The Golden Truth: CHINA TO BUY REST OF IMF GOLD

Thursday, February 25, 2010

CHINA TO BUY REST OF IMF GOLD

You know what they say: While the U.S. middle class dumps it's gold, the rest of the world buys...

This officially confirms the old adage that a rumor isn't true until it's been denied three times by official sources. That China was interested in the rest of the IMF gold was denied at least three times.

China has confirmed the intention to purchase 191.3 tons of gold from the International Monetary Fund at an open auction, Finmarket news agency said...“Chinese officials have confirmed previous announcements from IMF experts and said that the purchasing of 191 tons of gold would not exert negative influence on the world market. China is interested in the development of the domestic consumer market,” the agency reports...Here's the link: ChinaGold

So there you have it. China, India, George Soros...who else is loading up the boat on the world's oldest and truest form of currency?

The most significant aspect of this announcement is that it is the first time, at least that I'm aware of, that China has publicly revealed its appetite for large "chunks" of gold. If you really analyze the message here, it's China's signal to the whole world that if someone has large quantity of gold to sell, they are the buyer.

6 comments:

AnonymousThursday, 25 February, 2010
ahhh how reliable is this news from pravda????
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JoeThursday, 25 February, 2010
China's speed to divest itself of USD denominated assets is only matched by that of Banana Ben's printing press.

Joe M.
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Dave in DenverThursday, 25 February, 2010
LOL. Good one!
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Dave in DenverThursday, 25 February, 2010
@Anonymous: my view is that media reports coming from Russia/Pravda are far more reliable than ANYTHING you see in ANY U.S. mass media source.
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HopiumThursday, 25 February, 2010
Bla...who is selling? Hell I am a buyer.

Love those dips.

Keep up the great work, long time lurker first time poster.
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Dave in DenverThursday, 25 February, 2010
Great nickname Hopium! Please post anytime.
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.