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This is Huge: "Massive Squeeze Coming As WGC Confirms Gold-Backed Yuan "

So the Chinese are listening to Dr. Paul...

King World News is pleased to break the news first in the world for our global readers that the World Gold Council has now confirmed the Chinese are going to back the yuan with gold. Today a legend in the business, Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, informed KWN of this development and also stated, “... the gold and silver bulls are going to begin to trample the bears at some point in the near future.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/...




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I bought a new hot water

I bought a new hot water heater today. I'm hoping it makes it through the greatest depression.

PS

Japan to print 270 trillions yen to really p*ss off China lol

In real terms I do not agree with this kind of policy and in the long run it will most likely implode the economy yet it will be interesting to see what China does vs the devalued yen.

donvino

Look up Pastor Lindsey Williams

He remarks on this currency war as the precursor and one of the final stages to the global financial collapse. Here is a sample and link.

https://www.youtube.com/watch?v=FL5Y-9Ovj4E&list=UUzx6mmRT6j...

Old news

That interview was published Jan. 23.

Yes old news...

It does not make it irrelevant. I am surprised to see it at the top now after so much time, but it is relevant.

yep

Might as well lay down and let China tickle everyones ears and bellies.

The West has made China what it is through the sweat of taxpayer dollars and now it seems they are going to stick it to everyone. I will not understand how incredibly stupid everyone for the most part has become. 50 years ago people would not stand for such BS.

China is on the hook for hundreds of billions in pre PRC issued bonds to Westerners for mega projects in the 30's and has no intention to honor these debts. Russia honors USSR debts.

China poisons us and our pets and trades garbage products and commits espionage, hacking, and pollutes the planet amongst other transgressions. Meanwhile, everyone is supposed to love it.

This will no doubt get downvoted imo ....yay go team

This is in no way an indictment of the avg Chinese who is just striving to eke out an existence.

donvino

Excuse me?

"The West has made China what it is through the sweat of taxpayer dollars and now it seems they are going to stick it to everyone. I will not understand how incredibly stupid everyone for the most part has become. 50 years ago people would not stand for such BS."

This coming from a subject of a regime who has enjoyed the exorbitant privilege of printing the World's reserve currency for over half a century? This coming from someone who has the privilege of earning $20/hr for a job his counterpart may earn $0.15/hr in China? This coming from someone whose tax dollars are paying for the frontal and flanking military encroachment of every defenseless available side of China? Hello! They save. The US borrows. Despite the colossal advantage the US regime has had and consequently its subjects, we blew it. Get used to it. No one did it to us. We did it to ourselves.

Well, that's it then.

We lose. Time's up. Game over. Do not pass go. Do not collect $200. Go directly to third-world-country status.

This is the point of no return folks. I hope you have plans. America's economy really is done now, this is the writing on the wall and it confirms all of the estimates Ron Paul and others have made.

Unless we go to war and stop China from making a gold currency like we have to all of the smaller countries that tried it, we are in for a very rocky few decades.

Freedom in our lifetime! - fiol.us

Things are heating up, aren't they?

The new credit card fees have my eyebrow raised. That is how they get their "magic money machine" to run, and those fees will cause a flight to cash in this tight economy - people are pinching pennies. Jim Sinclair said gold's next move will take it over 3500, and Jim is not prone to exaggeration or superlative speculation. When that man talks, I listen.

This is the article that got my posting privileges revoked:
http://bklim.newsvine.com/_news/2013/05/12/18212165-dr-stan-...

China Gold Reserves “Too Small” - Ensure “National Economic and

China Gold Reserves “Too Small” - Ensure “National Economic and Financial Safety”

http://www.businessinsider.com/china-gold-reserves-too-small...

Gold Lease Rates Turn Sharply Negative....

Not sure if this is related, but short term gold lease rates have gone sharply negative since this story broke.

Ed Rombach

So I don't disagree, BUT.....

I own shares of CYB denominated in $s, and there has been no share price increase. Futures don't show any discernible spike.

So, in theory, I certainly don't disagree, but the market data does NOT reflect the position asserted by the Op or WGC.

You also have to account for the hard facts of the data on the ground too. And those do not demonstrate any kind of Yuan appreciation against the dollar yet.

The World Gold Council Office in New York

New York
510 Madison Ave, 9th Floor
New York, NY 10022, United States of America

T 212 317 3800

Maybe someone should call them and confirm if this truth.

"King World News" is the ONLY

"King World News" is the ONLY place reporting this? I'd wait for additional sources. Sounds like a completely made up story to me.

King World News?

Was this the entity that reported the death of Paul Ryan (?) a number of years ago, as well as the coming of some imminent international financial thing that never held out to be true (Paul Ryan appeared alive and well weeks later...)? Or am I thinking of the wrong entity. I can't remember... Anyone else remember that?

Iran is selling its crude

to Russia, China, Japan, Turkey and India for gold, not the world's reserve currency (the US imposed sanctions). The war drums are beating against Iran just as they did for Libya and Iraq. I'm still trying to figure out what happened to 143 tons of gold removed from Libya. Last I heard, it was moving towards Chad.

http://www.cnn.com/2012/11/29/world/meast/turkey-iran-gold-f...

http://www.bullionstreet.com/news/libya-scrambles-for-missin...

http://www.bullionstreet.com/news/libya-gold-parts-of-treasu...

C_T_CZ's picture

New world reserve currency..?

They want their currency to be the the reserve currency of the world (replacing the dollar).

I'm not sure about this blog or the truthfulness of the statements, but if true it is indeed a big deal.

rEVOLutionary Ads: It's Better Than Sitting On Your Rump Doing Nothing™

How will this have an effect

How will this have an effect on our economy?

Incrementally.

Around here, pesos are money. There is a heavy Mexican population, and if I go to the right part of town, I can pay in Mexican fiat dollars.
China is cutting deals in Idaho, supposed to be developing a 50 sq mile area south of Boise into an "industrial park" or something like that, where they will take the goods they "manufacture" here (they have mining claims in the area, too) and ship them to China. By using their piece of Idaho (which for all practical purposes becomes China, US and Idaho law will not apply there and I will be forbidden to enter the area) they will avoid all tariffs. Now, the above is my best effort to piece together the fragments of information I get, and all of this is moving VERY slowly.
Anyway, if Idahoans get a chance to go to "Chidaho" and exchange fiat dollars for gold backed yuan, Idaho's economy will fall in about ten minutes. But it may be decades before it gets that far.
People on the FOREX will be able to do that immediately though, so due to the way the paper markets wag the metal dog, it could have a pretty serious impact and start the panic buying spree.

This is the article that got my posting privileges revoked:
http://bklim.newsvine.com/_news/2013/05/12/18212165-dr-stan-...

China will be bound to

China will be bound to whatever laws the US and Idaho wish to apply to them in the area. I highly doubt they are going to manufacture goods in Idaho and ship them back to China since that makes absolutely no sense at all. Wages here are much higher and transporting goods costs money, so why wouldn't they just manufacture everything in China? It's more likely that they want to extract natural resources from the land and sell it to whoever will buy it.

I find it funny that people are saying the Chinese are going to back the yuan with gold since it seems pretty unrealistic. The money supply in China expands ~20% year over year (not including credit), so the idea that they could somehow back all of this with gold, without eventually having to go off the gold standard seems somewhat ludicrous.

I guess what I'm trying to say is that one should exercise more caution before jumping to such conclusions.

I hve it first hand from a friend who works at an international

company that the Chinese have gold vending machines and are encouraging the populace to buy gold. There is also an article from others at the source (kingworldnews.com) that have stated that China is now the second largest holder of gold reserves. This info is worth looking into, imho.

According to all of the

According to all of the Chinese I know (they are actual Chinese people that still live in China for several months of the year), the vast majority of Chinese people do not buy gold, and are not even allowed to.

As I undersatnd it

and I freely admit I do not have "solid sources" - just trying to keep an eye on my back yard...
They will bring Chinese workers over who will live in Chidaho, and they will live here as Chinese citizens under Chinese law. Idahoans will not be permitted in the area. And "manufacture" is a euphemism - the Chinese have pretty much cornered the market on rare earth metals, and they will be mining Idaho's rare earths and sending those back to China. They will then be marked up and sold back to the US.

This is the article that got my posting privileges revoked:
http://bklim.newsvine.com/_news/2013/05/12/18212165-dr-stan-...

Northern Idaho Is A Mineral Rich Area.

From what I read, several years ago, the Chinese government has already bought {using U.S. dollars}some working Gold/Silver mines in Idaho, and are shipping, by rail and ship, un-processed ore back to China to be processed in China.

Here is an old bookmark I saved on American "duty free" zones:

http://ia.ita.doc.gov/ftzpage/tic.html

A U.S. List of free trade zones:

http://ia.ita.doc.gov/ftzpage/letters/ftzlist-map.html

Gold backed/{redeemable?} Chinese Yuan would replace the U.S. dollar in international trade, because it would have no liability attached to it.
Every U.S. dollar is "borrowed" into existence, which makes it a liability on future U.S. tax payers, kind of like a credit card debt that cannot be paid off because the debt is way to high.

beesting

I read somewhere that China

I read somewhere that China is encouraging its citizens to save gold.

The human race divides politically into those who want people to be controlled and those who have no such desire. - Heinlein

You read that everywhere. It

You read that everywhere. It has been widely reported on.

Thank you!

Thank you!

Keep stacking

while you can still afford it.

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    I saw something like this happening.

    I'm glad I have some.

    Biggest concern for CIGAs?

    What about capital gains on private sales? Say gold is parabolic and you're trying to sell for $10,000 FRNs per .oz to a dealer? You know he/she won't close the sale without paperwork, so what will the capital gains be? Punitive?

    Obviously I haven't thought much on this, wondering if anyone else has?

    =======
    RON PAUL 2012