Friday, July 03, 2015 10:50:11 AM
We are on the verge of a golden shock.
I wrote recently about plans by the International Monetary Fund (IMF) to include the Chinese currency as one of the reserve currencies that back the IMF’s so-called Special Drawing Rights.
Well, there’s another facet to that story that you need to know … and it echoes the warnings I first began voicing in early 2014.
As part of the IMF’s plan to bring the yuan into the basket of reserve currencies, IMF officials want Chinese authorities to provide an update on the quantity of gold squirreled away inside China’s vaults. That news, when it’s released, will be a wake-up call to the world. It will underscore the degree to which sovereign governments outside America value gold, and it will send the price of gold higher as global investors and savers comprehend the ramifications of the number China ultimately reports.
3,510 tons of gold.
That’s the estimate of China’s gold holdings that’s currently floating around the media. If that turns out to be the true figure, it would be more than three times the 1,054 tons of gold that China last reported officially in 2009.
That whisper number, I believe, is much too light.
Endexx Corporation (EDXC) Leverages Global Market Trends and Legislative Reforms to Spearhead Growth in the Cannabis and Plant-Based Wellness Sectors • EDXC • Mar 27, 2024 3:01 PM
Applied UV, Inc. Announces Pricing of $2.76 Million Registered Direct and Private Placement Priced at the Market Under Nasdaq Rules • AUVI • Mar 27, 2024 2:51 PM
POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • POET • Mar 27, 2024 10:52 AM
Maybacks Global Entertainment Opens 23 More Stations in Important Major Cities • AHRO • Mar 27, 2024 9:00 AM
NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024 • NXGB • Mar 27, 2024 7:30 AM
Kona Gold Beverages, Inc. Strategic Advancements: Covert LLC Introduces Federally Legal D9 Gummies and Revamps Innovative eCommerce Platform, Propelling Toward $12 Million Annual Revenue Goal • KGKG • Mar 26, 2024 8:30 AM