China confirms Gold Backed Yuan!!!!!!!! End of USD close.

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posted on Jan, 24 2013 @ 09:25 AM
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reply to post by stuntmanbob
 

I have not read the report but my thinking is that they intend to back the yuan with gold but that they are still several years away from having enough gold. "Officially" we have more gold than they do but China has been secretive about the gold that they have in reserves for some time. In addition all gold mined in China has to be sold to the central govt at current market prices. They also have been encouraging civilian ownership of gold (contra communist history) which makes me think that they will pull an FDR at some point and force the chinese to turn in their gold to the government...when you see that happen then they will be on the verge of declaring the yuan backed by gold. FWIW, historically their currency used to be backed by silver.




posted on Jan, 24 2013 @ 09:27 AM
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Well it makes sense why the US Fed and Treasury department was thinking about doing a platinium coin to be valued at 1 trillion dollars.



posted on Jan, 24 2013 @ 09:28 AM
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reply to post by threewisemonkeys
 


the demise of a people is not something most decent people revel in, whether they are American or any other citizens of the world and the sooner you realize that the sooner you become a better human being.

i agree we need a stable PM backed reserve currency and i think the labor pains to getting their will suck, but to enjoy others misery is fairly nasty and something i would expect from a government official, but not a citizen.



posted on Jan, 24 2013 @ 09:28 AM
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Originally posted by stuntmanbob
So this is why Germany wanted its gold back?


You know what happens when you assume right?

The reason for Germany wanting it's gold back is right here.
www.zerohedge.com...


The German court of auditors (Bundesrechnungshof) has demanded that the Bundesbank undertake an audit of its gold reserves. In an 'audit-the-fed' style effort, the court wants to ensure that the nearly 3400 tons of gold is in fact in existence - 'because stocks have never been checked for authenticity and weight'. Furthermore, the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve. The court questions the practice of relying on a written confirmation from the custodians (foreign central banks). The decision means negotiating with the three foreign central banks for physical verification but in anticipation, the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years.


And do you have confirmation from anywhere else that China is indeed switching to a gold backed yuan?



posted on Jan, 24 2013 @ 09:28 AM
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reply to post by CosmicCitizen
 


How do we know how much gold they have when we don't even know how much gold we have?

Just a thought.



posted on Jan, 24 2013 @ 09:29 AM
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I found this but it leads back to the source in the OP

SGM Metals

Don't know what to think of the news.. But there has been a lot of talk over the last couple of years, it wouldn't surprise me one bit.



posted on Jan, 24 2013 @ 09:30 AM
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Originally posted by sdcigarpig
Well it makes sense why the US Fed and Treasury department was thinking about doing a platinium coin to be valued at 1 trillion dollars.


that's nothing but a farce because the coin wouldn't be backed by platinum because it would make every catalytic converter on earth, become worth millions.



posted on Jan, 24 2013 @ 09:31 AM
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The latest press release from the World Gold Council (gold.org) on Jan 11th does mention a gradual transition towards a multi-currency reserve system instead of a single USD but it also states this...

While OMFIF does not envisage a return to a gold standard, the report says, ‘Gold will increasingly have a renewed role in the global monetary system, attracting a higher level of attention from policy-makers and financial market practitioners.’

So unless major things have changes in the last couple weeks - this story doesn't sound likely. I think China is certainly aiming towards becoming a major player in the financial marketplace but I doubt it would do them any favors to make such an abrupt change overnight.

Although I admit the last paragraph was kind of interesting...

The OMFIF report includes a foreword by Prof. Lord (Meghnad) Desai, chairman of the OMFIF Advisory Board. He states: ‘As China weighs up its options for joining in the reserve asset game, gold – the official asset that plays no formal part in the monetary system, yet has never really gone away – is poised, yet again, to play a pivotal role.’
edit on 24-1-2013 by fenceSitter because: Additional external text



posted on Jan, 24 2013 @ 09:32 AM
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IF this was legit (and that's a big IF) then all the people involved in the decisions making and financial wealth would be reacting pretty quick. Because massive shocks to the market act exponentially. Meaning, when it starts happening, its already to late to get out. So, if something like this was about to occur, you'd see massive swings straight up.

Markets look normal to me!...

this article is on the internet which means the people in the 'know' are definitely going to be educated on its effects now, and yet.. they don't seem to be doing anything about it.



posted on Jan, 24 2013 @ 09:34 AM
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Originally posted by grey580

Originally posted by stuntmanbob
So this is why Germany wanted its gold back?


You know what happens when you assume right?

The reason for Germany wanting it's gold back is right here.
www.zerohedge.com...


The German court of auditors (Bundesrechnungshof) has demanded that the Bundesbank undertake an audit of its gold reserves. In an 'audit-the-fed' style effort, the court wants to ensure that the nearly 3400 tons of gold is in fact in existence - 'because stocks have never been checked for authenticity and weight'. Furthermore, the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve. The court questions the practice of relying on a written confirmation from the custodians (foreign central banks). The decision means negotiating with the three foreign central banks for physical verification but in anticipation, the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years.


And do you have confirmation from anywhere else that China is indeed switching to a gold backed yuan?


it's inevitable i mean seriously look around you and show me a fiat currency that isn't manipulated nor a market that isn't manipulated by the shear volume of corruption? you speak as though this is some kind of fringe belief, hell everyone with a financial brain sees it coming. you cannot keep printing fiats to infinity and still have them maintain value, just doesn't work.



posted on Jan, 24 2013 @ 09:35 AM
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Originally posted by LittleBlackEagle
reply to post by threewisemonkeys
 


the demise of a people is not something most decent people revel in, whether they are American or any other citizens of the world and the sooner you realize that the sooner you become a better human being.

i agree we need a stable PM backed reserve currency and i think the labor pains to getting their will suck, but to enjoy others misery is fairly nasty and something i would expect from a government official, but not a citizen.


Where did I revel in the demise of a people? I was talking about a regime and its mindset. Although I suppose you could blame the people for that, it is their country after all, lest we forget. The demise of the people would be one of their own making, and for that I would not and do not have any sympathy. And I'm a citizen of nowhere, I am a human being.



posted on Jan, 24 2013 @ 09:38 AM
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www.numbersleuth.org...

Check out that statistic.

At $1600 a troy ounce, All the worlds gold is worth about $8.5 Trillion.

Chinas GDP is $7.3 Trillion US dollars at current prices - 2011
Source: World Bank

At current prices they'd need nearly all the gold in the world. They'd need 4,562,500,000 troy ounces.

So Unless China somehow mystically raises the price of gold to maybe millions per troy ounce,
, you just have to laugh. There is no way they can do that.



posted on Jan, 24 2013 @ 09:41 AM
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Originally posted by threewisemonkeys

Originally posted by LittleBlackEagle
reply to post by threewisemonkeys
 


the demise of a people is not something most decent people revel in, whether they are American or any other citizens of the world and the sooner you realize that the sooner you become a better human being.

i agree we need a stable PM backed reserve currency and i think the labor pains to getting their will suck, but to enjoy others misery is fairly nasty and something i would expect from a government official, but not a citizen.


Where did I revel in the demise of a people? I was talking about a regime and its mindset. Although I suppose you could blame the people for that, it is their country after all, lest we forget. The demise of the people would be one of their own making, and for that I would not and do not have any sympathy. And I'm a citizen of nowhere, I am a human being.


your words from page 1 "the demise of the US as a superpower. America, a broke homeless sichophant selling nukes to third world countries in order to scrape together enough spare change to buy a loaf of bread from a chinaman. Would be quite funny really.

would be funny, really? do you think our government will suffer or the people?



posted on Jan, 24 2013 @ 09:43 AM
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Originally posted by DaRAGE
www.numbersleuth.org...

Check out that statistic.

At $1600 a troy ounce, All the worlds gold is worth about $8.5 Trillion.

Chinas GDP is $7.3 Trillion US dollars at current prices - 2011
Source: World Bank

At current prices they'd need nearly all the gold in the world. They'd need 4,562,500,000 troy ounces.

So Unless China somehow mystically raises the price of gold to maybe millions per troy ounce,
, you just have to laugh. There is no way they can do that.


orrrrrrrrr they could change the value of gold. lol oh look magic mathematics in action.



posted on Jan, 24 2013 @ 09:45 AM
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reply to post by DaRAGE
 


An arbitrary figure based on production and current value of known reserves. China buys some 50% of all gold produced, thats on top of its own mining operations. Simple fact is, we dont know how much gold there is in the world, period. Or who has it for that matter.



posted on Jan, 24 2013 @ 09:46 AM
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EL OH EL to all those that went on a crazy gold buying frenzy, Uncle Sam is going to confiscate it again and give you all worthless vouchers, ha ha, better hope there isn't a record somewhere with your name and how much gold you bought!



posted on Jan, 24 2013 @ 09:51 AM
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Originally posted by Thunderheart
EL OH EL to all those that went on a crazy gold buying frenzy, Uncle Sam is going to confiscate it again and give you all worthless vouchers, ha ha, better hope there isn't a record somewhere with your name and how much gold you bought!


They have as much chance of accomplishing that as they do confiscating guns.

Not going to happen!!



posted on Jan, 24 2013 @ 09:53 AM
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Originally posted by Thunderheart
EL OH EL to all those that went on a crazy gold buying frenzy, Uncle Sam is going to confiscate it again and give you all worthless vouchers, ha ha, better hope there isn't a record somewhere with your name and how much gold you bought!


i lost everything, gold, silver, palladium and even my platinum, when my boat sank last week in just over the Marianas trench.



posted on Jan, 24 2013 @ 09:57 AM
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reply to post by LittleBlackEagle
 


Context, a wonderful thing. America thinks it can do what it likes because it's a superpower and because it's people allow it to behave in that manor. I would not laugh at the suffering of people, but I would gladly crack open a cold one while watching the arrogant bully that is The United States of America be flushed down the proverbial toilet. How their own people respond to that, well that's down to them. Maybe they will learn from their mistakes and blossom into free thinking human beings like most of the good folk here on ATS. Or maybe they will just carry on being the selfish, backstabbing nation we've all come to love to hate.

A bit like a child. You're not happy that they burned themselves on the hot tap, you did warn them, but you appreciate the lesson learnt as painful as it was. You don't seem to grasp that.



posted on Jan, 24 2013 @ 10:06 AM
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reply to post by threewisemonkeys
 


show me a government that is not a back stabbing immoral killing machine... that however doesn't speak for the citizens who have done nothing but allow themselves to be conned but that won't last much longer.





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