Golden Crumbs Piling Up
Golden Crumbs Piling Up by Rory – The Daily Coin
The video below is 2 years old but in light of all the news swirling around about a Chinese gold backed oil benchmark or gold backed oil contract, I thought it would be good to hear from the one of the Rothschild insiders – Ken Hoffman.
While Mr. Hoffman’s remarks are two years old they tie directly into the string of news articles over the past two months and provide a backdrop for what is being published today. It seems as if the globalist are providing us with “fair warning” to stock up on physical gold while it is still far below it’s nominal high of $1,920 and the annual average high of $1,669 achieved in 2012. While this is pure speculation on my part, I am no so stupid as be unable to follow a line of bread crumbs; 2 + 2 still equals 4.
For those that have been following the interviews I have been conducting over the past several weeks know that we have been keeping track of all the news items regarding physical gold. It all started with Terry Duffy, President of the CME Group stating on live TV that gold should currently be in $5-$6,000/ounce with all the geopolitical, economic and financial news. Then an article appearedon the front page of the WSJ interviewing Ronan Manly, John Embry and James Turk discussing the Federal Reserve, gold swaps and gold price suppression. This was followed by Secretary Treasurer, Mnuchin visiting Ft Knox and stating “gold is safe”. About a week later Goldman Sachs announced physical gold was the “true hedge of last resort”. Then Jeff Christian stated that if a person had held 27-30% physical gold in their portfolio between 1968 and 2016 their portfolio would have performed “significantly better” than a portfolio without physical gold. Christian also stated beginning sometime between now and 2020 golds “annual average high” would be north of the 2012 annual average high of $1,669 and would maintain that level. Sadly, this is very underreported. Love him or hate him, Christian’s company is the company that determines how gold and silver perform – the CPM Group owns the COMEX and who better to know how gold and silver will be manipulated than the company pushing the buttons and pulling levers?
The physical gold story then went international and Sputnik News reported on the “price suppression scheme” and ask who and why. And now, just within the past few days, the World Gold Council is asking if we have reached “peak gold”.
Could gold, the world’s longest running currency be used to create a new order in global currencies? The Chinese central bank is said to be considering backing its yuan with the yellow metal. This move, says Ken Hoffman, Global Head of Metals and Mining Research for Bloomberg Intelligence, would be a “game changer.”
Why would China consider such a move? Hoffman explains that Chinese policy makers are already trying to establish the yuan as a reserve currency, and backing it with gold would help attract foreign capital inflows. China is expected to receive approval from its central bank for a yuan-denominated gold fix, with a potential for an announcement as early as next week. Hoffman explains that a gold standard would not necessarily create a big constraint to the Chinese central bank, as many believe. “It could be at any price they fix. There’s a lot of things that they can do to make this work,” he says. Hoffman estimates that to create an exchange rate of one ounce of gold for every $64,000, the country would need about 10,000 metric tons of the metal. “That’s nine times the nation’s official holdings and about 6 percent of all the bullion ever mined globally,” Hoffman says.
Moving to a gold standard may also be a question of power for China. Hoffman says that when the U.S. adopted a gold standard after World War II, it emerged as the main power in the International Monetary Fund. In 1971, the U.S. ended the use of the gold standard and rendered the dollar a fiat currency. If China decides to go into some form of a gold standard, Hoffman says it would make the rest of the world view the metal as a currency again. “If they go for it, we’d be talking about fireworks,” he says. Kitco News, June 25, 2015. – KitCo News