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

So this is why Germany wanted its gold back?

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.

he second thing I want to make KWN readers aware of is the report which was commissioned by the World Gold Council. This is an incredible document, especially coming from the World Gold Council because it's basically saying that the Chinese are going to back their currency with gold. This would, in turn, displace the US dollar and make the Chinese yuan the world's reserve currency.

kingworldnews.com...

And is this why China and North Korea are talking of WW3 the last few days?

China is sitting on a huge amount of gold. By backing the Yuan with gold they will force nations to seek the return of their gold from the US who obviously doesnt have it. China is going to expose the US Federal Government for its lies in front of the whole world.

We saw what the west did to Gaddafi after he tried to introduce a Gold backed African Dinar. but China is no Libya. Doesnt seem like the USD has long left now.

lol wow theres a "world gold council"

how did i miss this gotta read up on this just because of that sinister ass name

reply to post by stuntmanbob


Why am I not seeing a press release to this effect on the World Gold Council's page? Who, BTW, is basically a trade association for the gold mining industry. I'd think it would at least be mentions there wouldn't you?

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

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.

he second thing I want to make KWN readers aware of is the report which was commissioned by the World Gold Council. This is an incredible document, especially coming from the World Gold Council because it's basically saying that the Chinese are going to back their currency with gold. This would, in turn, displace the US dollar and make the Chinese yuan the world's reserve currency.

kingworldnews.com...

And is this why China and North Korea are talking of WW3 the last few days?

China is sitting on a huge amount of gold. By backing the Yuan with gold they will force nations to seek the return of their gold from the US who obviously doesnt have it. China is going to expose the US Federal Government for its lies in front of the whole world.

We saw what the west did to Gaddafi after he tried to introduce a Gold backed African Dinar. but China is no Libya. Doesnt seem like the USD has long left now.

edit on 24-1-2013 by stuntmanbob because: (no reason given)

The American people will be pissed off when they find out that most of the US gold reserves are in private hands. The irony is that the same Government confiscated most of it's citizen's gold in 1933.

Will they do it again?

Rinse. Repeat.

reply to post by stuntmanbob


So.... this is from a blog?

What makes this blog credible?

reply to post by stuntmanbob


Interesting if confirmed. Only a few days ago the US was beating the war drums over China, declaring it wouldn't rule out a pre-emptive tactical nuclear strike on what it believed to be underground tunnel complexes. These complexes are allegedly part of China's Nuke program, or maybe its where they're keeping their gold, who knows. The United States is it's own worst enemy. The end is neigh.

From your Blog site.

“This is actually a hedge fund named Pacific Group, which is converting 1/3 of its hedge fund assets into physical gold. They have already taken delivery of $35 million worth of gold bars. The head of the fund was quoted by Bloomberg as saying, “In our judgment we are in the early stages of what would likely be the world's largest short squeeze in any instrument.”

$35 million in gold is not much...

Here's the latest spot price for gold for the last 3 days... IT's going down...

Gold
www.kitco.com...
Silver
www.kitco.com...
Platinum
www.kitco.com...

Here's the last decade or so in gold.
www.kitco.com...

There is not enough gold in the world to back any currency.

Originally posted by jtma508
reply to post by stuntmanbob

 

Why am I not seeing a press release to this effect on the World Gold Council's page? Who, BTW, is basically a trade association for the gold mining industry. I'd think it would at least be mentions there wouldn't you?

A gold backed Yuan has been the chatter for a long time now.

Seems it is becoming a reality behind the scenes.

I cannot find any news on this.

Wouldnt this be breakimg news for any network. its nothing but Kerry Kerry Kerry all morning.

reply to post by DaRAGE


I think there are many ways it can be done.

China has the advantage that they have only recently begun to internationalize the Yuan.

reply to post by jtma508

Why am I not seeing a press release to this effect on the World Gold Council's page? Who, BTW, is basically a trade association for the gold mining industry. I'd think it would at least be mentions there wouldn't you?

The WGC does drop a few hints on this issue on its website but they are downplaying it.

Demand for gold is likely to rise as the world heads towards a multi-currency reserve system under the impact of uncertainty about the stability of the dollar and the euro, the main official assets held by central banks and sovereign funds.

Driven by China’s desire to increase its financial influence, the Chinese renminbi is likely to emerge gradually as a genuine international currency as Beijing eases restrictions on its use in transactions and investments abroad, but is unlikely to pose any immediate threat to the dollar.

link



If this eventually happens it will be the nail in the coffin of the US economy. First we lose our credit rating, now the possibility of losing our reserve currency status. That’s what happens when your government is fiscally irresponsible.

not showing on the world markets:
www.marketwatch.com...
www.marketwatch.com...

Originally posted by DaRAGE
From your Blog site.

“This is actually a hedge fund named Pacific Group, which is converting 1/3 of its hedge fund assets into physical gold. They have already taken delivery of $35 million worth of gold bars. The head of the fund was quoted by Bloomberg as saying, “In our judgment we are in the early stages of what would likely be the world's largest short squeeze in any instrument.”

$35 million in gold is not much...

Here's the latest spot price for gold for the last 3 days... IT's going down...

Gold
www.kitco.com...
Silver
www.kitco.com...
Platinum
www.kitco.com...

Here's the last decade or so in gold.
www.kitco.com...

There is not enough gold in the world to back any currency.

There is plenty of gold in the world to back any currency, it just has to be set at the right price so that it does not have a deflationary effect on a nation's economy.

Maybe we will tie the dollar to the yuan instead of vice versa then. (I would LOL but this isnt funny.) As to the reaction in the markets: Gold down $20 and the USD index up .15 this morning. Gold looks heavy up near 1700.

If this is true..we'll know by the end of the day and it won't take ATS to see it. Everyone in the world will know by the end of the day if China has truly decided to return to a gold backed currency. It's a position the U.S. couldn't even pretend to play at matching ....and truly a game ender for our Dollar and...quite possibly, our economy.

This happening on a short/no notice basis is one of those 'nightmare' scenarios, as I understand things from professional economists.

Thanks for the photo of the Blonde on yer Blog...so not news or work worthy...thanks

Originally posted by DaRAGE
From your Blog site.

“This is actually a hedge fund named Pacific Group, which is converting 1/3 of its hedge fund assets into physical gold. They have already taken delivery of $35 million worth of gold bars. The head of the fund was quoted by Bloomberg as saying, “In our judgment we are in the early stages of what would likely be the world's largest short squeeze in any instrument.”

$35 million in gold is not much...

Here's the latest spot price for gold for the last 3 days... IT's going down...

Gold
www.kitco.com...
Silver
www.kitco.com...
Platinum
www.kitco.com...

Here's the last decade or so in gold.
www.kitco.com...

There is not enough gold in the world to back any currency.

sure there is, you just value it higher to cover the numbers needed. by your train of thought there isn't enough fiat in the world, if you value it lower. gold and other PM's are the only way to have a reserve valued off of a know limited resource, next to usable goods that is.

P.S. i'm not seeing anything on zerohedge on any of this so it's probably still in the speculation category.

Originally posted by LittleBlackEagle

Originally posted by DaRAGE
From your Blog site.

“This is actually a hedge fund named Pacific Group, which is converting 1/3 of its hedge fund assets into physical gold. They have already taken delivery of $35 million worth of gold bars. The head of the fund was quoted by Bloomberg as saying, “In our judgment we are in the early stages of what would likely be the world's largest short squeeze in any instrument.”

$35 million in gold is not much...

Here's the latest spot price for gold for the last 3 days... IT's going down...

Gold
www.kitco.com...
Silver
www.kitco.com...
Platinum
www.kitco.com...

Here's the last decade or so in gold.
www.kitco.com...

There is not enough gold in the world to back any currency.

sure there is, you just value it higher to cover the numbers needed. by your train of thought there isn't enough fiat in the world, if you value it lower. gold and other PM's are the only way to have a reserve valued off of a know limited resource, next to usable goods that is.

P.S. i'm not seeing anything on zerohedge on any of this so it's probably still in the speculation category.

edit on 24-1-2013 by LittleBlackEagle because: (no reason given)

Good point.

If there was an offical statement coming out of Beijing then Zerohedge would be all over it. This does seeem to be just specualtion at this stage, but probably not for much longer.

reply to post by LittleBlackEagle


As pointed out, it's been speculation for quite some time. Was it Subramanian and Kessler in The Economist who speculated that the Yuan would have overtaken the USD by 2035 or there abouts? Perhaps that time frame is a little too long for the Chinese, and switching to a gold standard may speed up the process, and 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.

China may now house the world's 2nd largest gold reserves: Leeb

Leeb, as well as the World Gold Council, believe China has plans to back up the yuan with gold in order to shore up its position as a world reserve currency, which is the underlying reason for their ongoing accumulation of bullion. The Chinese have made efforts to ensure that their accumulation of gold does not disturb price levels, with the upshot being that in several years time bullion could rocket