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Old 11-26-2011, 10:47 AM   #21
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...
Might Russia and China use gold in order to undermine U.S. political and economic dominance?

There is certainly the possibility that they may use gold as a geopolitical weapon against the U.S. and as a way of furthering their growing global political and economic aspirations.

Putin's endorsement in 2005 of the Russian Central Bank's plans to diversify the Russian reserves out of fiat currencies and debt instruments and into gold bullion was seen by some as as much a political act as an economic one.



Putin's overt and PR like choreographed endorsement of gold was replete with many interesting and highly unusual photos.

It was the first time in recent years that a head of state of one of the larger and more powerful G8 global players has expressly endorsed its central bank buying gold and probably the first time that a head of state has been photographed many times holding and admiring gold bullion bars.

Importantly, it was central bank buying that broke the back of the anti-gold cartel or the London Gold Pool in the late 1960s early 1970s. This paved the way for the massive bull market of the 1970s.

Putin's calculated gesture may have been the most important statement on gold by a head of state since French President de Gaulle praised gold as the ultimate from of money and wealth: "There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence."

Some have posited that Putin may have been sending a "shot across the bows" of the U.S. government as De Gaulle was doing some 35 years ago. Putin and many in Russia are increasingly nervous and wary of Washington's increasing military and economic presence in what they have always considered their backyard - Eastern Europe, Eurasia and the Caspian.

Russia, like China and other 'strategic competitors' to the U.S. are aware of the predicament which the U.S. finds itself in. While it is the world's remaining superpower and overwhelmingly superior to all its rivals in military terms, it has a dangerously exposed Achilles' heel in the form of its fiat paper reserve currency, over dependence on Middle Eastern oil, its massive indebtedness and balance of payments issues.

Russia, like China, is now one of the U.S.' creditors and thus has considerable leverage which it has so far chosen not to exercise. Should it do so there would obviously be a marked increase in geopolitical tension and the potential to create real instability in capital markets and even an international monetary crisis.

Given continuing currency debasement by the US and other debtor nations, the simmering currency wars of recent months may soon heat up.
http://www.goldcore.com/goldcore_blo...-october-alone
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Old 11-26-2011, 04:13 PM   #22
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The U.S. has so much more gold than everyone already, the Russians and Chinese would have to buy like this every month for 300 months without us buying any to pass us up. We reportedly have 8,133.5 tonnes as of August 2011. Therefore, the U.S. has the most gold to back it's currency, even though it currently does not fulfill that role.

American people also make a decent wage when compared to other countries. If the gubbermint decided to play the same game as Russia, China, et al, and start recommending to its people to buy gold, how do you think gold prices would do then?
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Old 11-26-2011, 07:13 PM   #23
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China’s domestic foreign exchange market announced on Thursday that it would launch trading of the yuan against the Australian dollar and Canadian dollar next Monday, the latest currency pairs to be introduced as part of Beijing’s efforts to promote the use of its currency.

The announcement by the China Foreign Exchange Trade System (CFETS) confirmed a Reuters’ report earlier this week based on foreign bank trading sources.

The move is part of Beijing’s efforts to expand the use of the Chinese currency for trade and investment, as a way of reducing reliance on the dollar and thereby simplifying the settlement of trade in everything from energy to manufactured goods.

Traders said China needed to add direct yuan trading against the Aussie because of increasing deals between China and Australia, in particular, in the mining sector.
...
More: http://business.financialpost.com/20...g-with-loonie/

~~~

KMS - There is a lot of speculation that the US' gold holdings are encumbered (in spite of what officials say publicly and to Congressional hearings). I suspect most soveriegn metal holdings are encumbered. No one (ie. no governments/central banks) wants a great unraveling. My suspicion is - this is precisely the concern that prompted Chavez to repatriate Venezuela's gold from London (before the physical gold "bank run" in paper gold claim game).
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Old 11-30-2011, 08:10 AM   #24
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Euro-area finance ministers said they would seek a greater role for the International Monetary Fund and the European Central Bank in fighting the sovereign debt crisis after conceding the effort to expand their bailout fund missed its target.
...
http://www.bloomberg.com/news/2011-1...lls-short.html

As the Eurozone continues closer to the edge, the calls for a global bailout saviour will increase.
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Old 12-02-2011, 12:39 PM   #25
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Zero Hedger ¨Smiddywesson¨ today had some interesting comments about gold (in the Korean Central Bank buying gold thread).

He says that perhaps the reason they have not done an audit of Ft. Knox and/or the Fed is that maybe we have MORE gold than claimed!

I have found Smiddywesson to be a very knowledgeable commentator there at ZH, take a look at that thread:

http://www.zerohedge.com/news/bank-k...omment-1938154
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Old 01-09-2012, 07:17 AM   #26
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Iran and Russia replaced the U.S. dollar with their national currencies in bilateral trade, Iran’s state-run Fars news agency reported, citing Seyed Reza Sajjadi, the Iranian ambassador in Moscow.

The proposal to switch to the ruble and the rial was raised by Russian President Dmitry Medvedev at a meeting with his Iranian counterpart, Mahmoud Ahmadinejad, in Astana, Kazakhstan, of the Shanghai Cooperation Organization, the ambassador said.

Iran has replaced the dollar in its oil trade with India, China and Japan, Fars reported.
...
More: http://www.bloomberg.com/news/2012-0...fars-says.html

Iran is a flash point in the war against the US dollar's world reserve currency status. It's no wonder that the globalists at the Council on Foreign Relations are pushing so hard to start world war three at their doorstep.
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Old 01-09-2012, 08:51 AM   #27
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From 12/28:
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The cutting out of the dollar in Japan / China trade may be a small start of only $345 billion in global trade, but it is a sea change decision in the global monetary system that markes the beginning of the end of the dollar's role as the sole global reserve currency. This move is irreversible and will lead to more and more currency exchange rate uncertainties. Gold will benefit!

Japan and China will promote direct trading of yen and yuan without using dollars and will encourage the development of a market for companies involved in the exchanges, the Japanese government said over the holiday weekend.

Japan will also apply to buy Chinese bonds next year, allowing the investment of Yuan that leaves China to Japan to remain in China, the Japanese government said. Encouraging direct yen- yuan settlement should reduce currency risks and trading costs.
...
More: http://www.financialsense.com/node/7223
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Old 01-09-2012, 09:13 AM   #28
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Hi,

I've heard a rumor once, that "Mr non-existent WMDs" Saddam Husein and his little country Iraq was attacked & "liberated", because he was close to get out of US $$$ in his oil trades (according to that same person, Euro was on the cards back then).

We have a saying: "When nobody knows what something is all about - it means it is about money"

regards!
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Old 01-09-2012, 09:33 AM   #29
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October 30, 2000

A U.N. panel on Monday approved Iraq's plan to receive oil-export payments in Europe's single currency after Baghdad decided to move the start date back a week.

Members of the Security Council's Iraqi sanctions committee said the panel's chairman, Dutch Ambassador Peter van Walsum, would inform U.N. officials on Tuesday of the decision to allow Iraq to receive payments in euros, rather than dollars.
...
http://archives.cnn.com/2000/WORLD/m....un.euro.reut/

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Old 01-09-2012, 09:59 AM   #30
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Ah, yeah, thanks PMBug! All clear now, and the old saying held true.
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Old 01-13-2012, 10:57 AM   #31
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Originally Posted by DoChenRollingBearing View Post:
Zero Hedger ¨Smiddywesson¨ today had some interesting comments about gold (in the Korean Central Bank buying gold thread).

He says that perhaps the reason they have not done an audit of Ft. Knox and/or the Fed is that maybe we have MORE gold than claimed!

I have found Smiddywesson to be a very knowledgeable commentator there at ZH, take a look at that thread:

http://www.zerohedge.com/news/bank-k...omment-1938154
The idea that they have MORE gold than they say and HIDING it, is ludicrous. This is a pipe dream.
In reality only a fraction of the 8133 tons of gold are still in their possesion.
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Old 01-13-2012, 04:04 PM   #32
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I would mostly agree with you. But with these SOBs, anything is possible. If you are a zerohedge.com aficionado, "smiddywesson" IS a knowledgeable guy. He comments on gold threads frequently.

FOFOA, FWIW does not share the conspiracy talk (no gold) nor is he a cheerleader ("End the Fed", "Crash JMP, buy silver"). He does NOT come out and specifically say that the 8000 (and change) tons ARE there at Ft. Knox, he accepts the word of the authorities that the gold is there. FOFOA is a very logical guy, and is a firm believer in Occam's Razor (usually the simplest explanation is the right one).
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Old 01-17-2012, 10:39 PM   #33
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I also do not buy the conspiracy theory that they hold no physical gold. i just dont buy the conspiracy theory that they hold MORE gold then they claim they do hold. I would also take their word that they do hold the 261 million ounces they claim. I just think that most of it is encumbered and not theirs anymore.

If they had more gold they would boast about it, not hide it. They would shout from the roof tops if they had more. Gold is a confidence bulding tool for their crap paper (fed notes) so they would never hide it if they had more of it.
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Old 01-21-2012, 03:11 PM   #34
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Quote :
Jan 20 (Reuters) - India and Iran have agreed to settle some of their $12 billion annual oil trade in rupees, a government source said on Friday, resorting to the restricted currency after more than a year of payment problems in the face of fresh, tougher U.S. sanctions.

India, the world's fourth-largest oil consumer, relies on Iran for about 12 percent of its imports or 350,000-400,000 barrels per day (bpd) and is Tehran's second-biggest oil client after China.
...
http://www.reuters.com/article/2012/...8CK3C120120120

More: http://www.zerohedge.com/news/india-...ct-iran-rupees
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Old 01-22-2012, 11:15 AM   #35
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Boy.. the US dollar just keeps becoming less relevant in the oil biz
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Old 01-22-2012, 01:48 PM   #36
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With respect to Iran, the US is forcing the issue via the sanctions. It's the same dynamic that played out with Iraq.
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Old 01-23-2012, 07:59 AM   #37
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Iran has asked India to pay for oil partly in yen as the two nations seek an agreement on how to maintain trade amid tightening global sanctions, according to three people with knowledge of the matter.

At talks in Tehran last week, India proposed to pay its second-biggest oil supplier in rupees through a bank account in the South Asian nation, said the people, declining to be identified because the information is confidential. Iranian officials sought partial payment in yen because they’re concerned that they may not get sufficient value from the rupee, which isn’t fully convertible, according to the people.
...
More: http://www.bloomberg.com/news/2012-0...sanctions.html
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Old 01-23-2012, 08:15 AM   #38
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Meeting in Brussels, foreign ministers from the 27-state EU, which as a bloc is Iran's second-biggest customer for crude after China, agreed to an immediate ban on all new contracts to import, purchase or transport Iranian crude oil and petroleum products. However, EU countries with existing contracts to buy oil and petroleum products can honour them up to July 1.

EU officials said they also agreed to freeze the assets of Iran's central bank and ban trade in gold and other precious metals with the bank and state bodies.
...
http://uk.reuters.com/article/2012/0...80M0IK20120123

Tradition!
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Old 01-23-2012, 01:09 PM   #39
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...classy... Thou who do not play by IMFs rules, shall perish.

I don't know if you know, but when Iceland (already recovering from 2007, despite being utterly wiped out by their banks recklessness - they do have good growth and everything - and most of all, they are not paying the debts of PRIVATE banks) had their referendum on the topic "shall we or shall we not guarantee the investments/bank bondholders", of course lost by a landslide by banking system cheerleaders/puppet politicians - despite being oh so important for the economy & the recovery, and oh so too big to fail, and because it would sink Iceland to the bottom of the Atlantic the next morning, if Icelanders would not agree to socialize their banks' debt), decided to show two fingers to broken banks' bondholders, UK also have had frozen all their assets, that they could lay their hands on, using the laws that had been put in place to prevent TERRORISM! And reportedly threatened them with the sea blockade (at that time, Iceland had only two weeks worth of food supply).

That is, of course, because Iceland is a known international terrorism center! They always have been, and always will.

...I wonder, if I will ever see a piece about Iceland's current situation, in the mainstream media?

...Tradition!
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Old 01-23-2012, 01:39 PM   #40
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Originally Posted by bushi View Post:
...
I don't know if you know, but when Iceland ...
http://www.pmbug.com/forum/f4/icelan...-traveled-467/

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