Gold market might never be the same again

[goldbones]

Remember when recently china was releasing coins of precise values like 30g 15g 8g that sort of thing?

Well when that topic cropped up i said it was because China has a long term plan to back its currency in gold and it would be easier if people thought in terms of grams (metric system).

Whats happening now? well china is going to make its gold exchange compete with the american dollar:

http://timesofindia.indiatimes.com/world/china/Shanghai-gold-exchange-introduces-new-price-index/articleshow/51900005.cms

And be priced by the gram too.

The next move will be a gold backed currency. (edit: they have this now but its just a case of wide issue and circulation see:https://www.superstation95.com/index.php/world/1152  , im confused by some headlines because they are down playing it)

 

[KDave]

I am still wondering how important these recent events are, how important is the SGE really in determining price?

[4Nines7Hills]

http://www.globalresearch.ca/the-collapse-of-the-western-fiat-monetary-system-may-have-begun-china-russia-and-the-reemergence-of-gold-backed-currencies/5521107

[Guest]

It would be nice to read a balanced article just for once that is not propaganda

Sent from my iPhone using Tapatalk

[PureGold]

The way I look at it is this has all been planned for a long time to lead to a one world currency at some point in the future..  China are setting themselves up for a gold backed currency which will most probably collapse fiat money.. I also believe at some point this new world currency will be a digital currency maybe backed by gold to start with but they will probably end that once they have it all set up and running to steal the gold back ladies and gentlemen I think we are in for one heck of a gold show over the next few years

[PureGold]

https://socioecohistory.wordpress.com/2014/07/26/flashback-1988-get-ready-for-a-world-currency-by-2018″-the-economist-magazine/ I'm sure The Economist is owned by the Rockefeller's notice all the worthless paper burning and the gold coin rising 

[4Nines7Hills]

@Numistacker I agree that article is properganda but Russia and China game beenbeen buying up hold like there no tomorrow for three last free years.

 

It does ask the question where will the USA, Europe, Canada and anyone else who have sold all their gold to buy a well balanced portfolio of knackered currencies   be if there is a big financial crash  ...will Russia China and India take the lead again.

[HawkHybrid]

how does a gold backed yuan benefit china?

I don't see it happening the way gold bugs see

it happening, ie to raise the gold price to benefit

themselves.

 

HH

[PureGold]

@HawkHybrid to end the dollar being the worlds reserve currency which puts them at an unfair advantage over China and the rest of the world when all there doing is creating war and debt which will suit the elite as they want a one world currency 

[KDave]

"The outbreak of the crisis and its spill over to the entire world reflect the inherent vulnerabilities and systemic risks in the existing international monetary system... The desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run..."

Quote from Governor of the PBOC Zhou Xiaochuan 2009.

[4Nines7Hills]

@PureGold china has or will have very soon a gold backed currency AND a digital currency http://www.straitstimes.com/asia/se-asia/the-coming-e-yuan-the-nation-columnist.

not looking good at all for the current world currency, I'm often curious why the USA is just letting it happen, several times countries have tried to seperate oil and other commodities from dollar ( and link to euro ) sure they  may not have the money to gold back the dollar with its $12 Trillion debt but it could easy knock up a digital currency.

[goldbones]

38 minutes ago, 4Nines7Hills said:

@PureGold china has or will have very soon a gold backed currency AND a digital currency http://www.straitstimes.com/asia/se-asia/the-coming-e-yuan-the-nation-columnist.

not looking good at all for the current world currency, I'm often curious why the USA is just letting it happen, several times countries have tried to seperate oil and other commodities from dollar ( and link to euro ) sure they  may not have the money to gold back the dollar but it could easy knock up a digital currency.

Well what are they going to do about it? start a war against china. The united states can't win a military war or an economic war they are broke...period.

[HawkHybrid]

45 minutes ago, PureGold said:

@HawkHybrid to end the dollar being the worlds reserve currency which puts them at an unfair advantage over China and the rest of the world when all there doing is creating war and debt which will suit the elite as they want a one world currency 

 

the yuan is currency for ~20% of the total world population.

china has already signed deals with russia that does not

include the us dollar. of all the nations they are one of those

that have the least need to back their currency by gold. if

they want the yuan to be more widely used in world trade,

they actually need to print more yuan to increase the free

flow to aid circulation. putting the yuan on a gold standard

will hamper this.

 

HH

 

[4Nines7Hills]

@goldbones   I didn't mean a war, but when countries and not just china start stocking gold and making digital currencies they should spot the danger and maybe do the same.

 

the catch 22 gold back a currency there's not enough money to invest, fiat currency trillions of debt,   is there no happy medium.

[KDave]

Well according to them the US already has the worlds largest gold reserves by far so no problem right? 

[4Nines7Hills]

how would we know Russia and china don't tell us the quantity gold they have, and no one has seen USA gold since the 70s and there was doubt whether it was USA gold or some they were storing for other counties

 

according to wiki Usa has 18 trillion in debt with 175 trillion worth of gold, if this is correct why is Trump wanting to sell national parks to clear the debt, why is there still a debt at all ?

[goldbones]

6 minutes ago, 4Nines7Hills said:

@goldbones   I didn't mean a war, but when countries and not just china start stocking gold and making digital currencies they should spot the danger and maybe do the same.

 

the catch 22 gold back a currency there's not enough money to invest, fiat currency trillions of debt,   is there no happy medium.

Well countries that sold off their gold can only continue to devalue their currency they cant go on a gold standard because they don't have any. A country is only really as rich as its economic output its real labor and production...most of the west has no real economic output or not an output that makes up for what it owes.

I just see this as another sign that the net is closing in and the end game is near, global gold standard (same as one world currency really) isn't happening, unproductive countries are just going to have to turn productive or else end up like Greece.

Thats what the end game is...put up or shut up.

Think of it this way where are you if the debt model fails? you rely on real assets and production today you cant conjure it up out of thin air from the future.

[HighlandTiger]

I'm off to find the tin foil, I'm sure the sky is falling, and the reptiles are about to take over the world.............

 

 

 

[pho]

7 hours ago, 4Nines7Hills said:

according to wiki Usa has 18 trillion in debt with 175 trillion worth of gold, if this is correct why is Trump wanting to sell national parks to clear the debt, why is there still a debt at all ?

175 trillion worth of gold seems unlikely, unless spot goes to the moon.

also from wikipedia:

It has been estimated that all the gold mined by the end of 2011 totalled 171,300 tonnes.^[1]At a price of US$1,500 per troy ounce, reached on 12 April 2013, one tonne of gold has a value of approximately US$48.2 million. The total value of all gold ever mined would exceed US$8.2 trillion at that valuation.

[4Nines7Hills]

@pho you're right, I got my billions and trillions mixed up, the usa is screwed and probably the rest of the world china is taking over

[pho]

Eh, I don't know about that. If the dollar fails, China loses its export market

[4Nines7Hills]

Only temporarily, it will recover in time but with different winners  

[Bumble]

The Shanghai exchange is still a relatively small, local exchange. It won't change anything overnight. It will probably take time for it to become a significant player in the market, just as it will for the ABX exchange. The Chinese are happy to play a long term game: they don't want to crash the financial system because they would lose out too. They just want a stake in the ground so that they can trade in gold on their own terms when they need to, and a place for the yuan within the SDR basket of currencies. Owning gold gives the yuan credibility, but they still need a lot more gold before the yuan could compete as a gold-backed, convertible currency.

[vand]

The Petrodollar's years & days are numbered. Major countries are increasingly bypassing the dollar trade altogether, meaning they don't need to hold as many USD reserves.

One look at how sovereign countries treat gold and it should be clear that at the highest level it is still regarded as money in the truest sense of the word, even if the man on the street has been duped into swapping pieces of paper.

[vand]

9 hours ago, Bumble said:

The Shanghai exchange is still a relatively small, local exchange. It won't change anything overnight. It will probably take time for it to become a significant player in the market, just as it will for the ABX exchange. The Chinese are happy to play a long term game: they don't want to crash the financial system because they would lose out too. They just want a stake in the ground so that they can trade in gold on their own terms when they need to, and a place for the yuan within the SDR basket of currencies. Owning gold gives the yuan credibility, but they still need a lot more gold before the yuan could compete as a gold-backed, convertible currency.

China probably holds a lot more gold than most people think. Don't forget that China is the largest producer of gold, but it never leaves the country and they don't report it as a part of their global reserves. The 1700 tonnes often reported is just what it has bought from other countries in the last couple of decades.

People are sayin that things won't change overnight.. maybe this is true but they will change, perhaps faster than the established players would care to admit. For example, look at how fast something like Betfair has sprung up to become a global player in the last decade, completely changing the market for online sports betting, so now instead of betting through a bookie, you can do it directly at the exchange and act as a bookmaker yourself. If the idea is a good one, in today's world it tends to grow and spread like wildfire.