China loves the US dollar again as America roars back

Pass me the Kool Aid! Mmmmmmm gobble, gobble, gobble, gobble......


Yaaaaaaaaaaaaaaaaaaay! The world has been saved again! All those doomers thought the et konomy was in trouble but here we are today with a share marget at five year highs and China expressing their passionate and unshakeable confidence in the US dollar. All we need to do is open our mouths and say 'MOAR' please.

reply to post by FissionSurplus

I am sick of hearing the rumor that China is buying all the gold.Note the source at bottom World Gold Council
Here are Gold reserves per country Nov 3rd 2012. China better be buying a lot of gold to devaule the dollar


#5 China




Official gold holdings:
1,054.1 tonnes


Percent of foreign reserves in gold:
1.8%

Gold still accounts for a very small percent of China's $3.2 trillion in foreign exchange reserves, compared with the international average of 10 percent.

Building up gold reserves will be crucial to China as it moves to internationalize its currency, and hopes to make it a reserve currency, according to the Financial Times.

Source: World Gold Council


#4 France





Mike Hewitt/Getty Images

Official gold holdings:
2,435.4 tonnes


Percent of foreign reserves in gold:
73.2%

France sold 572 tonnes of gold under CBGA 2. And outside of the agreement France transferred about 17 tonnes to the Bank for International Settlements in late 2004 as part purchase of BIS shares. France announced no plans for sales of gold reserves under CBGA 3.

Source: World Gold Council


#3 Italy





Marco Secchi / Getty Images

Official gold holdings:
2,451.8 tonnes


Percent of foreign reserves in gold:
73.2%

Italy sold no gold under CBGA 1 or 2 and has announced no sales under CBGA3. But in 2011, Italian banks were looking to the Bank of Italy to buy gold and Source: World Gold Council bolster their balance sheets ahead of stress tests.

Source: World Gold Council


#2 Germany





Sean Gallup/Getty Images

Official gold holdings:
3,395.5 tonnes


Percent of foreign reserves in gold:
73.9%

Germany sold gold under CBGA 1 and 2 for the purposes of minting commemorative gold coins. In the first year of CBGA3 (2008 - 2009), the Bundesbank sold approximately 6 tonnes, and it has sold 4.7 tonnes of gold since September 7, 2011.

Germany has refused to have its gold holdings boost the EFSF.

Source: World Gold Council


#1 United States





AP Images

Official gold holdings:
8,133.5 tonnes


Percent of foreign reserves in gold:
76.6%

The U.S. had its largest gold reserves in volume terms in 1952, when reserves totaled 20,663 tonnes. Holdings first fell below the 10K mark in 1968.

Source: World Gold Council


Now


Read more: www.businessinsider.com...

reply to post by rockymcgilicutty


It's just someones belief. You do realize the gold in Ft Knox hasn't been fully audited in decades, correct?

reply to post by nomnom

You do realize the gold in Ft Knox hasn't been fully audited in decades

So by that you admit you are guessing?

reply to post by ollncasino


Sounds like propaganda to me.
The us's out put has been increasing for the past decade just as chinas need has increased for me oil.

reply to post by rockymcgilicutty


No, I'm not sure how you got that from what I said.

There has been NO audit in decades. Fact.

When was the last US fort knox gold audit

reply to post by nomnom


Yea when I was growing up I heard that rumor all through the 70's and into the 80's.Then 60 Min's was allowed in,they showed it and tested it.Even with that people won't believe if they don't want to.

So my question is with a known amount of gold mined all time.Tell me who has the 8000 plus metric tonnes of gold?

Please note my source on the gold reserves it was not the U.S.It was The wolrd gold council.... I guess your next reply will be they are owned by the banks. So there you go there is no proof just speculation.

Originally posted by rockymcgilicutty
reply to post by nomnom

 

Yea when I was growing up I heard that rumor all through the 70's and into the 80's.Then 60 Min's was allowed in,they showed it and tested it.Even with that people won't believe if they don't want to.

Source?

So my question is with a known amount of gold mined all time.Tell me who has the 8000 plus metric tonnes of gold?

No thank you.

Please note my source on the gold reserves it was not the U.S.It was The wolrd gold council.... I guess your next reply will be they are owned by the banks. So there you go there is no proof just speculation.

Noted. It is their opinion. Unless you can prove an audit, this is all here say, and please refrain from putting words in my mouth in the future. It makes you look weak.


Lookie, lookie what I found. Just in time to destroy your false accusations of "speculation". For shame.

The Treasury Department has released the results of a gold audit on the Treasury’s gold holdings stored at the NY Fed which began in 2010. Not surprisingly, the Treasury report claims that the audit found no issues with the quality of the gold held at the NY Fed, or in any policies or procedures by the NY Fed.
The audit reportedly claims that in 3 of 367 tests of the gold’s purity, the gold was more pure than Treasury records had previously indicated, and as a result has increased the book value of the US’ gold holdings by 27 ounces.
The most newsworthy revelation in the report however was that the US (which is supposed to hold the vast majority of its gold reserves at the NY Fed) holds a total of 32,021 good delivery bars on deposit at the NY Fed:
As part of the audit, the Treasury tested a sample of the government’s 34,021 gold bars in the New York Fed’s vault five stories below Manhattan’s financial district.
Why is this so significant? As anyone with a simple calculator can discover, the Treasury department has just inadvertently admitted that rather than the official 8,133.5 tons the Treasury reports as the US’ official gold reserves, the Treasury’s actual physical gold stores at the NY Fed are a measly 466.57 tons! While the Treasury does reportedly also hold gold at Fort Knox, several reports have claimed that up to half of the US Gold is held at the NY Fed!
No wonder it will take the Bundesbank 7 years to repatriate 300 tons!

From: Link

Before you claim the link has a vested interest in lying, here's the link to the treasuries audit report:

Treasury Audit of NY Fed Gold

Yet according to WiKi, it's supposed to have over 7,000 tons of it!

Even so, the depository is second in the United States to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds 7,000 metric tons (7,716 tons) of gold bullion (225.1 million oz. troy), some of it in trust for foreign nations, central banks and official international organizations.

WiKi


Whoops!

www.gold.org...reply to post by nomnom

Noted. It is their opinion. Unless you can prove an audit, this is all here say

Your statements are all based on speculation .


Here is a source.



The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.

We develop gold-backed solutions, services and markets, based on true market insight. As a result, we create structural shifts in demand for gold across key market sectors.

We provide insights into the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.

Based in the UK, with operations in India, the Far East, Europe and the US, the World Gold Council is an association whose 23 members comprise the world’s leading gold mining companies, representing approximately 60% of global corporate gold production


www.gold.org...

So my question is with a known amount of gold mined all time.Tell me who has the 8000 plus metric tonnes of gold?

Your reply

No thank you.

Because you can't. Because it doesn't fit your speculation.

The Treasury Department has released the results of a gold audit on the Treasury’s gold holdings stored at the NY Fed which began in 2010. Not surprisingly, the Treasury report claims that the audit found no issues with the quality of the gold held at the NY Fed, or in any policies or procedures by the NY Fed.

This really make's me laugh. Can't you read, that artical is about the U.S federal reserves in New York:.

Talk about weak.

You do know that New York And Kentucky are two seperat places ,don't you?
:

Click here for more information.

reply to post by rockymcgilicutty


I personally am sick of people who use one source and pass it off as the be-all and end-all of everything.

Where, oh where, would I and others, get the idea that China has been buying a lot of gold lately??

Hmm....perhaps from here: www.forbes.com...

Which states:

Analysts believe China bought as much as 490 tons of gold in 2011, double the estimated 245 tons in 2010. “The thing that’s caught people’s minds is the massive increase in Chinese buying,” remarked Ross Norman of Sharps Pixley, a London gold brokerage, this month.

So who in China is buying all this gold?

The People’s Bank of China, the central bank, has been hinting that it is purchasing. “No asset is safe now,” said the PBOC’s Zhang Jianhua at the end of last month. “The only choice to hedge risks is to hold hard currency—gold.” He also said it was smart strategy to buy on market dips. Analysts naturally jumped on his comment as proof that China, the world’s fifth-largest holder of the metal, is in the market for more.

And this: moneymorning.com...

And this: www.cnbc.com...

And this: www.zerohedge.com...

I could go on, but really....that's another thing that irritates the hell out of me. Posters who lack reading comprehension, and go off half-cocked at another poster. I never said the Chinese are buying all the gold. I did say that China and India are buying as much as they can. NEVER did I say that they are the ones that hold the most.

Please re-read what I wrote, and then realize that you jumped all over me for something I never said, and you only had one source for your position.

reply to post by nomnom


Please learn to READ, Wiki stated that the Fed held about 7000 tons of gold some of it from for other country's.
Your artical stated that the U.S holdings were audited there.This is where you get your difference.

reply to post by FissionSurplus

Analysts believe China bought as much as 490 tons of gold in 2011

My figures were for Nov 3rd 2012.So they still have about 1054 tonnes.

reply to post by FissionSurplus


Don't forget Russia. And Iran is still accepting gold bullion for it's oil.

now if we could just get the oil bastards to not shut down refineries in winter, we'd feel the effects of the reduced imports !!!

Originally posted by randyvs
reply to post by ollncasino

 

Roars back to where ?

1931.

reply to post by FissionSurplus


I did read what you had written.If you take my reply as jumping all over you.You have very thin skin.I stated that I was tired of the rumor.Then I posted the best known source in the world on gold.

However, the proof is in the pudding. China and India are buying it up, as much as they can, every day

You may not have come right out and said it,but after your whole post you did implie it.

Our Fort Knox is mostly empty

You also stated as fact. Something you know only by rumor.Show me proof Ft. Knox is empty,and I will take it back.Please don't show any articals or videos base on speculation as they are not proof.

They want more time to stockpile gold without disrupting the markets.

reply to post by ajay59

I call BS! Open your eyes and look around you. Do you see ANYTHING going on that indicates economic or employment growth? Don't know about you but I am done with being miss led and outright lied to!

I been where you're at so long it's got'n boring as all get out.
We need to unite.