Finally last Friday the People’s Bank Of China (PBOC) updated its official gold reserves, from 1,054 tonnes, a figure reported since 2009, to 1,658 tonnes. Most gold analysts expected a number substantially higher than what was just disclosed. In this post we’ll analyze the 1,658 tonnes figure.
Why 1,658 tonnes?
- Eric Breaks Down the Numbers and Explains Why Friday’s Chinese Announcement Updating Gold Reserves to 1658 Metric Tonnes is a TOTAL JOKE!
- Silver Smashed to $14 Handle and Gold Closes Week at Bear Market Lows- Are the Metals Headed Over the Cliff for Final Capitulation Crash on Sunday’s Globex Open?
- Is Greece Over, Or Are We in the Eye of the Hurricane?
- Physical Silver Mainstays Go NO OFFER At Authorized Distributors and Wholesalers!
The SD Weekly Metals and Market With The Doc & Eric Dubin is Below:
Since 2007 China has the largest domestic gold mining output, since 2011 the Shanghai Gold Exchange has been the largest physical gold exchange and in 2013 and 2014 China was the largest importer. Now the Chinese seek to escalate pricing power.
The financial media has recently pitched the transition of the London daily gold fixings to an ICE Benchmark Administration (IBA) platform as a quantum leap from an antiquated Victorian-era process to a futuristic 21st century electronic auction.
For example, the Wall Street Journal recently said that:
“Four of the banks…had participated in the conference call used to determine the daily fixes, a system largely unchanged for nearly a century” and that “Gold is the last of the precious metals to make the switch to an electronic platform.”
The evidence suggests however, that in the last decade, the technology utilized in the daily gold fixings was far more advanced than the media commentaries imply, and that since 2004, the old gold fixing was not as technologically backward as is generally accepted.
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-America no longer has any gold so we need to steal it
–Fate of The Vatican’s Gigantic Hoard of Gold
-Why the U.S. doesn’t want the reset to happen
Willie’s full interview on why Gold is About to Run the Game is below:
- Kranzler Explains Why Silver Manipulation Right Now is the MOST EXTREME IN HISTORY!
- Silver Open Interest Soars Over 191,000, Highest OI EVER!- 1 B Oz of Paper vs 50 M oz of Physical!
- Cartel is losing control of the market- UTTERLY FAILING in This Week’s Attempts to Smash Silver Under 16!
- The ULTIMATE BLACK SWAN That NO ONE IS LOOKING FOR!
- Greek Crisis Nears End-Game- Greek Depositor Bail-in & Capital Controls This Weekend?
- London Source- London Will Be Out of Silver to Send to Refiners By Sept/Oct!
- Silver & the Shares Will Be the Best Performing Assets of 2015- Big Money Expecting MUCH HIGHER Prices!
The SD Metals & Markets With The Doc, Eric Dubin, & Fund Manager Dave Kranzler is Below:
In Part 2 of this excellent interview with Finance & Liberty, Hat Trick Letter Editor Jim Willie breaks down why the coming conversion of U.S. Treasury Bonds to Gold bullion by Eastern nations will be seen as a declaration of financial war.
The Golden Jackass’ Critical Update on China’s Liquidation of T-Bonds for Gold is Below:
20,000 metric tonnes. Nearly triple the US’ “official” gold reserves of a little over 8,000 metric tonnes.
The number boggles the mind. Macleod’s claim has been ridiculed by the establishment and alternative media alike.
But just for a moment, pause to think… What if the astute, Head of Research at Gold Money, London Gold Expert is correct??
We are entering a new phase. The Chinese conversion to Gold bullion will be seen as a declaration of financial war.
In 2006 my work warned that China will move from outsourced producer to trade partner, then to trade rival, finally to opponent in trade war.
They are moving to executioner of the King Dollar.
The Chinese government seems to be very keen on developing the New Silk Road Economic Belt as quickly as possible; an initiative, said to be designed by President Xi Jinping himself, that will increase economic cooperation in the wide Eurasian region.
At a stunning speed China and Russia take the lead in strengthening ties in the area. For the wind down of the US dollar hegemony the Silk Road economic project is an important tool. As part of this project two clubs are rapidly developing as we speak, the Asian Infrastructure Investment Bank (AIIB) and the Eurasian Economic Union(EEU).
Additionally, China has confirmed it is incorporating gold into the Silk Road project.
Fear trade enthusiasts should keep a close eye on the actions of the PBOC (China’s central bank). Most major actions of the PBOC are not related to the love trade. They’re related to the fear trade.
A growing Chinese QE program, a possible announcement of higher official gold reserves, and/or a public endorsement of gold by the PBOC could create a very powerful rally in gold, and an even bigger one in gold stocks!
If China engages in a major QE program, its stock market could soar higher for years, and citizens would celebrate by buying vastly more gold jewellery.
Nothing the Fed does in its meeting this week will change Apple’s plans for massive sales growth in China, and nor will it change the insatiable and exponentially growing appetite of Chinese citizens to own a lot more gold.