KF .. good article ... key paragraphs appear to be these two
One alternative for China is to declare itself the buyer of last resort for gold, i.e. it will buy all that is offered for sale at their specified dollar price. This is not going on the gold standard, but rather, it’s a hijacking of the valuation process for both the dollars and gold. To implement such a policy, they should currently be busy secretly buying all the gold they can. When their buying finally attracts world attention, they would announce the new policy. With the announcement would also be the setting of this month’s dollar denominated benchmark gold price. As frequently as they need to, they can ratchet this price upward to preserve the buying power of their combined gold/dollar reserves or to gain other advantages yet to be discovered.
How would the gold market react to such a policy? They would probably bid the price of gold above the benchmark price once this policy achieves credibility. How would the US government react to such a change? I don’t know, but personally, I think they should be mighty scared. Perhaps even scared enough to adopt such a policy for the dollar.
Gold Mining is such a beautiful place to be right now ... pretty good management decision to keep the treasure buries for 7 years !!!
Now the old dog is looking for his bone ... luckily he remebered where it was buried !!
GFTA !!!
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