In this MUST WATCH video, Jim Rickards discusses ‘currency war games’ and how the in progress currency war between the US/West and China/Russia is likely to be played out. Not surprisingly, GOLD plays a pivotal role in the currency war games.
The end of the current fiat monetary system is coming, and a GOLD BACKED CURRENCY will replace the fiat petro-dollar.
BUY GOLD NOW! As the WORLDWIDE CURRENCY WAR is STARTING Japan, China, US & Europe on DECLINE
Gold is rebounding. News that the Bank of Japan set a 2% inflation target and is buying 13 trillion yen worth of assets ($146 billion) rallied gold prices Tuesday, to near a one-month high of $1,697.80 set last week.
That’s not surprising since gold, more than any other commodity, rises and falls along with changing government policies globally.
Germany made even bigger splash than Japan in the gold market recently with its surprise announcement last week that the Bundesbank would begin repatriating gold reserves held overseas. The central bank said it wanted to keep more than 50% of its gold reserves at home, up from slightly less than one-third currently. With that in mind, the Bundesbank will move all its gold reserves now held in Paris back to Germany, and reduce its reserves held in New York City.
“Germany is saying that gold is money,” says Jim Rickards, author of Currency Wars: The Making of the Next Global Crisis. Otherwise, says Rickards, they would just leave the gold where it currently is stored.
And Germany isn’t alone. There’s talk that the Netherlands and Azerbaijan will also repatriate gold reserves.
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Who would have thought six months ago that in early 2013 the euro would rank among the world’s strongest-looking currencies?
Europe’s single currency has risen almost 7 percent on a trade-weighted basis since late July. It is up more than 25 percent against the yen and 10 percent against the dollar.
(Read More: Christmas Turkeys, Holidays Push Up Euro Zone Prices)
The currency’s strength follows European Central Bank action to remove the risk of a eurozone break-up. It also reflects global economic power playing – or what Jens Weidmann, Bundesbank president, warned on Monday was the “increased politicization” of exchange rates.
Mr Weidmann meant Japan, which on Tuesday starting pushing more aggressively for an inflationary stimulus. But the US remains bent on quantitative easing, while sterling’s weakness has been semi-officially endorsed in the UK (the eurozone’s most important export destination) and encouraged by talk of exiting the European Union.
King World News is pleased to break the news first in the world for our global readers that the World Gold Council has now confirmed the Chinese are going to back the yuan with gold. Today a legend in the business, Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, informed KWN of this development and also stated, “… the gold and silver bulls are going to begin to trample the bears at some point in the near future.”
Here is what Barron had to say: “This is what I have heard firsthand regarding the silver shortage. I spoke to a dealer where I purchase gold and silver in the United States. He just told me that immediately after the Presidential Inauguration his firm immediately began selling the hell out of monster boxes of US silver eagles.”
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Currency War in the Great Depression
During the Great Depression of the 1930s, most countries abandoned the gold standard, resulting in currencies that no longer had intrinsic value. With widespread high unemployment, devaluations became common. Effectively, nations were competing to export unemployment, a policy that has frequently been described as “beggar thy neighbour”. However, because the effects of a devaluation would soon be counteracted by a corresponding devaluation by trading partners, few nations would gain an enduring advantage. On the other hand, the fluctuations in exchange rates were often harmful for international traders, and global trade declined sharply as a result, hurting all economies.
Gold Super-Spike To Be Dwarfed By The Mania In Silver – King World News
Gold, Jack Lew and the Circle Game – Financial Post
A Visual History Of Gold – Zero Hedge