Jim Rickards ChinaTangent Capital Partners Senior Managing Director Jim Rickards was interviewed by Bloomberg’s Deirdre Bolton and discussed China and world reaction to the U.S. debt ceiling debacle.
Rickards discussed this week’s op-ed in which China’s government newspaper openly called for the world to move away from the dollar:
Nothing gets printed there that they are not in agreement with.  It basically calls for a de-Americanization of the world.   It is a signed op-ed go up — calling for de-Americanization and basically saying that the global dollar has been abused by the US.
The intentions are clear, China wants out of the dollar, but they do not have the capability.  This could be kind of a five- year project, which they are now pursuing in earnestThis is a shoving match between China and the US. behind the scenes at the IMF.

Bolton- Would you buy gold or not in this environment?
The Chinese bought several hundred tons in June.   I would do what the Chinese do.
Rickards full MUST SEE interview on China, debt default, and gold is below:

2013 Gold Eagles As Low As $51.49 Over Spot at SDBullion!

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  1. and now you know why JPM Chase wants capital controls. When the rush starts for gold and silver at off shore bullion  banks, the buyers won’t  be able to wire funds to buy the phyzz
    that’s one small element of the capital controls but vital if the big banks are to retain capital to exercise bail-ins and retain deposits to buffer against losses,  pay attorney fees and regulatory fines.  If one of these TBTF banks gets its butt in a crack and we see a bank run, it could be game over. 

    • China is dealing with inflation more honestly than Ol’ Ben B. The $US just hit an all time low to the Yuan. Retail gold got down to $1,361/oz recently and I’m sure it will be back to $1,430/oz very soon. The salesman said the lowest it got was $1,290/oz.  I have never seen lines formed at these prices, and stock of 10g through 1,000g bars has been plentiful. Remember what Putin did to US over Snowden and agenda in Syria and then remember China and Russia are close allies. So while US worries about China from financial perspective don’t forget to pair up Russia with other US concerns.  The US just voted to bankrupt itself while opening the gold discount door to all of its advasaries.  I’m sure there is a strong likelihood China and friends were offered the gold discount in exchange for keeping quiet about destroying dollar.

      Gold and $US are on the move early Thursday morning….

    • Amen to that!   The interesting question is how long it will take for other banks to announce their similar restrictions…  I have some anecdotal evidence that this is already happening at Citi but not a second confirm on that at this time…  dollar now under 80 USDX.

  2. Great article, Not only the Chinese are now able to buy gold!! People around the world are buying gold in their droves from companies like Karatbars International. For the first time in history this company are allowing people to build up their own gold stocks by the gram.  More information on this revolution can be found at http://www.partnersingold.com This is one new company that people will find useful. 

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