bullionbullscanada.com / By Jeff Nielson
I realize this goes against my OWN “ban” against posting anything from King World News. Sadly, however, they have started a silly rumor over on that site that is getting LOTS of traction around the precious metals world — despite being nothing but smoke.
The attention-grabbing headline is: “WGC confirms gold-backed Yuan”.
The problem is that all that is in the smoke-and-mirrors piece of rumor-mongering is that China intends to back the renminbi with gold…some day.
Readers already heard that HERE, more than two years ago — except NOT framed as a piece of misleading, sensationalist drivel. Here is something which you WON’T see in the piece of KWN rumor-mongering:
We will never and can never see a gold-backed renminbi until AFTER the switch from a (paper) USD as reserve currency to a paper renminbi. It is absolutely impossible to EVER see a transition between a (worthless) paper dollar and a (valuable) gold-backed renminbi — because it would set off the greatest financial stampede in human history.
Just imagine would sort of crazy, out of control stampede we would see if governments suddenly announced we could “swap” Monopoly money for our slightly less-worthless paper currencies?
For those wanting to read something SENSIBLE rather than SENSATIONAL on this subject I offer my much older pieces:
…oh, correction. I wrote these pieces three years ago.
Massive Squeeze Coming As WGC Confirms Gold-Backed Yuan