InvestorsHub Logo
Followers 218
Posts 18907
Boards Moderated 0
Alias Born 05/12/2010

Re: None

Friday, 07/03/2015 10:50:11 AM

Friday, July 03, 2015 10:50:11 AM

Post# of 221596
GNCP
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.