tfmetalsreport.com / By Turd Ferguson / Monday, January 28, 2013 at 11:28 am
Two score and seven years ago this day, during the tumultuous Keynesian Epoch and the disastrous reign of King LBJ, Mama Ferg brought forth a Turd…
…It’s just too bad that today isn’t a bank holiday (yet).
Anyway, there is just so much stuff going on, behind the scenes and right in front of us, that it is really easy to miss/overlook a few things. Additionally, it makes it very challenging to know where to start.
For example, years ago a story like this one would have been BIG news and it would have elicited all sorts of hand-wringing, discussion and speculation. http://www.zerohedge.com/news/2013-01-28/currency-wars-heating-taiwan-korea-and-china-fire-warning-shots Now it’s just another headline in a virtually endless string of fiat currency devaluations.
And then there’s this. Glossed over last week and completely ignored by the MSM, this story speaks volumes about the current state of affairs. http://www.sovereignman.com/expat/scam-complete-the-us-government-takes-a-page-from-diocletians-book-10559/
But again today, I want to focus upon that which I know is happening. Of course, I can’t prove it and certainly others will suggest that they know the exact opposite. One day, in the (not too) distant future, the Chinese will introduce a gold-backed renminbi for international trade settlement and an alternative to the U.S. dollar as a reserve currency. (By the way, perhaps you’ll know this day is drawing near when your spellcheck does not think “renminbi” is a misspelled word.)
Anyway, we know that China officially imported about 800mts in 2012, on top of 400 or so in 2011. Their last public pronouncements on their reserves came in 2009, so, given all of official imports since then, the unofficial and off-the books imports AND the amount they’ve mined and not exported, it’s really anyone’s guess as to how much gold they are actually sitting upon. 3000 mts? 4000?? 6000??? And the total continues to grow, as do the imports of so many other nations. Take this headline as just another example. http://www.bloomberg.com/news/2013-01-28/russia-kazakhstan-expand-gold-reserves-as-central-banks-buy.html And, of course, the German Gold Hijinx is just the start of a global move to repatriate reserves. Is Switzerland next? http://goldnews.bullionvault.com/swiss-gold-bullion-repatriation-012420136
And how does this story fit into the picture? http://in.news.yahoo.com/china-introduce-gold-exchange-traded-funds-052201538.html