Been doing some reading up on China and how much gold its being buying up over the years. And to my surprise the Chinese government lust for gold has no bounds. Over the past few years they have bought gold in the thousands of tons per year. And from what little information that has been gleamed they have also been buying gold mines as well. It looks as though the Chinese government is trying to corner the gold market. Also from the reports they even have passed India as the worlds largest gold buyer. And they are allowing its citizens to redeem the Yuan for 24 kt gold. What that means is that the Chinese government is putting its currency on the gold standard. So if that is true they are looking to replace the USD with the Yuan as the worlds reserve currency. If that happens then the dollar WILL lose its value all together. Cause its not backed by anything at all. The dollar hasnt been backed by gold since 1971 after that announcement Nixon had made.
Posted on: Wed, 12 Mar 2014 03:27:10 +0000
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