The Russians came up with an extraordinary statement recently, central to why Russia and China are buying gold, the importance of which was missed by the media.
President Putin said that “Russia and China need to secure their gold and foreign reserves.” He may have been overstepping the mark in making comments about China’s monetary policy, but he was unlikely to have done so without good reason.
Furthermore it is impossible to secure foreign currency reserves, because they are at all times under the control of the issuing central banks.
So what Putin was actually implying was that China and Russia need to secure their gold.
The signs are as clear as daylight:
It amounts to an Asian gold strategy that excludes the west, and by suppressing the gold price through sales and leasing of monetary gold western central banks have unwittingly enabled China’s carefully thought-out plans.
How and when will western central banks break the news to us all, that the bulk of the gold reserves entrusted to them are now in Asian hands, and they have been secretly complicit since the 1970s in setting up a whole continent with what amounts to the largest wealth transfer in history?