World’s Top Gold Producer Holding Onto All of Its Gold
While Western central banks have frittered away their gold, China is quietly building up its reserves.
China is the world’s largest gold producer.
And yet – according to various sources – gold bullion brokers have not seen any gold coming from China.
In other words, China is producing more gold than any other country, but isn’t exporting any of it.
In addition, china is importing huge amounts of gold.
Countries Lined Up Demand Return of Their Golds Reserves
Are Central Banks Overstating their Gold Holdings?
Romania has demanded for many years that Russia return its gold.
Last year, Venezuela demanded the return of 90 tons of gold from the Bank of England.
The German high court recently ruled that Germany must audit its gold reserves held in foreign countries such as the U.S., England and France. And German inspectors will actually travel to the New York Federal Reserve Bank’s gold depository and the Bank of England to inspect their gold.
Germany will also repatriate 150 tons of gold in order to test it for purity.
As Zero Hedge notes (quoting Bloomberg):
Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said.
Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.
…
So yesterday: Germany… today: Ecuador… tomorrow: the World?
Four members of the Swiss Parliament want Switzerland to reclaim its gold.
Some people in the Netherlands want their gold back as well.
Cheviot Asset Management’s Ned Naylor-Leyland says that the Fed and Bank of England will never return gold to its foreign owners.
Jim Willie says that the gold is gone.
The fact that CNBC head editor John Carney is arguing that it doesn’t matter whether or not the Fed has the gold does not exactly inspire confidence.
JIM WILLIE: The Battle Is On For Delivery And Verification For Official Gold Accounts
JIM WILLIE: CENTRAL BANK GOLD REHYPOTHECATION SCANDAL TO TAKE GOLD TO $5,000/OZ
By Jim Willie, GoldenJackass.com
Jim Rogers: Whenever Gold Goes Down I Buy More
Jim Rogers :
I own precious metals because I expect more money printing. I own gold, I am not selling gold, whenever gold goes down I buy more. If it goes down a lot I hope i’m smart enough to buy a lot more because the price is going to go much higher over the next decade.
Politicians around the world are printing a lot of money that’s the wrong thing to do, but that’s what they’re doing and whenever they print money the way to protect yourself is own gold, silver, platinum, palladium, any precious item will protect you in time like that. – in Gold Made Simple
We’re Seeing The Results of This “New Gold Standard” In The Marketplace
“All the fundamentals are in place for this to continue,” Peter told me. “These guys tend to have a long time frame in mind. So when you see a shift like this, it’s a big deal. And the chances are that this could last for a very long time.”
JIM SINCLAIR: QE INFINITY IS THE ONLY THING DELAYING A COMPLETE SYSTEMIC COLLAPSE
The legendary Jim Sinclair has sent an email alert to subscribers comparing this week’s terrible situation along the east coast in the wake of Sandy to the coming collapse of the US dollar. Sinclair states that Ben Bernanke is the only person in US financial management that understands the current situation, and that QE? is the only thing delaying a complete systemic collapse.
Sinclair states that if Romney is elected and follows through on his threats to fire Bernanke, it would ”be the single greatest error made in US financial management ever”, and would result in gold trading above $3,500/oz and a complete US dollar collapse within 6-9 months!
