Peter Schiff & Marc Faber: The Real Fiscal Cliff Is Dollar Crisis! Buy Gold! Buy Silver! Own Real Things!!! We Have So Much Manipulation. It’s Money Printing Versus Weaker Corporate Earnings!
Peter Schiff 2012 – Buy Gold! Buy Silver! Own Real Things!!!
Faber annihilates the Deficit President.
“It’s difficult to tell where the market will go from here because we have so much manipulation. It’s money printing versus weaker corporate earnings.”
“I’m surprised. On the re-election of Mr. Obama, I would have thought the market should be down at least 50%. Mr. Obama is a disaster for business, a disaster for the United States. Not that Mr. Romney would be much better.
But I think the Republicans understand the problem of excessive debt better thanMr. Obama, who basically doesn’t care about piling up debt. And in the background you have Mr. Bernanke, who, with aritificially low interest rates, enables the debt to escalate ENDLESSLY!”
Currently the REAL World Series of Poker (WSOP) is a currency war with far greater implications and consequences for every human being on earth than the one that plays out in Las Vegas every year.
A large part of these Central Bank purchases of gold bullion are not disclosed. They are undertaken through third party contracting companies, with utmost discretion.
US dollar holdings and US dollar denominated debt instruments are in effect being traded in for gold, which in turn puts pressure on the US dollar.
In turn, both China and Russia have boosted domestic production of gold, a large share of which is being purchased by their central banks:
It has long been assumed that China is surreptitiously building up its gold reserves through buying local production. Russia is another major gold miner where the Central bank has been purchasing gold from another state entity, Gokhran, which is the marketing arm and central repository for the country’s mined gold production. Now it has been reported by Bloomberg that the Venezuelan Central Bank director, Jose Khan, has said that country will boost its gold reserves through purchasing more than half the gold produced from its rapidly growing domestic gold mining industry.
In Russia, for example, Gokhran sold some 30 tonnes of gold to the Central Bank in an internal accounting exercise late last year. In part, so it was said at the time, the direct sale was made rather than placing the metal on the open market and perhaps adversely affecting the gold price.
China is currently the world’s largest gold producer and last year it confirmed it had raised its own Central Bank gold holdings by more than 450 tones over the previous six years. Mineweb.com – The world’s premier mining and mining investment website Venezuela taking own gold production into Central Bank reserves – GOLD NEWS | Mineweb
The 450 tons figure corresponds to an increase in the gold reserves of the central bank from 600 tons in 2003 to 1054 tons in 2009. If we go by official statements, China’s gold reserves are increasing by approximately 10 percent per annum.