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

Most, if not all significant countries in the world know that the money system in the USA has been corrupted and abused for decades by a group of powerful group[ of people. They also know that it is very dangerous for the economy of their own country to bring this into the light.

Their thought was that hopefully the citizens of the USA would purge their own country from these organised white collar criminals. But after decades these assumtions proofed to be pointless and is the wait for a courageous and morally strong country to step up to the plate. To step forward in order to secure their own economy and to end this scam commited by an organised group of shameless thiefs who do not hesitate to rape and murder their own country, made possible because of the apathy of the US citizens and their own writen laws for that purpose.

It will be interesting to see if the US citizens will demand a thorough investigation after the collaps and what measures will be taken to prevent such a massive abuse of the national currency.

reply to post by LittleBlackEagle


I would if I could but I can't so I won't. Power corrupts, simple as.

Back to China,

According to the gold-specializing Swiss Bank UBS, Chinese gold demand exceeded 7.05 million ounces in the first two months of 2011 alone. This incredible demand is equal to roughly 47% of all the gold produced during the same two months! The Chinese are buying nearly half of all the gold that is being produced worldwide. Extrapolated over the full year, Chinese consumers could be in line to buy over 42.3 million ounces of gold just this year. Let me put that into perspective for you. That's more gold than is being officially stored as reserves by China's Central Bank..

China Buys 47% of the World's Gold

The Chinese saw the writing on the wall over a decade ago. They realized the ultimate fate of the U.S. dollar and the fiat currency system. So in 2003, the government of China began an aggressive campaign to secure resources of gold.

They began by increasing the country's gold reserves. Since that time, the People's Bank of China has added 21.2 million ounces to the country's gold holdings. China now has the fifth largest national gold reserve, with over 1,054 tonnes in reserves.

China's gold imports to jump 457% this year

The Shanghai Gold Exchange recently revealed China's gold imports jumped almost fivefold in the first 10 months of this year.
And even though China is the world's #1 producer, the country is expected to import 9.2 million ounces of gold this year as inflation concerns lifts investment demand.

In August, Deutsche Bank said China could surpass India as the world's biggest gold bullion consumer in 2011. Dozens of companies are already working to quickly develop new gold projects to supply the Chinese feeding frenzy for the yellow metal.

An independent resource estimate for the Changkeng gold project was calculated in 2009. Based on diamond drill data from a total of 127 drill holes and 13 surface trenches, a report estimated the Changkeng project to contain 623,100 ounces of indicated gold resources and 386,800 ounce of inferred resources.

A recently published NI 43-101-compliant update estimates the Dachang Gold Project contains 1.88 million ounces of gold in the Measured and Indicated resource category, and 1.51 million ounces in the Inferred category.

China Gold Demand Soars

Seems China has more gold than it knows what to do with. Only question is why. A gold backed Yuan is plausible.

This is a good item explaining one way China could go as far as moving to a gold-backed currency.

But the global economy does not have a shortage of gold. It has a shortage of dollars. It is not oppressed by unpayable gold debts. It is oppressed by unpayable dollar debts. (If lending were restricted to self-interested market actors who need a dollar to lend a dollar, ie not the Fed, you'd really see that shortage.) When you revalue gold, carried on the balance sheet at $42 an ounce, to the post-remonetization price of tens of thousands an ounce, what are you doing? Creating one heck of a lot of new dollars.

Therefore, if Cheng Siwei and Hu Xiaolian follow my advice, join the bubble instead of fighting it, and unilaterally remonetize with devaluation, China should experience the following results:

First: dramatic stimulus to the Chinese economy. Second: dramatic inflow of gold into China. Third: dramatic, but temporary, inflation, in the context of boom conditions and general prosperity. Fourth: eventual stabilization, with China a wealthy First World country which is the world's financial and industrial leader. Fifth: large gold-plated statues of Cheng Siwei and Hu Xiaolian are erected all over China.

www.safehaven.com...

Worth reading the whole thing. From 2009. He explains that gold remonetization is inevitable.

edit- important points for anyone that believes there is not enough gold in the world for a gold-backed Reserve.

reply to post by LittleBlackEagle


I was just reading an item from Zerohedge on the topic from last year. Pretty good.

Larry Edelson – - writes today: I know for a fact that Beijing wants its yuan to eventually become a gold-backed currency, much like the Swiss franc was originally. Backing the yuan with some gold will certainly help it become a major international currency. Edelson is a financial adviser who travels frequently to Asia, a former high-volume gold trader who is interviewed a lot in the mainstream financial media. I have no idea whether Edelson is right or not. But he’s not the first to make the claim. Doug Casey says that if one country – such as China – switches to a gold-backed currency, the dollar will be toast:

www.zerohedge.com...

Toast they say.

Just came across this.

One kilogram bars....

Now comes the time....

Originally posted by FuturePeace
lol wow theres a "world gold council"

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

Confirmed. www.gold.org...

all those people who bought gold at $200 an ounce are going to be laughing soon.

it is also why gold has been priced out of the average persons reach.

by gold and you can possibly convert it to massive amounts of u.s. dollars in a few years depending on the exchange rate with the yuan.

the only counter to this is for the u.s. to start backing it's money with gold.

reply to post by stuntmanbob


China has spoken of it's wish to be the international currency in trade deals. They already have trade deals in the pacific being agreed in Chinese yuan and now this from England today.

nz.news.yahoo.com...

It's happening folks

If that info is true I am afraid it is a set up.

Just in time for gold to crash back to a more reasonable price as right now its way inflated due to false demand from hoarders. The false demand is facilitated by fear based propaganda in the media produced by guess who?

reply to post by randomname


The only counter will be WAR!!!! UNFORTUNATELY!!!!!!

en.wikipedia.org... well according to this source en.wikipedia.org...
1 ton=32,150.722 troy ounces of gold )(numbers from 2010)
the EU has by far the most gold at 10787.4 tonnes of gold followed by the usa with 8133.5 tonnes held
than Germany(who wants to audit it) with 3396.3 tonnes then the IMF,italy,france w (2400ish) and then china who only has 1054.1 tonnes how are they gonna use gold to back their monetary system when it shows them only possessing 1.8% of the worlds gold?and as a side note i seem to remember Donald trump bought a few buildings with gold to avoid being taxed on the gold as the usa does not tax gold as money(i think thats how it works)? so would it not work the same in china then and then gold holdings could be taxed as monies then in china and elsewhere or am i completely wrong on the tax issue?


www.businessinsider.com...
www.businessinsider.com...
and the updated numbers for 2013

interesting link as well finance.yahoo.com... more so the video then the artcle i thought was interesting

Originally posted by MamaJ
reply to post by stuntmanbob

 

So.... this is from a blog?

What makes this blog credible?

The Mayan 2012 doomsday prophecy.

Contrary to popular belief our US currency is not totally fiat in nature.

It is backed by oil - demand for oil, and by the belief it is valuable by those who use it.

So if you guys really believe your US $$ is worthless, why dont you deposit it in my account?
Its worthless or will be soon right?

I have serious doubts.

reply to post by RalagaNarHallas


I'm pretty sure they tax gold as a capital gain. Not sure what the rate is.

reply to post by muzzleflash


It's traded in oil. Once other countries except other forms of currency for oil such as gold silver or diamonds then we will have a problem.

reply to post by zatara

Part of the problem will be the proposed solution (so it doesnt happen again). They want the collapse to bring about their New World Order (financial and governmental)....and then they will blame it on the combination of Capitalism (Big $) and Democracy ($pecial Interest$) and that the answer is to do away with most elected officials (legislative branch at all levels) and have the Central Planners (bureacracy of the executive branch) make and execute policy.

This is hyperbole. The percentage of backed Yuan is only 1.7%, by comparison, 76% of the USD is backed. Portugal, USA, Venezuela, Germany, Italy, and Holland all have more than 60% of their currency backed. Unless the printing press and central banks of China start removing vast portions of their currency from the public and go into an economic black hole, they will not be able to make a dent with their reserves.

I read through this thread and two things stand out for me anyways.
The first thing is that quite a few posters called out the US government as corrupt.
The second thing is that not one poster came back with a "No they are not corrupt" post

Regards, Iwinder

why is this a surprise to anyone. There are reports out that that say the world will have a basket of reserve currency's as a way to stabilize the world economy. China and India just because of sheer size of population will overtake the USA by around 2030.. Get this through your heads globalization is near impossible to stop now. The world will have less and less of a western face. But the USA has 1 trick left up its sleeve and that becoming energy independence. There is a general agreement that this can happen over the next decade.

Originally posted by threewisemonkeys
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.

Wow, that was one of the most hateful things i have ever heard Monkey, Are you American? I am American and a patriot to the bone but all i can say is we are fed up with how things have been going also. I think in the end we all just want peace and stability. There are around 315 million people in the United States and your comment should only be directed at less than 1% of us. The train has derailed but we have hope that the mess can be cleaned up. In the end, one of these days we will ALL have to come together and work to better ourselves. Every nation has the proverbial "cross to bear" when it comes to politicians and stock traders, big biz....You shouldn't wish upon us harm or despair....you shouldn't wish ANYONE harm or despair....You should wish and hope for the well being and peace for all....all...i dont know YOU, but i wish you well, no matter what problems my great nation is having. POTUW