While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued [counterfeit] dollar system, Russia, China and other emerging economies are involved in ‘the genial move’ to establish an entirely different gold market, according to economic author and historian F. William Engdahl and reported by Russia’s Sputnik News.
Key central banks including the Federal Reserve, Bank of England and Western market players have long been accused of clandestine gold price manipulation aimed at preserving the dollar’s role as ‘world reserve currency primus.’
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“The COMEX gold futures market in New York and the Over-the-Counter (OTC) trades cleared through the London Bullion Market Association (LBMA) do set prices which are followed most widely in the world. They are also markets dominated by a handful of huge players, the seven LBMA gold clearing banks –
- the corrupt JP MorganChase bank;
- the scandal-ridden UBS bank of Zurich;
- The Bank of Nova Scotia – ScotiaMocatta, the world’s oldest bullion bank which began as banker to the British East India Company, the group that ran the China Opium Wars;
- the scandal-ridden Deutsche Bank;
- the scandal-ridden Barclays Bank of London;
- HSBC of London, the house bank of the Mexican drug cartels; and
- the scandal and fraud-ridden Societe Generale of Paris.”
“However, rather than scream and cry ‘fraud’ at the owners of the COMEX/CME of the LBMA Big Seven clearing banks, these countries [China & Russia] are involved in the genial move to create an entirely different gold market, one that not JP MorganChase or HSBC or Deutsche Bank control, but one that China, Russia and others of a like mind control.”
This new approach is connected closely with the China-led New Silk Road project and the Shanghai-based Asian Infrastructure Investment Bank (AIIB). China has bought 24 Su 35 fighter jets from Russia
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In May 2015 Beijing announced it had established a state-run gold investment fund, aiming to bolster China’s role in global gold trade. The “Silk Road Gold Fund” will invest in mining projects in the regions along the New Silk Road, encouraging central banks of its members to increase their holdings in the precious metal.
This new market and economic arrangement will benefit China and countries who do business with China, but also with investors who hold physical gold.
Engdahl concludes with this quote:
“While most eyes are fixed on [paper] COMEX or the [paper] London Bullion Market Association listed daily gold price fix, the real worth of gold [physical] as a currency reserve and a standard of monetary soundness is growing in worth by the day.”
China Could Reprice Gold to $100,000 per Ounce
“China used fiat debt to build real infrastructure, and when the system blows up, the fiat debt blows away and they are left with infrastructure.
[China recognizing the NWO motives of the 2008 crash, reversed the fiat debt system of ‘derivatives’ and began a banking crack down upon the corrupt].
Do they have 20% bad loans?
They very well could and probably do. If it is true that they are going to have a debt blow up, don’t forget China has been importing big tonnage of gold for years now.
Over the last five years, they have imported 9,000 tons of gold. Their way out is the old way out.
The old way out was to revalue gold higher.
They could revalue gold and step up and say they will pay $50,000 or $100,000 per ounce for any and all ounces for sale. You can’t say there is not enough gold.
What you can say is that it’s not priced correctly to support the system. If they have an implosion of debt which leaves their balance sheets impaired, the way to recapitalize the balance sheets is to revalue the price of gold higher.
It creates capital, in other words.”
How about the U.S. debt problem?
Holter says, “That does not and cannot work for the U.S. because we have offloaded our gold. Simple math tells you the gold that China received has to come from somewhere, and that only somewhere in the world is Western U.S. vaults.”
Could the U.S. still have its more than 8,000 tons of gold? Holter says,
“That’s pure ‘hopium’ that the U.S. still has their gold. Common sense and logic tells you that the gold is gone.”
So, has the U.S. budget and debt ceiling deal fixed anything? Holter says,
“If they didn’t raise the debt ceiling, there would have been an immediate implosion. You have to understand, Americans are the only people on earth that aren’t laughing at the debt ceiling. Foreigners are laughing at it. You are talking about $20 trillion. It can’t be paid. We are at 110% of GDP already, and we’re the reserve currency.”
Holter goes on to say,
“It’s another bubble. It’s going to burst, and the banks are in worse condition now from a debt to equity standpoint. Nothing has changed–it’s just bigger.”
Holter worries about possible deals between Saudi Arabia and Russia that could impair the petro-dollar.
Holter says, “The (dollar) dam is leaking, at this point, because there is less and less use of the dollars around the world. . . . If Saudi Arabia were to say we’ll accept euros, yuan or rubles for oil or if they said we won’t accept dollars anymore, that’s like pulling a center piece out of a dam. It will break, and it’s over for the dollar. They could do that, and they could get bombed back to the stone-age, but I am sure it’s been talked about.” Saudi Arabia Dumps United States ‘Petro-Dollar’ As Sole Oil Settlements.
Holter says there is “no rule of law,” and criminal activity has suppressed the price of physical gold.
“We have been through a four year period of time where paper gold has been pounding the price of physical gold.
You have people who were strong legged, hard money guys who are weak in the knees now, and they shouldn’t be. My hope is we can strengthen some weak knees, to not sell you only insurance in a financial Armageddon. It is mathematically coming. There is absolutely no possible exit with the system intact and the rule of law.”
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