Rickards: Gold manipulation is designed to let Chinese acquire gold

pmbug

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... the price is being suppressed until China gets the gold that they need. Once China gets the right amount of gold, then you can take the cap off. If it doesn’t matter where gold is because all the countries will be in the same boat. But, right now, they’re not, so Chinese has this catch-up.
...
http://dailyreckoning.com/fix-gold-price-manipulation-now-global-effort/

Essentially, he is saying that gold price manipulation is globally coordinated in an effort to bring China to the table (to parity with gold reserves as a percent of their GDP relative to the rest of the world) before the new world order in global finance can begin.
 

bushi

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As much as I admire Rickards, it kind of doesn't make sense- what, everybody is making the coordinated effort, and manipulate prices down, out of goodness of their hearts, to help China catch up? Seriously? And on the other hand, somehow, they couldn't do the same (or equivalent) cooperation, after the balloon goes up, and work with China, for them to have a fair say? Cannot square that circle.
I think that different countries have conflicting interests, and if someone is helping China to suppress gold, the reasons behind it are quite different.
 

pmbug

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... out of goodness of their hearts ...
I'm not Rickards, and I can't speak for him, but I think there are other possible motivations. For my part, I can see where, if the global banking cabal really is planning on a "NWO" financial system (whatever mystical SDR/gold formula they concoct), starting the system with a huge inequity (#2 economy disadvantaged) is a recipe for disaster. The Chinese have too many soldiers and nukes to leave out in the cold.
 

rblong2us

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They shafted the Chinese when they asked for their gold to be returned but there was talk of holding gold down so that China could get some of it back through 'open' market purchase.

At some point China will be deemed to 'have enough' by the manipulators .........
 

swissaustrian

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As much as I admire Rickards, it kind of doesn't make sense- what, everybody is making the coordinated effort, and manipulate prices down, out of goodness of their hearts, to help China catch up? Seriously? And on the other hand, somehow, they couldn't do the same (or equivalent) cooperation, after the balloon goes up, and work with China, for them to have a fair say? Cannot square that circle.
I think that different countries have conflicting interests, and if someone is helping China to suppress gold, the reasons behind it are quite different.
China is the biggest foreign holder of US debt and they have bailed out parts of Southern Europe. That's why the West owes to them. It's a quid pro quo, no altruism involved. A high gold price is not in the interest of Western central banks and their shareholders (the tbtfb) either. Surging gold is a sign of crisis and dollar weakness. They don't want that.
 

bushi

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Makes sense, y'all :) . Must pop in more often - sorry for being away for so long - a lot of difficult shit happening in my life, for quite some time now... good to look at all your perspectives, folks!
 

DoChenRollingBearing

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...

Re "them manipulating the price down..."

I thought they were doing it so I could buy more gold! :)

* * *

FOFOA said, somewhere along the way, that the Central Banks trust each other much more than we might think. That might account for a possibility that Rickards could be right.

And the CBs trusting each other so much would be, ahh, very NWO-ish...
 

bushi

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It is also interesting how Rickards now regards gold price manipulation as a foregone conclusion; I remember back in the days of his first "Currency wars" book, he was very reluctant to say anything about price manipulation, and the downward manipulation in particular. He would rather dismiss it, or play it down, back then, if someone asked him about it. He is not a conspiracy theory kind of a guy.
 
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pmbug

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It is also interesting how Rickards now regards gold price manipulation as a foregone conclusion; I remember back in the days of his first "Currency wars" book, he was very reluctant to say anything about price manipulation, and the downward manipulation in particular. He would rather dismiss it, or play it down, back then, if someone asked him about it. He is not a conspiracy theory kind of a guy.
Yeah, he also has poo-poo'd the speculation that the US has sold/traded/lost any of it's physical gold. He thinks the Fed & Fort Knox vaults still have what they are supposed to have. Hope he is right on that one because it looks like we may end up needing it in the near future.
 

ancona

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I sincerely doubt that the gold is still there. There may be some gold that's been leased, but it is titled to someone else through their claim.
 

bushi

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I sincerely doubt that the gold is still there. There may be some gold that's been leased, but it is titled to someone else through their claim.

...I don't think it really matters, who has the paper claim on gold, (IF it is still there). It will be declared "higher emergency", or whatever, and confiscated, without batting an eyelid. Just one other way to default on their promises - one of the many ways, that had been done already. Nothing new!

What would be more interesting, is: were they THAT stupid, to lease it out (or significant portion of it), to the bullion banks? Because these boys, would then turn around, and sell the physical, so it would be gone, baby, gone.
It is kind of difficult to believe, however the denial runs so deep in current society , shit, who knows... Turk seems to believe firmly, that the extra supply required to balance the demand over the last several years, could have only come from the CBs selling physical into the markets (via bullion banks leasings)
 
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pmbug

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Rickards has another piece out today largely re-iterating what he wrote in the piece I highlighted in the OP, but this one states:
...
The price is being suppressed until China gets the gold that they need. Once China gets the right amount of gold, then the cap on gold’s price can come off. At that point, it doesn’t matter where gold goes because all the major countries will be in the same boat. As of right now, however, they’re not, so China has though to catch-up.

There is statistical, anecdotal and forensic evidence piling up for this. All of it is very clear. I’ve also spoken to members of Congress, the intelligence community, the defense community and very senior people at the IMF about it.

China is our largest trading partner. It’s the second largest economy in the world. The US would like to maintain the dollar standard.

I’ve described some catastrophic scenarios where the world switches to SDRs or goes to a gold scenario, but at least for the time being, the US would like to maintain a dollar standard. Meanwhile, China feels extremely vulnerable to the dollar. If we devalue the dollar, that’s an enormous loss to them.

That’s why, behind the scenes, the U.S. needs to keep China happy. One way to do that is to let China get the gold. That way, China feels comfortable.

If China has all paper and no gold, and we inflate the paper, they lose. But if they have a mix of paper and gold, and we inflate the paper, they’ll make it up on the gold. So they have to get to that hedged position.
...
The evidence is there. China is saying, in effect, “We’re not comfortable holding all these dollars unless we can have gold. But if we are transparent about the gold acquisition, the price will go up too quickly. So we need the western powers to keep the lid on the price and help us get the gold, until we reach a hedged position. At that point, maybe we’ll still have a stable dollar.”

The point is that is that there is so much instability in the system with derivatives and leverage that we’re not going to get from here to there. We’re not going to have a happy ending. The system’s going to collapse before we get from here to there. At that point, it’s going to be a mad scramble to get gold.
http://dailyreckoning.com/u-s-helping-china-accumulate-gold/

What I'm getting from this is that Rickards believes:
  • Monetary reset / gold revaluation *is* going to happen (ie. the plans are in the works).
  • We have to appease China on their gold accumulation or face some catastrophic economic consequences if we try to shut them out (we need them as healthy trade partners to maintain our own economy).
  • The only question on the revaluation is when and how (orderly or disorderly). Rickards seems to think that it will be sooner than the planners want and likely disorderly.
 

bushi

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Rickards used to affirm all the time, that he expects at first that after the FED rolls over during the next crisis, the first try will be BIS trying to paper over with printing SDRs, which might work for a while, but he believes it will ultimately fail again, perhaps soon after, and one kind of global gold standard or another, will be enacted.
 
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