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Return to the Gold Standard?


BaldyBob

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At the beginning of the year, there was a bit of talk that the Yuan was likely to emerge as the preferred/most popular reserve currency at some point during this year.

 

Combine with this, the fact that China was hoovering up physical gold, and retaining most of its own production, several commentator's put 2 and 2 together and hinted that the Yuan may in future may be partially backed by gold.

 

All gone very quiet recently, but anyone have any views or opinions?

 

Personally, I think I would welcome it. Of course, only a totalitarian State could probably go back to the Standard as they do not need an infinite supply of money to buy votes, which seems to be the norm in the West.

 

BB

Currently stacking 1/4 oz (22ct) and Sovs.

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The Swiss public have a vote on this very issue on the 30th of November, could their yes decision (if it goes that way) be the catalyst for a return to some form of gold standard throughout the world ?

The problem with common sense is, its not that common.

 

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  • Founder & Administrator

Putin's new Euroasian union will likely end up using the Altyn, a gold backed currency. 

http://www.youtube.com/watch?v=B4b7aIur5ic#t=26

(Press the caption button to view english subtitles)

My posts are my personal opinions, they do not constitute advice or financial advice.

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Thanks Gents

 

Wasn't aware of the Swiss Referendum (how I envy their system of Government), or the Altyn.

 

Two new pieces of information in one day. As I push this into one ear I worry what vital information is falling out of the other.

Currently stacking 1/4 oz (22ct) and Sovs.

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I watched this documentary the other week you guys might be interested to check out, from the guy who did the money masters videos. 

 

He says gold backed money isn't the solution and it would make international manipulation easier

 

He also says "it's not what backs our money, it's who controls the quantity"

 

I think that is very interesting because if you know about how crypto currencies like bitcoin work 

Help thread for members new to silver/gold stacking/collecting

The Money Printing Myth the Fed can't and don't money print - Deflation ahead, not inflation 

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Here's the video, I've started it at a certain point, it's worth watching the whole thing though, it's interesting 

 

https://www.youtube.com/watch?v=7qIhDdST27g&feature=youtu.be&t=1h43m11s

Help thread for members new to silver/gold stacking/collecting

The Money Printing Myth the Fed can't and don't money print - Deflation ahead, not inflation 

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bill stills 'money masters' was the one of the first major thing that woke me up to the real manipulated world we live in today, and how it come to be

specifically these ruling banking/industrialist elite families rothschilds, windors, rockefeller, astors, bundys, dupont etc

families that had more personal family wealth than some entire countries & royalty

they all just disappeared into the shadows of course, and now apparently have zero influence at all on anything, or anybody ! ...............yeah right

 

finding out about our own beloved Royal family is also just as interesting to look into

 

'the secret of oz' came later and is a very worthy follow up doc as kman mentions

 

exceptionally interesting to watch and digest both. time well spent on a rainy sunday afternoon 

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That documentary is definitely interesting and there are many good points such as how a new gold standard won't work and the problems with debt etc.  But the one thing he seems to miss out on is that the Federal reserves profits (remittances) are redistributed back to the government via the Treasury.  The Fed sent the US Treasury $77.7 billion in 2013 and $88.4 billion in 2012 for example.  This is all disclosed on their financial statements which you can trace back decades if you really want.  Only a fraction of their profits go to private shareholders and in operating expenses (which is much much lower than a 'normal' commercial company or bank), the rest (aka the vast majority circa 95% in recent years) goes to the government.

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for the Yuan to become a reserve currency (gold backed or not) it would take on the order of roughly 10 years to do, they Could get a position with SDR`s though.

It`s my understanding that the reason for the Gold stacking in China is as a dollar hedge, they hold about 3 trillion in treasury bonds!

so if the states printed more dollars (which they have been doing) and took the dollar value down 10% for instance, that would represent a 300 Billion loss to the chinese, But... if you hold Gold and the dollar looses 10%, Gold will go UP by 10% also :)

inversely gold will go down in price as the dollar strengthens, so it`s a win eitherway for them.

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China: Higher 2013 gold demand and import figures now confirmed

China’s 2014 Gold yearbook states that Chinese gold demand last year came to 2,199 tonnes of which imports were 1,524 tonnes.

Author: Lawrence Williams

Posted: Wednesday , 22 Oct 2014

 

http://www.mineweb.com/mineweb/content/en/mineweb-asia?oid=257520&sn=Detail

 

LONDON (Mineweb) - 

Once again it has taken Koos Jansen to let the world know what the real figures for Chinese gold demand and gold import figures were for last year. The data was actually published in Mandarin Chinese in September with the release of the 2014 China Gold yearbook by the China Gold Association – yet none of the mainstream Western media seems to employ anyone who reads Chinese, or at least no one who does who may be asked to cover gold. The yearbook was apparently made available at the Beijing China Gold Congress that month.

China does seem to be adept at muddying the waters on gold demand and imports though. Earlier in the year the China Gold Association itself said in a statement in English that China’s gold demand was only 1,176 tonnes in 2013 – a figure we queried at the time as that was remarkably close to known Hong Kong gold import figures for the year.

The World Gold Council didn’t help with its own assessment at 1,066 tonnes – again a figure we queried at the time. After all we know China mined around 430 tonnes of gold and that there will have been scrap supplies as well as gold imports through ports other than Hong Kong. These figures, which most western analysts will have relied upon in their assessments of global gold supply and demand, were patently too low.

Now, in the China Gold Yearbook we learn via Koos Jansen’s blog on bullionstar.com that Chinese wholesale demand was 2,199 tonnes in 2013 and this is further broken down into imports of 1,524 tonnes (in direct gold imports plus gold contained in doré bullion coming in from overseas mines), and China’s own mine production of 428 tonnes, leaving a balance of around 247 tonnes which must have come from gold scrap and recycling.

 

We have already been reporting that, based on China’s Shanghai Gold Exchange weekly withdrawal figures, the country’s gold demand this year looks to be heading for close to 1,900-2,000 tonnes a fall of perhaps around 10-15%, far short of some of the big decline figures quoted by non-gold-savvy media wonks. 

It remains to be seen whether these higher figures start to appear in some of the research reports prepared by the gold supply/demand specialist analysts – or is that too much to hope for?

It should also be pointed out that these Chinese gold demand and import figures do not include bullion that may, or may not, be being purchased by Chinese government agencies and which many western analysts will be used to boost reported Chinese gold reserves to be announced to the IMF and the world at a time when it suits the Chinese to do so. Some suggest that China is in fact building its reserves so as to exceed the US’s reported 8,133.5 tonnes held in Fed vaults and will report them when it has exceeded that target – but with the Chinese who knows? If they are building reserves surreptitiously no-one is saying!

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