China's gold buying & holdings , what it means for us .

[Outback]

Watch all of this video to comment please.
Scares me

[video=480,360]https://www.youtube.com/watch?v=sZD1i0GbQzg[/video]

 

[Reeks]

TLW
Outback could you give us a rough idea of what its about?
At 55 minutes it will chew my data and cost me an arm and a leg (mobile data- i don't have broadband)
Cheers mate

 

[casper]

he's some sort of no name entertainer (?) no cred for me - i ditched him at 1:34 .........

casper

 

[Outback]

TLW
Outback could you give us a rough idea of what its about?
At 55 minutes it will chew my data and cost me an arm and a leg (mobile data- i don't have broadband)
Cheers mate

OK ' China has been buying up a thousand tons of gold per month for ages , they are going to float their currency ( the Yuan ) backed by their Gold holdings to try and replace the US dollar as the standard exchange based currency for future trade .

 

[casper]

Chinese like gold - Vikings like silver, Dutch like diamonds, Aussies liked merino wool, Columbian's like Coffee (or Cocaine) - historically the "gold Standard "ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce (OMG - it's kicked on since then). At that point for the first time in history, formal links between the major world currencies and real commodities were severed". The gold standard has not been used in any major economy since that time....

casper

 

[Outback]

Chinese like gold - Vikings like silver, Dutch like diamonds, Columbian's like Coffee (or Cocaine) - historically the "gold Standard "ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed". The gold standard has not been used in any major economy since that time....

casper

Thanks for your thoughts Casper , below is another link to support that video , I'm sitting on the fence but getting ready to buy gold at the next manipulated drop

http://resourceinvestingnews.com/67406-us-dollar-gold-goodman-currency-russia.html

 

[Goldpick]

Basically a whole lot of nations have and will abandon the US dollar for Russian and Chinese backed currencies due to the fact the China and Russia have acquired huge amounts of gold to back their currencies. The Chinese Yuan will be elevated to a global reserve currency on the world market once enough gold acquisitions have been made.

With the US economy in tatters, and their dollar is sinking just as fast with its dollar being de-valued by their destructive economic policy, plus the fact that they probably have no gold left even if they wanted to have a gold backed currency, the US dollar is fast becoming a thing of the past. China is currently acquiring gold gold at a staggering amount of 1000 tonnes a month whilst price is low, they are predicting that the gold price will head for the heavens once China reaches their target amount of gold to back the Yuan. The gold value is not currently being affected by such large volumes of gold being bought, due to transactions occurring outside of the world market, direct sales from chinese owned mines and other sources.

The US dollar will flounder, as it will no longer have any credibility, considering it is no longer being tied to the the gold price, I can see nations leaving the US dollar in droves, and it will be a downward spiral from there. The only real asset the US has is its military, thats where most of its spending ends up, playing world police with their own interest at heart.

All I can say is hold onto your gold.

 

[richo966]

people look into history this has happened before America broke England and became the world power they have wasted there turn soon it will be Russia and china leading the world and it will not be fare and free

 

[20x]

Basically a whole lot of nations have and will abandon the US dollar for Russian and Chinese backed currencies due to the fact the China and Russia have acquired huge amounts of gold to back their currencies. The Chinese Yuan will be elevated to a global reserve currency on the world market once enough gold acquisitions have been made.

With the US economy in tatters, and their dollar is sinking just as fast with its dollar being de-valued by their destructive economic policy, plus the fact that they probably have no gold left even if they wanted to have a gold backed currency, the US dollar is fast becoming a thing of the past. China is currently acquiring gold gold at a staggering amount of 1000 tonnes a month whilst price is low, they are predicting that the gold price will head for the heavens once China reaches their target amount of gold to back the Yuan. The gold value is not currently being affected by such large volumes of gold being bought, due to transactions occurring outside of the world market, direct sales from chinese owned mines and other sources.

The US dollar will flounder, as it will no longer have any credibility, considering it is no longer being tied to the the gold price, I can see nations leaving the US dollar in droves, and it will be a downward spiral from there. The only real asset the US has is its military, thats where most of its spending ends up, playing world police with their own interest at heart.

All I can say is hold onto your gold.

 

[GOLD Billyen]

You don't need China for this. With 17 trillion in debt (and growing by the trillions every year) and no way to EVER pay it back...the US we go under and the US dollar with it. There's only one place to go after that.

 

[kemjak57]

I'm not a politics man but we all bag out the US for it's war mungering but when there's crap happening somewhere in the world that will ultimately affect us we tend to wave the Red White and Blue. They have saved a lot of people a lot of heartache at times and caused a lot at other times. I pray they don't go down the gurgler because it will mean a completely different world for all of us. I enjoy freedom. JMO

 

[KarlS]

I'm not a politics man but we all bag out the US for it's war mungering but when there's crap happening somewhere in the world that will ultimately affect us we tend to wave the Red White and Blue. They have saved a lot of people a lot of heartache at times and caused a lot at other times. I pray they don't go down the gurgler because it will mean a completely different world for all of us. I enjoy freedom. JMO

As someone who lived for 20 years under the communist rule I completely agree with you.
Karl

 

[Paulmarr]

Being a US citizen myself who permanently resides in Australia, I would have to get my waders on to walk through the generalised horse puckies being thrown around this thread. I'm glad our arm chair economists don't run the world.

Totally agree with kemjak and totally disagree with Goldpick - I'm sure we would all speak Japanese here if it weren't for the Americans and we all can agree Australia cannot protect itself without their help. There are other countries which use the US dollar as their own currency - Ecuador for example, so I am sure the mass exodus will not be sudden or as catastrophic as you predict. The US dollar has not been based on gold in 43 years and it hasn't been abandoned yet. I'm sure nobody here knows how much gold the US holds.

The only sense I have read is China is stock piling gold and FREEDOM is worth more than all the gold in China.

 

[Outback]

Guys this is not about bagging the USA , China & Russia it seems are building up huge gold holdings , what I'm interested in is how will this affect THE GOLD PRICE in the near future :/

 

[elrodeo]

It will go up substantially !!
Get your hands on a couple of books written buy Jim Rickards and will give you a better understanding where it will all go. The main point to understand that the value of gold never changes, it's just the paper currency value the goes up and down. Read the books and you'll understand a lot more.
The Death of Money: The Coming Collapse of the International Monetary System
Currency Wars: The Making of the Next Global Crisis

China isn't just buying Gold. They are grabbing any commodity that has solid value now and in the future.
They have been one of the biggest purchasers of Bitcoin and don't be surprised to see this sky rocket in value in not too distant future.

 

[Outback]

It will go up substantially !!

China isn't just buying Gold. They are grabbing any commodity that has solid value now and in the future.
They have been one of the biggest purchasers of Bitcoin and don't be surprised to see this sky rocket in value in not too distant future.

Appreciate your comment , so it's not only Gold they are after then . :/

Bitcoin is only an artificial type of promissory note currency not backed by any form of solid commodity correct ?

 

[GOLD Billyen]

As a Canadian I've always thought of myself as a American as I was brought up with the same values and TV shows and food and everything. I'm defiantly a "North American". No one is saying American is bad...but they do get on my nerves sometimes.

What the problem is...is their debt and spending plain and simple. They spend way, way too much. Look at defense. Does the US really need 12 aircraft carriers at 5-6 billion a pop floating around? What's wrong with 6? And how much do fighters jets cost each...85M or 140M. Seriously...who going to invade the US. I've been to most parts of the US. You won't find a more heavily armed country anywhere. As long as there's 500 nuke's pointed at someone the US will be fine. Yet they needed 22,000 for some reason during the 80's. (there had 2,000-4000 now why?)

You could let the army have a year off and the American people could look after themselves nicely. Red Dawn or not. How 9/11 happened with 2000 fighter jets and the towers known to be a target is beyond believe. NY should have had SAM on a few buildings to protect it for a few million. NY is worth over 2 trillion and you can't fly a armed fighter jet at 40,000 around it 24/7. I just never understood that.

It makes be mad as the US feels they need to out spend to be great. Maybe Regan did outspend and win but and what cost? Cost in money and almost killing everyone. We had 3 Russian nukes pointed at our home town during the 80's because we made GM APC and tanks.(there was a Atlas that showed this believe it or not).

They create all these great things...help so much. Yet when I went to DC 15 years ago...I had to walk around 10+ homeless people to get to the Whitehouse. I saw 1 square block of homeless people living in cardboard boxes in downtown LA during the 80's-easily 200+ people on 1 block...I'll never forget that.

The US has big problems but, you can't spend like a teenager with a credit card and not pay the piper. It's going to be really bad when this happens and that's sad.

Here are a couple pics.

 

[GOLD Billyen]

Sorry for going OT but, the US debt and the US is why I'll see $5,000 Gold in my life time.

 

[GOLD Billyen]

It will go up substantially !!

China isn't just buying Gold. They are grabbing any commodity that has solid value now and in the future.
They have been one of the biggest purchasers of Bitcoin and don't be surprised to see this sky rocket in value in not too distant future.

Appreciate your comment , so it's not only Gold they are after then . :/

Bitcoin is only an artificial type of promissory note currency not backed by any form of solid commodity correct ?

They are trying to buy farmland in Australia and tried to buy a Canadian fertilizer company (one of the largest in the world) but got knocked back a few years ago. When it all goes south they'll buy everything cheap with gold...not cash.

 

[richo966]

we all love the safety the us provides to the world but my kid could run an economy better the bagging is justified but shows people in Australia are scared we can see the way the us is going and if you have any brains you would be scared America likes the world to think they are nice the chinse don't care what others think they will be a lot more ruthless in there grab for world power