China Now Possesses Up To A Shocking 12,000 Tonnes Of Gold And Last Week’s Takedown Was The Desperate BIS
With continued uncertainty in global markets, today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events, told King World News that China now possesses up to a shocking 12,000 tonnes of gold.
40% Of World Production Sold In Paper Gold Market Last Week
Egon von Greyerz: “Eric, I want to make it very clear that the selling we saw last week was another desperate attack by the BIS and some central banks, together with the bullion banks, to manipulate the gold market lower. We saw over 40% of annual production of gold being sold last week, which is 1,000 tonnes. And this is despite the physical market remaining very strong, Eric, which I will talk about in a little while..
“Obviously, the sellers had no physical gold to sell so they conveniently dumped all this gold in the paper market. It would have been totally impossible for them to do this trade in the real gold market, which is only physical of course. Western Central banks have no physical gold of any quantity to sell. This is why they must fabricate paper gold out of thin air in order to dump it in the market. In total these banks officially have around 23,000 tonnes of gold. I doubt they even hold half that figure.
No central bank ever has an official audit of their physical gold. Last time the US gold was audited was in the 1950s. A proper audit would not just reveal that these bank have a lot less gold than they officially declare, but it would also expose the true position of their gold lending or leasing. Most of the gold they have left has been leased to the market in order to depress the price. But this gold no longer stays within the LBMA bullion banks like in the past. No, instead the intelligent buyers of gold today like China, India and Russia, take delivery. This means that the leased gold now becomes a paper claim with no chance of getting physical gold back. So what has happened in the physical market in recent years is that central banks have continuously depleted their physical stock by selling and leasing their gold with most of the buying having taken place in the East.
This transfer from West to East is the reason why Western governments and central banks are desperate to keep the gold price down. Official gold is no longer held in “safe” Western hands that are easy to control. Instead the gold has been acquired by nations and people who understand the value of gold.
Russian & Chinese Gold Reserves Increasing Dramatically