China Continues to Add On to Its Gold Hoard.
In this report, I cover the early market action from London on Tuesday, July 9th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the latest news about China's gold reserves and I also cover a sector of the financial markets that has been flying under the radar but is starting to show signs of a bubble much like the sub-prime mortgage bubble of a decade ago.
So Zerohedge reported that China is continuing to add on to its gold hoard and is also making it public. They added another 10 metric tonnes in May and it is also the seventh month in a row of buying. The article's conclusion is that the Chinese could be preparing to back their currency with gold in order to give it the backing it needs to become a major competitor to the dollar.
I tend to agree with this theory but also think that the Chinese authorities know that the U.S. will have to continue to debase its fiat dollar in order to keep the fiat Ponzi scheme going so they want to diversify away from paper into the currency or money that has the best track record for the last few thousand years of recorded history.
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China Gold Reserves: https://www.zerohedge.com/news/2019-07-08/china-officially-buys-gold-7th-straight-month-treasury-holdings-tumble
Leveraged Loans FT Article: https://www.ft.com/content/177b0152-9c74-11e9-9c06-a4640c9feebb
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The worrying thing is what will the Americans do about it? Cheers mike
When the system implodes we will have to see if the USA has the 8133.50 tonnes of gold it claims that it has!
Its gold reserves have not been audited since !953. Not sure the USA can do anything about it.
No , I bet the Chinese have it all. Cheers mike
Unfortunately, Americans have been voting for Welfare and Warfare spending for decades so unless they elect 535 Ron Pauls to Congress not much will be done until it is too late.
Zerohedge also reports that Poland bought a hundred tons of gold, it's not only China.
Poland joins Hungary with Huge Gold Purchase and Repatriation
by BullionStar - Jul 8, 2019 11:29 am
In a stunning move, the central bank of Poland says it bought 100 tonnes of gold this year in London and wants to fly it back to Poland.