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 China Looks Set To Introduce Gold-Backed New World Reserve Currency

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PostSubject: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 11:27 am

China Looks Set To Introduce Gold-Backed New World Reserve Currency
The US dollar has been the world’s reserve currency for many decades now, but the trends seems to indicate that China is preparing to overtake the US in regards to being the “standard” currency.  The world’s monetary system has not had any direct involvement with gold since 1971, when U.S. president Richard Nixon ended the conversion of the dollar into gold.
China seems to be preparing itself for a big involvement in gold, potentially backing their currency with gold.  This simple graph below shows that world reserve currencies come and go, and they change on average every 95 years.
It is impossible to know exactly how much gold China has, as their central bank is more secretive in this regard compared to other countries.  The last “official” announcement of their gold holdings was in 2009, and it was reported as 1,054 tons.  Those figures would currently put China in the number 6 spot on the list of countries who hold the most gold.  However, Matt Insley at Agora Financial put together an estimate based on import figures, mining production figures, as well as more stealthy forms such as black-market gold from Africa and the fact that China urges it’s citizens to own physical gold.  The mining and import numbers alone would mean that China has at least 3927 tons, but with the other additions, it brings the number up to potentially  7000 tons!

Either of those two numbers would currently place China at the number two spot on the world rankings of gold holdings.  The number one spot goes to the US, who supposedly holds 8133.5 tons supposedly.  Keep in mind that the US has not had their gold audited since 1953, despite former congressman Ron Paul’s efforts in introducing a bill that would audit Fort Knox in 2011.
Last year saw a new international debacle when Germany asked for it’s gold to be repatriated by the Fed who had been storing it.  The Fed claimed it would only deliver 300 tons, out of the 1500 tons of gold that was originally stored.  They also added the provision that it would be paid back over a seven-year time.  So far, only 5 tons have been delivered from the Fed’s vaults.  What this could mean is that the US has almost no gold at all.  So if it’s true, then China already has more gold than any other country in the world.
So why are they doing this?  The obvious answer is that they are preparing to dethrone the US dollar of it’s reserve currency status, and replace it with a gold-back Yuan(Chinese currency). China is either number 2 or 1 in it’s gold holdings, and they also import more gold than any other country, they are also the world’s largest producer of gold, and they export ZERO of what they produce. The Chinese government encourages it’s citizens to buy gold and save in gold, and the nation has already been making bilateral trade agreements with other countries, that specifically do not use the US dollar in the exchanges.
 
The Chinese save over 35% of their incomes, compared to about 2-3% in the US, and they have the world’s largest manufacturing sector. Impressively their middle class seems to continues to increase while the US middle class dwindles. China is one of the largest creditor nations in the world, while the US on the other hand is the biggest debtor nation. All signs point to a new world reserve currency, and the balance of power may change with it

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 12:15 pm

It's always hard to be sure what is really going on with China, however the latest official figures place China's reserves at around 2700 tons, placing them just slightly ahead of France and Italy.  China is indeed a major consumer of gold, second only to India, but like India, much of that goes into jewelry, both for use in China, and for export.

There is also a bit of a logic flaw in the article as only gold held as reserves by the government could be used to back any currency. It matters not how much the citizenry might hold, only reserves count. Further, in the article they count all gold for China and only reserves otherwise.

China does have a high savings rate, but that MAY have more to do with the scarcity of adult women driving men to compete for spouses and there is SOME evidence that seems to back that up. China is facing some sever challenges, including a significant shortage of women, severe environmental and safety problems, and better educated and increasingly restive population, and perhaps most serious in the immediate future, severe financial difficulties. Much of their industry, local and regional government seem to be tottering on insolvency as a result of indiscriminate spending and the central governments failure to pay what it owes. This could be major, and will I believe play a major part in the history we are about to live. I fear it will not be good.

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 9:04 pm

 Yes Kevin, and speaking of the future, if it's anything like some of things I have read about lately, we all need to be prepared for some rough times ahead! 
 omg 

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 9:16 pm

When reports come in of wars and rumored wars, keep your head and don’t panic. This is routine history; this is no sign of the end. Nation will fight nation and ruler fight ruler, over and over. Famines and earthquakes will occur in various places. This is nothing compared to what is coming.

Peterson, E. H. (2005). The Message: the Bible in contemporary language (Mt 24:6–8). Colorado Springs, CO: NavPress.

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 9:40 pm

Oh I understand that Kevin, that is true!  
I was referring to all the talk of the hard times ahead, true or not, that I have read about lately, that may occur after the RV, and GCR.  I have read things about banks closing, and people having no money, no food, etc.  I don't know if some of these things are true or not, but it will be really bad if it really happens.  
My husband and I were talking the other day about the number of people that couldn't survive if they had to live off the land or without the luxuries of modern life.  It's really sad how many people depend on eating out, and could barely make it having to fix their own food.
I can remember how bad it was around here when the storm, Katrina hit, so many people 
were lost without electricity! 
If something like things I have read about really happens, it will be really bad!
This was just a thought. I don't believe all the stuff I read, but it makes you think, "What If"?

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 9:50 pm

Yea, we may have some rough times, but I find it curios that most of the people talking about that stuff are selling gold and silver or survival supplies... just sayin.

You know as an insurance agent I am required by law to reveal to my prospective clients that I make money every time I sell them a policy. Too bad that doesn't apply to some of the so-called experts out there.

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 9:59 pm

Yes, that is sooooo True!!!!!

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PostSubject: Re: China Looks Set To Introduce Gold-Backed New World Reserve Currency   Fri Mar 07, 2014 10:39 pm

@Kevind53 wrote:
Yea, we may have some rough times, but I find it curios that most of the people talking about that stuff are selling gold and silver or survival supplies... just sayin.

You know as an insurance agent I am required by law to reveal to my prospective clients that I make money every time I sell them a policy. Too bad that doesn't apply to some of the so-called experts out there.
Funny how that part isn't mentioned. People with the most to gain from a specific situation are usually the ones making it a much bigger deal than it is.
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