The English still told you to fuck off. Ah well.
Those cunts also speculated in immigration - the vast majority of immigrants vote Labour, hence it is in the UK's interest to import more. Or so the train of thoughts of those twisted fucks went.
The EU and the Commonwealth helped all that along. But right enough, when they landed in the UK (granted, a minority in search of easy money, mostly from the commonwealth and eastern Europe), they were always going to vote Labour. There aren’t too many conservative Romanians, lets put it that way.
Its a damn sight worse that a "speculation" gone wrong. It was a deliberate policy intent on destabilising the culture of the UK
http://www.telegraph.co.uk/news/uknews/law-and-order/6418456/Labour-want...
Yeah, they'll be btfd quietly. Whadda they say - softly softly catchee monkey?
Hence my avatar, Htare...
The Bizarro World
Not to worry, the POTUS in a speech today, which oddly enough given the PFG scandal, took place in Cedar Falls Iowa, sez he will save us:
POTUS: I want to take half the money we're no longer spending on the war and use it to put people back to work
http://www.kwwl.com/
Half the money they no longer spend on war, but still are financed exclusively through the issue of new bonds.
I figured half the money we no longer spend on war would be about $0.50. ;-).
A very emotional subject.
Primary elliott wave count for gold remains bearish.
http://bullandbearmash.com/index/gold/daily/
Iran is probably trading oil to China for long range nukes and gold with India for rice.
the fundamental problem i see too often is people still characterizing it from the standpoint of national identities
which, functionally
under a new world order global banking cartel, with outright technocratic fascism playing out via Kleptocratic Plutocracy
is an absurdity
there are no more nation states anymore, there are no competing ideologies
THERE ARE MERELY SUBSIDIARIES AND OPERATING UNITS OF NWO INC.
the markets are holograms, LOOSELY tied to fundamentals
sometime in the last century they did that thing like Indy does in Raiders of the Lost Ark with the Golden Idol
perhaps that was even very subtle predictive programing
the inside joke and the inside job for 14k years
i know im sick of it, how about the rest of you lads
It is not unexpected. In order to buy oil from Iran, they buy with gold since they cant use dollars.
Correct, there is allot of odd Bi latteral trade bed fellows popping up lately. Kish Island Oil Bourge does not accept the USD for oil payment, anything but. We knew that Iran was going to chair OPEC in 2005 and refuse the USD, just can't quite get passed this Syria widget right now, then we can liberate them from their Nuke war heads, and those Unicorns their harboring.
One for you, two for me, three for China, 4 for the Central banks....
It's amazing with that kind of buying going on with Physical and the prices still drop. I guess I will never understand how it is done... I know the paper shares aint worth anything.
The way it was explained to me by my broker, off the record as he insisted was, they flip and roll in house paper they write as contracts = fraud. Take that for what it's worth.
sometimes I feel on ZH I am in a congregation of Zoroastrians who worship the golden calf, and await the arrival of the tablet of the burning bush, the ten commandments of the new age of Austrian hopium and Boston tea party sympathy.
I see Gene and some other douchebags gave you a green arrow on that bullshit.
Do you worhip Karl Marx too?
why do you worship Ayn Rand? You give me the creeps. I get the feeling you are truly zoroastrian and even crazy austrian like the man with the mustache. I only worship men you love a kick up their ass when I smell their inquisitorial breath. Seig Heil to your bay of anschluss.
Not at all dickless. I'm a fun dude who likes to swim, walk the beach, and drink beer with his friends in Maui, Hawaii, USA.
I imagine you as someone who thinks he's smart but chirps like an arrogant, condescending little bitch.
Am I close?
well thats not for me to say; but don't fall into an incoming wave from far yonder, you might just meet the ghost of good ole Karl, and that would make your beer feel like rancid goat's milk. Tell you what, I'll buy you a refill if you sang the internationale to the glory of the brotherhood of wine drinkers. You can keep the change as ole Karl's ghost has a habit of reappearing. Thats 'cos the pigs from your Bay have the habit of being stranded on beaches where they get their butts kicked on a recurrent basis. Ironically by those no good commies!
Don't mind my condescendance 'cos it matches your rabid intolerant arrogance. Two faces of same coin. That is when you are not the fun dude you like to see in your rear mirror.
Sniffing glue again falak? Bay of Pigs is my birthday, and nothing else you retard.
Did you miss the fun loving Maui part that I posted? You need other proof? Some testimonials? LOL...
well happy birthday on Mauiiiiiiii
Would you like company? You had me at condecending little bitch.
What did Zoroastrians ever do to you, huh?
they worshipped fire not gold. Those that didn't morph to the new faith. Those that worshipped fire were intolerant with non worshippers and were not scared of inflicting final solutions.
It should be obvious to you by now that they will ultimately prevail in this.
http://en.wikipedia.org/wiki/File:Farvahar001.JPG
They nearly took over the world last mid-century. What makes you think they aren't ready for the final showdown?
But you just said they worshipped a golden calf.
I'm not convinced that you are an authority on Zoroastrianism.
My recollection is that the Zoarastrians worship a CAR god called Accura-Mazda
Well, if they push up the price high enough, Italy's debt will not be so bad...
The law of "supply and demand" and its effect on prices is only a law for little people. Only in a fake, manipulated world can the selling of fake assets overwhelm the buying of actual assets.
So we have to keep the price of gold suppressed to help the US dollar? I'm sure the Chinese are really happy for this! Just exactly who are the gold and silver SHORTS working for anyway? The US or China?
non-nationstate alliances and old grievances.
nationstates are history.
What are the chances that any of these countries actually possess that gold? Well, whoever's vaults its in when the shit comes down, is who it will belong to.
Gold just got MONKEY HAMMERED ,like $40 an oz by the terrorist fed resv, and U.S.A Gov. Just on thurs.fri.last week I wrote in a post that the gold and silver one year lease rates have dived down into the negative .55 range,for both on year and 6 month lease rates on gold and silver both. Kitco was not showing this on thier lease rate chart so I e:mailed them and called them on it a few times before they reluctantly showed it on their chart for gold and silver both.the drop into NEGATIVE .55 ,and now thier chart has "vaporized this NEGATIVE CHRISTMAS RATE of -.55 for a couple days to load up the criminal cartel so they can MONKEY HAMMER gold the way they just did.
The scam happens evey time gold lease rates drop to negative .5 or lower.
Happens every time,and I got pictures of charts to prove it.
FUCK YOU' s U.S.A. goverment for allowing this to happen,your as much a terrorist organization as the Federal Reserve you's allow to opererate deceptively under the disguise of a Federal entity. The federal reserve,which is a private operates for profit for a criminal cartel.
Fuck You's...!!!!!!!!!!
Ps...fuck you's kitco lying mother fuckers
Pss...fuck you ESPECIALLY little fucking weasel Timmy G.
Gold - a 5,000 year old spectator watching fiat turn to dust...
Gold is flattered that you notice how shiny and youthful it appears, however it is forged only stellar furnaces and is thus ageless.
in the meantime, gold's fall is accelerating and that is true. What China does in China cannot be verified (Hong Kong is in China), especially not by Western media.
The USD index (DXY) looking odd, making 52-week highs...I would not bet on that staying up for too long.
http://www.marketwatch.com/investing/index/DXY/
Thinking we get some currency correction taking oil and gold back up. This is the kind of volatility the asshole global elites make their bonuses with.
More than 60% of DXY is euro. I wonder what will happen to DXY when the euro dies. It cannot be replaced by the DM. Germany is not 60% of the global economy.
They'll undo the 1999 conversion back into currencies. It wasn't just DM before.
I was in Finland for the Euro conversion and on that New Year's had one hour before the rest of Europe with just Finland on the Euro (so far East it's on a different time zone, same as Turkey). I bought a coffee just for the receipt.
More than 60% of DXY is euro. I wonder what will happen to DXY when the euro dies.
***********
Glad you brought that up-
I really don't think the EUR is quite ready to die yet-although it eventually will-like all of them-but none of the names will die-they will just be of a different weighting make up-
You see by their incestuous relationship-all of them are related and are all genetically linked-
The first major currency that starts collapsing will be saved by weighting to gold-which will force all of them to compete-because if one starts to go-they're all lined up in order to follow-
At that point-gold itself will decide how many pieces of paper of each country it will take to represent its name-
ery true +1000
The long term trend is bumping up against some serious resistance. It should be interesting to see if it breaks through or breaks down.
WE SHOULD START INVESTIGATING THE CONTINUING MANIPULATION IN GOLD AND SILVER PRICES BY THE BOTH US CARTELS THE FED AND US TREASURY....AND EXPOSE THE RESULTS HERE ON A DAILY BASIS - TODAY ALONE WHEN EUR.USD IS TRADING AT A MERE 1.2251 GOLD PRICE HAS PLUNGED FROM ITS HIGHEST OF THE DAY OF 1,600 DOWN TO 1,568 - HAS TO BE MANIPULATED PERIOD
Just take delivery and be thankful they are still moronic enough to LTCM up and do this.
There was once upon a time Hansel and Gretal did not have any Euro to USD numbers to consider.
China will put the world back on a gold standard when they buy all of the gold and then become the reserve currency of the world.
I am also told that China buys tons of US treasuries.
Somebody must really hate me or facts or both here. I actually find it quite amusing. :-)
I'll give you a green Bast-i don't hate you-
If you're one thing--it's consistent-
The sun rises in the east.
You sir are a pedanterast, you molest the obvious.
Gold is rising in price.
July 6th - 1oz gold cost 16.04 barrels of brent crude
July 10th it cost 16.28
It is falling in terms of USD because Ben has temporarily run out of ink.
Fuck knows what it costs in corn. Or moondust. Your bullion dealer must be very accommodating in what they accept for payment.
Who wants a hard valuable asset when you can hold paper at MF Global?
at least one person doesn't have a sense of sarcasm
If Iran is getting Gold for payments you can bet your a$$ the USAGov will bash gold bigtime like they just did with thier ESF ,the criminal exchange stabilization fund.
Gold in US$ maybe but many others have a different value basis.
Wow! Britain has even more gold than Lebanon, the Switzerland of the Middle East.
This guy called it May 22nd:
"Standard fractional reserve banking levers every dollar of deposit at about 20:1 to 30:1, so I would suggest that when the value of Chinese gold reserves hits 1/20th to 1/30th of their USD holdings, there may be an opportunity (or an option) for Beijing to launch a competing reserve currency backed by gold and to absorb any of the more severe losses on their USD holdings the change caused. It would be a very Chinese way for them to extricate themselves from their subjection to US policy, and without dumping treasuries into the market. They may then plausibly insist they are not dumping the US, but merely going their own way."
http://asportinginterest.blogspot.ca/2012/05/enter-sinobuckand-reserve-c...
@batz
thank you
Maybe China bought some of that hot gold that got "corzined/vaporized" from below the world trade buildings.
See gold's relative performance
http://finviz.com/fut_image.ashx?relative_ytd.png&rev=634660477839218750
Duplicate deleted. Meant to post in reply way above -- those "login" buttons are not context sensitive.
CNBC just shut the light off on Dick Bove in the middle of an interview from Tampa for bashing banks..
Do you really think Italy has 2,400 tonnes?! Goldman might have 2400 tonnes of italian gold, but not the people/gov.
Take matters into your own hands!
Buy gold and silver!
Where does Italy keep their Gold ?
If they have physical possession of it, that's 2400 tons that could be sold to keep them out of bankruptcy court.
If they keep it in New York or London, it's probably not there.
yes Gordon did plenty daft things... but he built some fantastic schools my daughter goes to one...
Probably built by PFI. Your daughter will be making payments on it until she retires. http://en.wikipedia.org/wiki/Private_finance_initiative
gold is all about sovereigns, large institutions and uber rich players. ultimately, gold is destined to be held by sovereigns and large institutions in reserve as backing for only mega quantities of whatever future reserve currency is concocted, most probably in IMF SDRs. small players, such as most everyone on this board, might be reduced to bartering their gold for whatever is to be exchanged, at least in the interim, lacking any meaningful standards by which to value Au when the paper gold exchanges seize up and lock down.
Au might accordingly go to zero in US$ or any other fiat while finally decoupling from the fiat metrics of highly leveraged and soon to be defunct exchanges,as it becomes impossible to obtain for any price. on the other hand, silver, which is already being accepted for payment in certain enclaves across the US and the certain parts of world and most certainly in black market transactions will most probably assume the status of day to day transactional currency at least for thecoming alternative economy but even there as the price becomes exponential with exceptional volatility such exchanges will probably not become that widespread.
whatever the case, the mainstream trend is obviously heading in the direction of a completely digital electronic cashless society, as cash transactions themselves occupy presently only a relatively miniscule (7%) portion of transactions, and will be diminishing further. Societal breakdowns, "civil unrest" and accompanying social anarchy along with technological glitches such as inevitable brownouts and blackouts will of course compromise and perhaps render such a payment and exchange control grid useless for large segments of society. In combination all such vagaries and exigencies point to, on the one hand, an unprecedented cashless control matrix for exchange for the potential majority of "consumers" and on the other to a black sub economy wherein barter of anything of intrinsic value, sliver, and possibly Au will be the lynchpins.
Feed him to Queeny. I hear she likes Brown stuff.
Read this before you try to put even one dollar into gold futures:
http://managed-futures-blog.attaincapital.com/2012/07/10/pfgbest-broken-...
You have been warned!
But hasn't China also splurged on more comercial real estate than... you get the point.
Maybe the USA considers all the gold they have, or had, is spoils of war and the Italians and Germans can pound sand or salt.
Bansters-in-my ......correctomundo on the kitco chart of gold lease rates .... out in the open manipulation and flat out LIES!
With the devolping nations and their citizens buying more and more physical gold the paper ponzi is closer and closer to "The Big Reset".
Folks: I am on the ground in China now and to me, "China buys gold" is not a story, a hearsay or a speculation, but absoultely reality that I see with my own eyes.
1) I have been to a "collectible" market in Shanghai which supposedly trades stamps and numasmatics. In reality though, the whole second floor trading area is reserved for gold and silver bullion coins with hundreds of booths and around 5,000-10,000 visitors at any moment. It not uncommon that 50-100 ounces of gold and several hundred ounces of silver are on display in a booth. I took a good number of pics but have no way of displaying them on zerohedge.
2) Every commercial bank or bank branch has a display of gold bars and a nicely dressed mananger (sometimes a hot woman) standing in front of it. Bars are sold at very reasonable premium. It's almost like, if you don't sell gold bar, you don't qualify to be a bank
3) There are literally thousands of Jewlry stores in Shanghai that sell both Jewlry and bullions, the amount of gold displayed in each store can put any Tiffany's in shame
4) Starting two days ago, the top finance TV network CFN is broadcasting an 8-part documentary called "age of gold"
http://finance.sina.com.cn/focus/hjsd/
The government officials, bankers and academics interviewed in the documentary are unanimously exhorting the virtue of gold standard
According the first episode, Domique Strauss-Kahn was arrested not because he assaulted a hotel maid. It was alleged that the IMF didnt't receive 190 tons of gold that the US has pledged, the gold, which was supposed to be delivered from Fort Knox, simply vaporized. After some investigations, DSK found out that there's no gold at Fort Knox. DSK decided to fly to Paris and call a press conference.
Kitco Hong Kong offering to let customers trade PM's and they are really kind as we don't need to hold on to them they will take care of that. We bled them dry of physical silver when it went to 50 an ounce, they must be running low again.
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Eaglefalcon,
Same down here in South China there are so many jewellery shops selling gold of every size and discription it is ridiculous. The most ridiculous thing is the volume of customers buying gold, they are like kids in a candy store.
Silverdragon:
I had the same impression that you had: how could so many people have so much money so that the Jewler's are all humming?
Judging by the the amount of gold freely flowing in the retail market, there's absolutely no way the People's Bank of China is holding a measly 1,000 tons as it claims. It's gotta be much more.
The Director of SAFE (State Administration of Foreign Exchange) was interviewed in the documentary age of gold, and said "gold has to be a major component of our foreign exchange reserve". Another guy says PBOC needs to expand gold reserve to 5,000 tons, another says "as big as the US reserve". I'm afraid their accumulation phase is almost over and they are about to throw the gauntlet
Well if Gold is really only 1.6% of China's reserves it would make sense for them to import gold really regardless of just about anything. If they were still importing Gold after say 50+ % of their reserves were Gold then it would be a different story IMO.