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NYBob Member Level  Friday, 08/09/13 12:15:05 AM
Re: AugustaFriends post# 3167
Post # of 3173 
Lake Shore Gold Corp (LSG) gypsyfiat$0.345 UP 0.025 +7.81% smile
Volume: 438,500 @ 4:00:00 PM ET

Bid Ask Day's Range
0.34 0.345 0.32 - 0.345
TSX:LSG Detailed Quote Wiki

Gold Standard? China reportedly planning to back the yuan with gold -

http://www.youtube.com/watch?v=8K9X58VaBS8



Published on Jul 20, 2013
Beijing is considering backing the yuan with gold and ditching the
USD world reserve currency.
What outcome will this have on the worldwide economy?

http://dailysilverupdate.com/blog/2013/07/gold-standard-china-reportedly-planning-to-back-the-yuan-with-gold/

According to media reports of early July, the People's Bank of China
is mulling the possibility of phasing out the dollar as the
reference currency for the yuan exchange rate, and to start using
gold as the reference point.

The reports have not been confirmed officially, but analysts are
warning that the step, if taken, will weaken the yuan and
destabilise China's already troubled economy, ultimately provoking
a new bout of the economic crisis worldwide.

Beijing's possible move to back the yuan with gold would not be
meant as a strategic measure to strengthen the national currency
and increase its attractiveness as an investment medium.

Rather, it would be a flaunt aimed at demonstrating to the world
(and to the USA in particular) that China is capable of taking the
risks associated with a departure from the dollar standard.

Experts warn however that, apart from benefiting no-one, such a
decision may actually have catastrophic consequences.

Separating the yuan exchange rate from the US dollar may further
weaken the American currency in the long run; in addition, China's
monetary policy would become very much restricted, believes Evgeny
Nadorshin, chief economist at AFK Sistema.
"The yuan will start fluctuating severely against the dollar and
other major reserve currencies.
This will affect the Chinese economy, which currently has serious
problems as it is: the export revenues are falling, and the
statistics for freight traffic and electricity consumption indicate
a significant slowdown in business activity," says Aleksandr
Golovtsov, head of the research department at UralSib Asset
Management.

Possible effect on Russia
When it comes to discussing possible consequences for Russia
however, opinions differ.
Aleksandr Osin, chief economist at Finam Management, actually
believes Moscow could benefit from a gold-backed yuan because this
would help Russia in its economic relations with China.

On the other hand, the greatest danger to Russia being highlighted
by most experts would be an increase in competition from Chinese
commodities, which will be offered more aggressively in the export
market due to the shrinking of domestic demand.
"China's demand for Russian raw materials, in particular for crude
oil, metals and fertilisers, will be growing at a slower pace [than
is currently the case]," Golovtsov notes.
Read more:
http://rbth.asia/business/2013/07/17/china_reportedly_planning_to_back_the_yuan_with_gold_47997.html
God Bless


My opinions are my own and and DD I post should be confirmed as unbiased
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