Koos Jansen
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Koos Jansen
Posted on 17 Jan 2014 by

The Big Reset, Part 1

The sole reason why I became interested in gold is because of the book “Overleef De Kredietcrisis” (How To Survive The Credit Crisis), written by Willem Middelkoop – the Dutch equivalent of Jim Rickards – in 2009. This book opened my eyes and interest for economics and I didn’t stop reading and writing about it ever since.

Willem Middelkoop 2011

Middelkoop had written four books in Dutch when he decided to switch to English, his latest book has just been relesed: The Big Reset. This book is about the War on Gold and the plans behind the scenes to create a new gold-backed world reserve currency. I had the privilege to do a Q&A with Middelkoop about his latest book. The Q&A will be published on this website in two parts.

The Big Reset

How did you started to invest in gold?

Because of the books by Indian economist Ravi Batra in the1990’s I became aware of the anti-cyclical nature of gold. Through my internet research in 1999, when the internet bubble was getting pretty scary, I had learned about GATA and learned a great deal about fiat and hard money. After I took profits on my real estate investments in Amsterdam between 2001 and 2004 I started to invest in physical gold and silver and bought my first shares in precious metal companies in 2002. In the following yearns I experienced that investing in junior mining and exploration companies who worked on new discoveries delivered the best results. This first led to the publication of the Gold Discovery Letter and in 2008 to the start of the Gold Discovery Fund, which was renamed Commodity Discovery Fund in 2010 because some investors like the commodities more than gold. We have some 600 high net-worth Dutch investors and invest in (junior) mining companies. 50% is gold related, 25% silver related. We also have some Rare Earth and base metal investments. Because of the ongoing ‘World Championship Currency Debasement’ we expect much high prices for precious metals in the next few years.

Your new book is named The Big Reset, isn’t our current monetary system sustainable?

No, we now have arrived at the point where it is not the banks, but the countries themselves that are getting in serious financial trouble. The idea that we can ‘grow our way back’ out of debt is naive. The current solution to ‘park’ debts on to the balance sheets of central banks is just an interim solution. A global debt restructuring will be needed, as economists Rogoff en Reinhart recently explained in their working paper for the IMF. This will include a new global reserve system to replace the current failing dollar system, probably before 2020.

So you are not on your own with this call?

Right after the near death experience of the global financial system at the end of 2008 the IMF and others started to study the possibilities for a next phase of the financial system. In 2010 the IMF published a study titled ‘Reserve Accumulation and International Monetary Stability’ for a financial system without a dollar anchor. The United Nations called for ‘a new Global Reserve System’ based on the IMF’s Special Drawing Rights (SDR’s) a year later. The SDR was created in 1969, at the time the London Gold Pool couldn’t hold gold at $35 and the U.S. lost over 10,000 tons of gold because countries like France and the Netherlands returned excess dollar reserves to the U.S. treasury and demanded physical gold. This development led to the end of the gold backed dollar in August 1971, when President Nixon closed the gold window and the first dollar crisis started. It led to the run up of gold towards $880 in 1980. The UN idea is endorsed by China who has publicly stated several times that it is dissatisfied with the present dollar-orientated system. In 2009 China’s Central Bank Governor Zhou Xiaochuan advocated a new worldwide reserve currency system. Late 2013 the Chinese state press openly called to ‘de-Americanize’ the world’. In an official op-ed the idea for ‘the introduction of a new international reserve currency  to replace the dominant U.S. dollars’ was mentioned again. According to the London based think thank Official Monetary and Financial Institutions Forum (OMFIF) it will take many years before the renminbi will mount a credible challenge to the dollar. The euro is not suitable either.

How will this change unfold?

Our financial system can be changed in almost every way as long as the main world trading partners can agree on these changes. Two major problems in the world’s financial system have to be addressed, the demise of the U.S. dollar as the world reserve currency and the almost uncontrollable growth of the worldwide mountain of debts and central banks’ balance sheets. A reset planned well in advance can and probably will consist of different stages. So currently the U.S. together with the IMF seems to be planning a multiple reserve currency system as a successor of the current dollar system. But this system which still include and center around the dollar, but other important currencies will be added at its core. OMFIF has published an interesting study last year. They remarked:

‘This marks the onset of a multi-currency reserve system and a new era in world money. For most of the past 150 years, the world has had just two reserve currencies, with sterling in the lead until the First World War, and the dollar taking over as the prime asset during the past 100 years. The pound sterling  has been in relative decline since the Second World War. The birth of the euro in 1999 has turned the European single currency into the world’s no. 2 reserve unit, but it has been now officially accepted that the dollar and the euro share their role with smaller currencies. The renminbi has attracted widespread attention as a possible future reverse currency. But it’s still be some years away from attaining that status, primarily because it is not fully convertible.’

Some American insiders have even been calling for a return to the gold, isn’t it?

In an open letter to the Financial Times in 2010 titled ‘Bring back the gold standard’, the very well connected and former President of the World Bank Robert Zoellick pointed out he wants to use gold as a reference point in order to reform the current failing financial system. Mr. Zoellick explained an updated gold standard could help retool the world economy at a time of serious tensions over currencies and U.S. monetary policy. He said the world needed a new regime to succeed the ‘Bretton Woods II’ system of floating currencies, which has been in place since the fixed-rate currency system linked to gold broke down in 1971. He said the new system.

‘is likely to need to involve the dollar, the euro, the yen, the pound and a renminbi. The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values. Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.’

According to the famous publisher Steve Forbes, who was also an advisor for some of the presidential candidates in 2012,  ‘the debate should be focused on what the best gold system is, not on whether we need to go back on one.’ So it was at no surprise for me to see an interview with professor Robert Mundell in Forbes magazine, in which he argued for a return to the gold standard. Mundell can be seen as one of the architects of the euro, and has acted as an advisor to the Chinese government as well. Mundell said:

There could be a kind of Bretton Woods type of gold standard where the price of gold was fixed for central banks and they could use gold as an asset to trade central banks. The great advantage of that was that gold is nobody’s liability and it can’t be printed. So it has a strength and confidence that people trust. So If you had not just the U.S. dollar but the U.S. dollar and the euro tied together to each other and to gold, gold might be the intermediary and then with the other important currencies like the yen and Chinese Yuan and British pound all tied together as a kind of new SDR that could be one way the world could move forward on a better monetary system.’

And China supports these ideas for a currency reset?

As you know Chinese Central Bank Governor Zhou Xiaochuan advocated a new worldwide reserve currency system as early as 2009. He explained that the interests of the U.S. and those of other countries should be ‘aligned’, which isn’t the fact in the current dollar system. Zhou advised to develop the SDR’s into a ‘super-sovereign reserve currency disconnected from individual nations and able to remain stable in the long run’. According to some experts the IMF needs at least five years more years to prepare the international monetary system for a worldwide introduction of SDR’s to be used worldwide. Some doubt if we will have the luxury to wait that long. The fact China is stopped buying U.S. Treasuries in 2010 and have been loading up on gold ever since tells a great deal. Chinese high level officials have indicated China wants to grow their gold reserves ‘in the shortest time’ to at least 6,000 tons, in anticipation for the next phase of world financial system. A recent report by Bloomberg suggest The People’s Bank of China and private investors has been accumulating over 4,000 tons since 2008. The Chinese are afraid the U.S. could surprise the world with a gold revaluation. Wikileaks leaked a cable sent from the U.S. embassy in Beijing early 2010. The message, which was sent to Washington, quoted a Chinese news report about the consequences of such a dollar devaluation as it appeared in Shanghai’s Business News:

‘If we use all of our foreign exchange reserves to buy U.S. Treasury bonds, then when someday the U.S. Federal Reserve suddenly announces that the original ten old U.S. dollars are now worth only one new U.S. dollar, and the new U.S. dollar is pegged to the gold – we will be dumbfounded.’

Can you explain the love for gold by the Chinese?

They know, even from their own history, gold has been used again and again to rebuild trust when a fiat money system has reached its endgame. As you might know, from your own studies, the main academic journal of the Chinese Communist Party’s Central Committee published an article in 2012 that sheds a light on the Chinese monetary or should we say gold strategy. The article [exclusively translated by In Gold We Trust] was written by Sun Zhaoxue, president of both the China National Gold Corporation (CNG) and the China Gold Association (CGA). Sun stated:

‘Increasing gold reserves should become a central pillar in our country’s development strategy. The state will need to elevate gold to an equal strategic resource as oil and energy, We should ‘achieve the highest gold reserves in the shortest time. Individual investment demand is an important component of  China’s gold reserve system; we should encourage individual investment demand for gold.’

According to my research the Chinese are now in the final stage to grow their gold reserves to 6,000 tons. They want to grow these reserves towards 10,000 tons before 2020. That amount will bring the Chinese on par with the U.S. and Europe on a gold/GPD ratio. This opens the door to a possible joint US-EU-China gold supported financial system like the IMF’s SDR-plan. Such a reset could also be backed by Russia since they have accumulated over 1,000 tons, most of it since the start of the credit crisis in 2008.

Do China (and Japan) have the same debt problems like the western countries?

According to John Mauldin, author of ‘The End Game’ and ‘Code Red’ China is ‘even more addicted to money printing than the US or Japan’. Despite national financial reserves of almost $4,000 billion, China has been confronted with its own debt crisis, after Chinese banking system’s assets grew by $14 trillion between 2008 and 2013. The old Chinese communist leadership still remembers how they succeeded to grab power because of the monetary problems between 1937–1949. Their main goal is to avoid social unrest like China experienced during a period of hyperinflation after World War II.

What do the Chinese know about the War on Gold?

Sun Zhaoxue explained in 2012:

After the disintegration of the Bretton Woods system in the 1970s, the gold standard which was in use for a century collapsed. Under the influence of the U.S. Dollar hegemony the stabilizing effect of gold was widely questioned, the ‘gold is useless’ discussion began to spread around the globe. Many people thought that gold is no longer the monetary base, that storing gold will only increase the cost of reserves. Therefore, some central banks began to sell gold reserves and gold prices continued to slump. Currently, there are more and more people recognizing that the ‘gold is useless’ story contains too many lies. Gold now suffers from a ‘smokescreen’ designed by the US, which stores 74% of global official gold reserves, to put down other currencies and maintain the US Dollar hegemony.

He then also explained how the US is debasing the value of its currency in a move to get rid of too much debt:

‘The rise of the US dollar and British pound, and later the euro currency, from a single country currency to a global or regional currency was supported by their huge gold reserves.  Especially noteworthy is that in the course of this international financial crisis, the US shows a huge financial deficit but it did not sell any of its gold reserves to reduce debt. Instead it turned on the printer, massively increasing the US Dollar supply, making the wealth of those countries and regions with foreign reserves mainly denominated in US Dollar quickly diminish, in effect automatically reducing their own debt. In stark contrast with the sharp depreciation of the US Dollar, the international gold price continued to rise breaking $1900 US Dollars per ounce in 2011, gold’s asset-preservation contrasts vividly with the devaluation of credit-based assets. Naturally the more devalued the US Dollar, the more the gold price rises, the more evident the function of US gold reserves as a hedge.’

Additional proof of the Chinese knowledge about the gold price suppression can be found in message leaked by Wikileaks from the American Embassy in Peking about a Chinese newspaper report:

‘The U.S. and Europe have always suppressed the rising price of gold. They intend to weaken gold’s function as an international reserve currency. They don’t want to see other countries turning to gold reserves instead of the U.S. dollar or Euro. Therefore, suppressing the price of gold is very beneficial for the U.S. in maintaining the U.S. dollar’s role as the international reserve currency. China’s increased gold reserves will thus act as a model and lead other countries towards reserving more gold. Large gold reserves are also beneficial in promoting the internationalization of the RMB.’

The office building of JPMorgan with its largest private gold vaults at Chase Manhattan Plaza, opposite to the New York Federal Reserve building, has been recently sold to the Chinese. This indicates the US and China seem to be working together in advance towards a global currency reset whereby the US, Europe and China will back the SDR’s with their gold reserves so the dollar can be replaced.

NYC-view02-China-WEB

More about the War on Gold next week in Part 2

Synopsis of The Big Reset: Now five years after the near fatal collapse of world’s financial system we have to conclude central bankers and politicians have merely been buying time by trying to solve a credit crisis by creating even more debt. As a result worldwide central bank’s balance sheets expanded by $10 trillion. With this newly created money central banks have been buying up national bonds so long term interest rates and bond yields have collapsed. But ‘parking’ debt at national banks is no structural solution. The idea we can grow our way back out of this mountain of debt is a little naïve. In a recent working paper by the IMF titled ‘Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten’ the economist Reinhart and Rogoff point to this ‘denial problem’. According to them future economic growth will ‘not be sufficient to cope with the sheer magnitude of public and private debt overhangs. Rogoff and Reinhart conclude the size of the debt problems suggests that debt restructurings will be needed ‘far beyond anything discussed in public to this point.’ The endgame to the global financial crisis is likely to require restructuring of debt on a broad scale.

About the author: Willem Middelkoop (1962) is founder of the Commodity Discovery Fund and a bestselling Dutch author, who has been writing about the world’s financial system since the early 2000s. Between 2001 and 2008 he was a market commentator for RTL Television in the Netherlands and also appeared on CNBC. He predicted the credit crisis in his first bestseller in 2007.

Link Willem Middelkoop

Koos Jansen
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  • 24 carat

    SDR + Gold as the new international reserve unit (currency) as to reform the international monetary system ???
    Is this reserve unit a floating one or fixed (semi fixed) ? How will gold be fixed or floated in this reserve unit ?
    How to avoid the Triffin problems with a SDR/Gold currency ? Haven’t we learned anything from the problems of the euro Monetary Union (€ reserve)(one size fits all) ?
    How can a fixed/semi fixed goldprice in a reformed international monetary system restore confidence in an systemically debt-driven system ?
    Thoughts…

    • InowB4

      separate the functions of gold and watch the magic unfold!

      • InowB4

        floating, floating in the golden seas the trimaran of currencies…

    • Harry

      SDR + gold ain’t going to happen, keep dreaming kid and ignore the harsh reality that Europe and America are as sick insolvent and addicted as a beaten down homeless crack whore. You don’t have any soevereignity or private rights left and massive wealth confication is around the corner, people being optimistic about the state of the west are seriously mentally handicapped.

  • EDAQUASURE

    Why don’t we just repeg gold to the dollar at say $10,000 (just a guestimate) an ounce? All other currencies could be convertible to dollars or gold like it used to be and it would be a high enough price to pay off current debts.Am I wrong?

  • Marie

    Willem chapeau for writing the book !

    This SDR solution was a thing of the past. New (better) systems are already in place in the background, its just waiting for the – big reset –

    Can’t hardly wait for the 2nd part, are you going to expand on the real value of OIL in relation to GOLD….. ?

    • Ilia Kolovov

      ‘Global Currency Reset‘

      “If it is written on a piece of paper, it is worth the paper it is written on.” GET OUT OF PAPER!”

      The only investment you should make is in physical gold and silver. Pastor Williams has said this time and time again “Gold and silver are the currency of the Elite!”

    • Harry

      New and better systems aren’t in place at all the west is disorganised and in a state of panic, they are trying desperately to push the SDR but it will fail because the east is to powerfull, you gullible westerners think you stand a chance but you are dead wrong when all is said and done you will be controlled by eastern interests that is a fact and you betetr wake up to it because no betetr system will come it will only get much worse before things are better.
      You people think you can just solve 125 million Europeans who live below poverty line just like that and all your massive private debts many times your GDP (BBP in your language)
      You westerners are seriously dillusional if you really believe you will matter after this your western exceptionalism and optimism have gone to your brain and Europe and america will fail miserably and this is comming from a European but my mind is unbaised and clear and I admit the losers we are.
      You are sick in your head for saying you cant wait for the second part many people will suffer because of this and lose the little wealth they still have, but I guess it perfectly illustrates the greed and lack of solidarity in the west everyone looking out for themselves, divided we fall, while the east is buying gold as a united nation.

      • Shanti

        To get the whole picture bright and clear it is important to separate the monetary aspects from the political ones. For Europe it has been confirmed in the Charlemagne speech of Duisenberg mentioned already above by FOA.

        When reset comes naturally or by agreement the € has been designed to stand ready, so did a lot of other CB’s too. It seems an important number of people are going to be impoverished, it was unfortunately written in stone. @ IIia, no, not on paper and I agree with your message to GOTS !

        • harry

          Of course it is wouldn’t it be for the symbiotic relationship between the political and monetary system.
          You are right many people are going to be impoverished and will rise up and we will see chaos and civil war here for sure at the rate we are going down.

          • SLF

            Stay cool Harry. Most people most of the time only accept what they prefer and you cannot change that. This is one gap where discussions and democracy fail at. Some see Apple designed in California while others see it pretty much made in China. China has another different set of problems which are very serious and much harder to handle which the West has little knowledge of, let alone understanding. At least Europe/US demise are their own doing and is well understood.

            I hope your trading profits are enough to alleviate the suffering of your compatriots and good luck.

        • harry

          The small riots you saw in Greece Cyprus Italy Spain Portugal Ireland France UK this is just the beginning.

  • theblues77

    It’s amazing the common man sees the financial system in lock step with the international community and not with internal interests, the ones who have not only devalued the debt oversees but the purchasing power of the working man.

    The world will never go back to a gold standard. Even the Chinese don’t want this. Too much power is lost and restraint is put back, thus helping the common man.

    The Chinese are buying gold to protect their dollar denominated bonds when the reset takes place. Its wealth protection.

    The new reserve currency will be a basket of currencies. This way power is spread across borders as the checks and balances and not gold as the checks and balances. In this way, if all of the central banks agree on a policy they have total control and the common man is yet again screwed to the wall.

    • tom thumb

      With such knowledge a common man would be buying here.

      • theblues77

        Absolutely buying here.

        • tom thumb

          Cheers friend…

    • Harry

      You are seriously dillusional if you really have the misguided belief that the east will be the lakey of the west and join in the guaranteed SDR debacle, they are looking for a Renminbi as world reserve currency not a western controlled SDR they have been waging war on the western currencies since forever.
      The Chinese are much smarter then all those overqualified so called westerner experts it is laughable.
      Just keep dreaming and clinging onto a illusion of a world where the west will have any say, you are just to blind to see the massive transfer of wealth that is taking place from the west to the east, when will you realize that we are debt slaves no less no more…..
      China and Russia wants to make the rules when will you gullible westerners realize this? They will never allow for the United States or the west to bully them around ever again.
      The west have divided themselves with their crony capitalist system and divided they will fall that is written in stone Europe is already a thrid world country with only paper wealth based on debt China has a real production basis and enough consumers themselves we need their import they dont need our export.

      • theblues77

        I am through debating with you, sir. Name calling takes my debate elsewhere. Good day.

  • In Gold We Trust

    To float or not to float, that will be the question.

    • Marie

      No doubt it will be floating Koos !
      TINA (There Is No Alternative).

      • Eppes

        Een oude bekende van het beleggersnet ?:)

        • Marie

          ;-))

  • THOMAS DRELICH

    oh great so im wasting my time buy silver then. what happens to silver. i think i remember jim sinclair saying silver will have an metoric rise (probably from panic) then crash back down in the next super spike. if gold gets revalued to 7000 per ounce where does that put silver. i mean the ration has been running like 60 to one well actually 62.5 1250 gold and 20 dollar silver. 7000 dollar gold put silver at 112 dollars with a 62.5 like today. the spike i guess could be 400+ before settling back to 100 dollars? thats kinda sad.

  • FOA

    The Euro is not suitable he says?
    He quotes the speech by Xioachuan in 2009.
    I suggest he reads Duisenberg’s acceptance speech for the Charlemagne prize.
    The storm gathers.

    • 24 carat

      The so called gold community prefers listening to goldman central bankers who don’t understand gold and consider it simply as *tradition*.

      For your information, read
      http://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/2881/how%20central%20banks%20manage%20their%20finances.pdf

      • Rein de Vries

        @24carat do you really believe central bankers don’t know the value of gold? An dregard it simply as tradition or is it more likely another smoke screen and they have no other option than call it that way right now..? What do you think would happen if they would consider gold the way we do and would talk about that freely to Ron Paul during a Congressional hearing?? Think about it…

        • 24 carat

          Central bankers do know gold’s (dangerous) value extremely well. But,…they want gold to be an exclusively central bank asset without the annoying/disturbing private goldmarket effects on their goldpricing. They want us to see/use gold only as a minor (traditional) insurance asset (2-3% of your portfollo).
          Western central bankers surely hate the Chinese (Russian-Indian-others) gold propaganda. Private gold is a motion of distrust versus central banks and politics.
          Western central banks will not promote private gold in the near future. But keep in mind that they don’t want VAT on investment gold ! Isn’t that extra ordinarry as a silent invitation/hint :-)
          I don’t know what role for gold Ron Paul has in mind. There will never be another goldstandard that *backs* a currency. Because that link (gold-currency) is now broken. The EAST will tell us what gold’s role shall/will/must be :-)

          • Rein de Vries

            Ah i see, i already thought you saw that more clearly.. There could be a fragmented gold standard. But next to that i think central banks don’t mind gold to be in private hands, it depends on which private hands…

            The East will play a big role in the future but i am not sure if they hold all cards already. Actually i doubt that. If there is 170,000 tonnes mined so far and the Chinese have approx.. 10,000 tonnes now, that means there is still 160,000 tonnes elsewhere.. Most of it is still in the West…

          • 24 carat

            It is (only) the 30.000 tonnes of central bank goldreserves that are relevant for the gold-pricing through the (paper) goldcontract management. So,…who dominates the gold-pricing to be accepted by the entire world !? Answer : the $-system/regime.
            Exactly the same for the system of floating currencies. What is your currency’s exchange rate against the petro-$. Saying how much you have to pay for oil (with $).
            Soon, the East will demand their say (their share) of pricing power on gold and exchange rates…

          • Rein de Vries

            Fair point, we will see how it will play out. Thanks for your articles here too!

          • Harry

            You don’t have to thank my, I understand some of my posts can be considered insulting or not civilized I know this but I feel helpless about the state that Europe and the west in general is in.
            I see this whole thing unraveling and come apart before my very own eyes and it is not looking good for us.
            You and me we might have saved something and still have a descent job, but many Europeans are in serious trouble, my mom she’s 65 years old she still manages to survive but she works 3 jobs sometimes 7 days a week full days from morning to late in the evening for an “uitzendbureau” without any guarantees but because the housing market collapsed she can hardly keep her head above water either and I think this is really sad when you consider many of our fellow country men are doing way worse then she does.

          • Rein de Vries

            True, it is a sign of the times. We will have to deal with it one way or the other… It will not be pleasant for anybody.. Just be prepared as much as you can. There’s not much more you can do.

          • harry

            I know that is the most frustrating part to see things spin out of control in real time and not be able to do anything about it.
            It is demotivating and upsetting to see your family and friends go down under not being able to keep their heads above water anymore losing their homes, pensions and savings they worked their whole life for.

            It is just unethical what is happening and there will be serious consequences for everyone who made it possible for this abuse and exploitation to find place on such a large scale in a so called advanced civilized western continent.

            The hatred for the elites is growing each day and they have crossed the threshold long time ago already, no turning back now.

            Leonard Cohen was right when he sung;

            Give me back my broken night

            my mirrored room, my secret life

            it’s lonely here,

            there’s no one left to torture

            Give me absolute control

            over every living soul

            And lie beside me, baby,

            that’s an order!

            Give me crack and anal sex

            Take the only tree that’s left

            and stuff it up the hole

            in your culture

            Give me back the Berlin wall

            give me Stalin and St Paul

            I’ve seen the future, brother:

            it is murder.

            Things are going to slide, slide in all directions

            Won’t be nothing

            Nothing you can measure anymore

            The blizzard, the blizzard of the world

            has crossed the threshold

            and it has overturned

            the order of the soul

            When they said REPENT REPENT

            I wonder what they meant

            When they said REPENT REPENT

            I wonder what they meant

            When they said REPENT REPENT

            I wonder what they meant

            You don’t know me from the wind

            you never will, you never did

            I’m the little jew

            who wrote the Bible

            I’ve seen the nations rise and fall

            I’ve heard their stories, heard them all

            but love’s the only engine of survival

            Your servant here, he has been told

            to say it clear, to say it cold:

            It’s over, it ain’t going

            any further

            And now the wheels of heaven stop

            you feel the devil’s riding crop

            Get ready for the future:

            it is murder

            Things are going to slide …

            There’ll be the breaking of the ancient

            western code

            Your private life will suddenly explode

            There’ll be phantoms

            There’ll be fires on the road

            and the white man dancing

            You’ll see a woman

            hanging upside down

            her features covered by her fallen gown

            and all the lousy little poets

            coming round

            tryin’ to sound like Charlie Manson

            and the white man dancin’

            Give me back the Berlin wall

            Give me Stalin and St Paul

            Give me Christ

            or give me Hiroshima

            Destroy another fetus now

            We don’t like children anyhow

            I’ve seen the future, baby:

            it is murder

            Things are going to slide …

            When they said REPENT REPENT …

          • Harry

            The East is already demanding no taking their say my friend, and they already controll the gold market some people just haven’t realized or take notice of it yet because they still foolishly have such a high hat of the west compared to the east.
            The petro dollar is done for mate and the dollar as a world reserve currency also, haven’t you not heard yet by now how even corrupt countries like Mexico are limiting dollar accounts? And you have the balls to say that the petro dollar or the insolvent banks and their gold manipulation means anything? Think again…

          • Harry

            The east hold all the cards most of you only reason with your western bs indoctrinated tiny little brains, Russia punked the west on Syria and every other failure they clearly shown who is boss.

            Really? Havent you seen them buy op all western real estate companies complete national oil productions, all physical gold, big western production companies etc etc etc really what village are you living?
            The only card the west is still holding is its uneducated and dumb population they can inflate and tax to death the west is nothing more then a private debt slave no more no less dont give your bankrupt continent to much credit for it has failed miserably.

          • Rein de Vries

            Please keep it civilized Harry. My tiny little brain has been to China more than 15 times, it spend about a year there in total, how many times have you been there, if ever? BTW do you think the Chinese are not in debt? Check your facts…And do you think they will do very well when the West is not buying their products if the monetary system collapses here?

            You can disagree but please no name calling here… That is a discussion with a low standard..

          • harry

            I am sorry for the name calling, it just really bothers me how blind some people are over here in the so called educated west, I can tell you that the easterners are much better educated on average then we are that’s a fact.

            Wow 15 times you want a medal now? I was born in China my friend, moved to Europe when I was a kid I’ve been there many times and have a part of my family living there still.
            China has debt but with its own communist national banks especially, you Americans have debt with private commercial banks its a different situation entirely.
            If the west is not buying their products it will hurt the west more then it does to them, they are used to being isolated and they can consume their own goods.
            Your shelves would be empty if you stopped importing from the east that’s for sure, the Chinese will just consume their own stuff sure it wont be pretty but think about this who has the production base to sustain itself? Right China has even most of our factories are located there.
            The MSM spins it like China is almost bankrupt but let me burst your bubble China is doing fine a billion times better then we do here, it is just one big distraction from the Wests own massive and unsustainable debt problems.

          • Rein de Vries

            Born in China, that figures… rethink your points.. ofcourse China is doing better, nobody is arguing against that, it’s just not a one way street like you make it seem.. That’s all. Good luck..

          • harry

            It is not a one way street, but the East is winning this battle for sure by a long shot.
            Did I want Europe to be the bastion of democracy, freedom and wealth of course I did but we strayed of to far from our path and I know we are pretty lost Europe is in a state of panic, disarray and is very unstable, unemployment, inequality and poverty have never been so high and still we are sailing the same course it is nothing less then suicide.
            In China and Russia their leader have a spine and they stand firm, in Europe and America not so much our politicians are like scared little weasels crawling into their holes when things become to difficult.
            China is following the Art of War and are quite literally building a golden bridge for their opponents to retreat across, the supreme art of war is to subdue the enemy without fighting.

          • harry

            Yes my grandma was dutch colonialist and my grandpa an Indonesian coolie (slave labourer) they immigrated to China after ww2.

          • theblues77

            The east does not hold all the cards, Harry. You make some good points but in the end concessions will have to be made on both sides.

            Military might for one. Take a look at the USA Navy for starters.
            Technology for two.
            The USA is quietly becoming energy independent for three.

            I take offense to a dumb and uneducated population here in the USA. We have the best work ethic on the planet as far as I am concerned with the best technology minds anywhere. Whole lot of piracy in the east.

            It is true there is a debt problem, etc. but like I said, in the end neither side wants war so concessions will have to be made. The USA as we sit right now is the most powerful country the planet has ever seen based on the work ethic and minds of the “uneducated and dumb” populace.

          • Harry

            For sure they hold all the cards.
            The USA self sufficient in energy please give me a break the phracking cost more energy then that it produces if you don’t even have done enough research to know this then what are you talking about?
            You are truly ignorant if you believe the USA will have sufficent energy for free those days are over.
            Didn’t you hear what the CEO of Royal Dutch Shell said? How he regretted Shells participation in the losing phracking because it is more expensive to phrack then the energy it produces?
            YOu Americans pump QE money into stocks thats how you make companies look profitable while they dont even make a profit often and are loaded with debt, and I am not even speaking about consumer debt.
            Militairy might gimme a break please what are they going to do invade China throw a nuke on it GTFO kid dream on dream on.

            Lol best work ethic? You are really funny my American friend you are still so full of your American exceptionalism you are completely blind to reality the Chinese have a way more dedicated and cheaper labour force and much bigger too.
            You Americans live on cheap credit and plastic you pay off one bill with another credit card you buy groceries and buy gasoline with a credit crad you ignorant fools, you are not dedicated at all 50 million Americans are to poor to buy food and live below poverty they are on food stamps.
            You have massive unemployment and destruction of purchasing power on a never seen before scale.

            Your tech excuse me? Apple factories are in China your Mac’s get made in China etc When push comes to shove it will be to expensive to produce Iphones in the states why do you think all your companies are leaving for the East are you truly that blind?
            Consessions my ass you are a CHinese debt slave no more no less if China would dump those worthless treasuries of yours you would cry fool for sure.

            You people are so blind for the obvious and that is the West is on its way DOWN and the East is on its way UP way UP I am a westerner but I dropped my exceptionalist attitude and looked at the world with a neutral glasses on not my American European baised glasses and I know for a fact that China and Russia own our asses whether we want it or not.
            USA is totally bankrupt Europe is totally bankrupt you guys are so poor you needed to sell your biggest vault and pork producer to the Chinese, you are completely blind to reality with you American indoctrinated tiny little brain.

            You should take a look at China’s labour force 16 hours a day, 6 days a week 96 hours a week that is a dedicated work force my friend you guys taking on credit card debt running massive deficit spending has nothing to do with being dedicated workers you are dedicated consumers and debt slaves that is what you people are.

          • theblues77

            Yikes. I am going to bow out of this one. US to be top oil producer by 2015. Exceptionalism, no. Proud of my country yes. They are not the same.

            http://www.bloomberg.com/news/2013-11-12/u-s-nears-energy-independence-by-2035-on-shale-boom-iea-says.html

          • Harry

            Do you really think the Chinese give any official numbers or that they disclose private ownership the Chinese are the biggest holders of gold along with the Arabians, the west is seriously depleted of all gold and especially most governments and central banks are totally insolvent, they leased out all their gold to private parties and most offical numbers of western central banks still have all that leased gold added to their holdings also.

            When China officially releases the numbers of its reserves it will come as a big surprise to most people who haven’t been paying attention to what is going on all that well.

          • Rein de Vries

            Could be but there is no prove of that, personally i doubt it, lots and lots from central banks is gone and been sold in to private hands here, tax free foundations, etc. In the 90’s and early 00’s when most western cb gold was sold, the Chinese weren’t buying much yet… Where did it go…?

          • harry

            Like you said into private hands but as a country China has the biggest gold holdings hands down everyone is buying gold there now on a massive scale.
            I don’t give a rats ass about the privately owned bullion the greedy private hands that own gold in the west aren’t going to use it to bail you out that is for sure.
            Netherlands gold is in the USA Germanies gold is n the USA Europe’s gold is in the ECB and IMF gone is your window of opportunity and sovereign means to revert back to your own sovereign currency in the future.
            China is working as a country united in buying gold the west are working as a divided continent it is each to his own and every man for himself here the epitome of individualism and egoism and we will pay a heavy price for it I can guarantee you that.

          • Rein de Vries

            only as a country doesn’t mean they hold all the cards… you don’t have to care about that but China does, i can assure you..

          • harry

            I do care and I know China does too but par military might they do hold most cards for sure they are buying up western companies and resources now on a massive scale while most of the west is still desperately holding on to their hot potato depreciating fiat debt papers that are getting devalued every single day.

          • Harry

            Exactly, it amazes me how some westerners here are still so full of themselves and think there is any role for them in the monetary system except that of a debt slave, while their as insolvent as one can be.
            When this is all said and done it will be the east who will make the rules not the heavily bankrupted west who relies on China importing them consumer goods, food and buying their worthless treasuries, but China has already said no more but some people have a hard time listening or reading between the lines.

          • Harry

            They still have the misguided and dillusional believe that somehow China or the East needs them instead of the other way around.

  • David Reischer

    It is hard to believe there will be long term cooperation among such rivaling factions. Possible yes, but I’m still counting on WAR at some stage.

    • Heywood Jablomie

      Correct, when the gold vaults in the west are empty and China pulls the plug on the USD.

    • Harry

      David, don’t you understand the difference betwen playing along and cooperating?
      If you did you might have gotten the what you call “cooperation” part….

  • willem middelkoop

    I See silver rising in lock step with gold. Ratio Will decline from 60:1 towards 10:1 due to physical shortages well before 2020 – disclaimer:long more silver than gold

    • In Gold We Trust

      Thanks for joining the Disqus Willem! I hope you can drop a visit here more often.

    • jt4

      What will my pension look like after the reset? In other words, will the dollar lose most of its value?

  • guest

    It’s gullible how all these so called experts compare the debt of communist China with its national banks to the debts the west has to its private commercial banks, you really still don’t understand how the east operates.
    In the west a handfull of people is abusing the fiat currency system while in China the whole populatuon is exploiting fiat money.
    China did not buy all that UK and USA realestate the big USA gold vault or the biggest USA pork producer because they are in bed with America, srsly is Middelkoop this naive? Uncle Sam is flat broke and China’s bitch and everyone with more than half a brain knows this, playing along and working together are two different things entirely, China is playing along for now but make no mistake their main goal is and has always been to destroy the dollar, you are retarded if you think they work together while waging a fiat currency war.
    Do you really think China represents the cute panda illustrated on the Yuan, you are dealing with a tiger my friend and you are locked into a barrel with this beast make no mistake about it.

    Middelkoop is knowledgable but short sighted in regards to the east, he is reasoning with his western exceptionalism glasses on, one is foolish to even think that the east needs the west, the west has almost no production base left, it is the other way around and west needs the east for quite a few years now.
    It never stops to amaze me how misguided westerners are in general even the so called gold bugs.

    • Rein de Vries

      Well well guest you sound just like Harry…. China cannot lose the West as a customer yet for some years to come,.. The Chinese are not self sufficient by a long shot.. And control none of the waterways yet. They will perish quickly without oil supply. Then also they do not want to be the ones that is pulling the trigger on the West because they are not militarily as strong as the US….. yet. They don’t want to give an excuse to let the conflict get out of hand now. The Chinese are much smarter than that… I actually genuinely like them. And again, please don’t put everybody down with a different view… It is totally unnecessary

      • guest

        Why do you think the Chinese just bought the complete Ecuadorian oil production ey?
        I agree the Chinese are much smarter and cunning the west has been playing checkers in their game of chess.

        • Rein de Vries

          And how does that oil get to China? Over water? Who controls practically all the waterways in the world? China?

          • harry

            In the end what matters is that the oil is in Eastern hands and that it gets there.
            Do you really think China cares for giving the poor Americans a little FIAT fee for using their waterways?
            Isn’t that one fine and perfect opportunity to get rid of some worthless dollars?

          • Rein de Vries

            I am not talking about getting paid for it. I am talking about boycotting all oil destined for China because of some blown up bogus reason like human rights. Or a false flag operation blamed on the Chinese, so they can be cut off of oil or anything else. Sure China can financially retaliate, But if push comes to shove now they will not win, yet… and they know that.

            There are many things that can happen, that’s why i say, it’s not done yet by a long shot. If you know history you know that these western elites won’t be easily defeated. I don’t like our history but it is what it is… We will find out. In the mean time China will just play the waiting game like always and then the West will deteriorate in a natural way. All they have to do is stay out of a military conflict, but that might prove to be very hard with these crazy western elites and politicians… We can say that for sure..

          • harry

            I think you are underestimating China a bit in terms of military might them and Russia already beat the west, we do not dare to go into Syria at the moment.
            If America launches an attack against China then Russia will come into play also and it will be a nuclear war, it can happen but I don’t see that happening because these elites care to much about their materialism which will be worth a lot less in a nuclear holocaust.
            So they will not dare to initiate a military conflict with the east because it is plain suicide everyone knows that.
            Also China gets most of it’s oil from the middle east and the west can’t do much about that to boycott it they pissed on the Arabs to much for that to happen.

          • Rein de Vries

            It is like this:

            time is running out for the dollar

            that means

            time is running out for the western elites to work towards a new world order that they control

            that means

            they are in a hurry to make things happen now

            that means

            they make more mistakes, like in Syria

            that means

            they increasingly feel the need to push things their way

            that means

            you will see some unexpected things like new false flags attacks, or

            No matter what they will want to win. The dynasties have been working on this for centuries. It will all come to reveal itself in the next ten years.

            Let me give you a link to a speech by Putin. It pretty much lays it all out. It was received with shock and horror back then in 2007, but the western press was mostly silent about it ofcourse….:

          • harry

            I agree with you on this, of course don’t we allw ant to win? It’s human nature to want to succeed.
            Thank you for the video I have seen it also, I think he makes good points, if speeches could kill he would have killed the western leaders many times over now.
            You can say much about Putin whether he’s good or bad but he sure knows how to deliver his speeches, he obliterated western leader many times with his talks he doesn’t fool around like people like Draghi, Rompuy, Rutte or Obama etc do they are all spineless leaders.

          • Rein de Vries

            True but you have to realize that the elite behind these puppet politicians is a unity, like China and Russia. Question is will this elite be able to get the western population behind them, this last time to get their dreadful NWO finally up and running.. Or is the awareness spreading fast enough to prevent this from happening..Again we will find out..

          • harry

            The awareness is spreading like a virus, Europe is on the brink of a revolt.
            Only countries like Netherlands and you can see this in many responses from fellow Dutchman that are ignorant and still are stuck in their normalcy bais and the western exceptionalism, how much better we are compared to a Chinese we have the misguided feeling of elevation above them like being better human beings a superior race like some Nazi’s, it is why they invented the mock phrase that corruption does not happen in Netherlands it happens only in Africa.
            The rest of Europe is waking up rapidly especially the countries like Greece and Italy who are poverty struck and the anger is growing by the day, I fear the day that people rise up because I know we will get a civil war in Europe they are just to much divided the only thing that unites most Europeans is poverty and that is the sad truth.
            I know families here in the Netherlands that don’t have €5 left for new pants at the end of each month, that is the harsh reality many people who still have enough money and a job refuse to accept recognize and see like the little expat kid from Cambodia absolutely no grasp of the real world outside of their own comfortable life and finances.

          • Rein de Vries

            We will find out Harry, but look at my name it doesn’t become much more Dutch than that.. It is spreading here too. We will talk later again. Try not to get too depressed about it all. Peoples character shows best when they are facing hard times. We all have to man up and face what’s coming… GLTA

          • harry

            You’re right it is spreading here to and the people who visit this site are aware in some way shape or form I just think many don’t yet realize how bad things are even over here for some people in the Netherlands.
            It is very personal to me because my family immigrated here from the east for a better life.
            It does depress me but when I am off from my trading day I will share my profits I made from commodity trading with my friends and family in need, I will feel good about that.
            Again thank you for taking time to respond and for your encouraging words, good luck to you too Rein.

  • guest

    Have you silly Europeans not seen you even import your food from the east, you are as self sufficient as a little baby and the east is spoon feeding the west, sorry to burst your bubble but as things stand now all your skinny western asses belong to the east you better believe it.

    • Phil

      When push comes to shove (USD “collapse”, mad max or “China takes over” scenarios), Europe can and will hold up quite exceptionally well, don’t worry. Imports from the far east (and resulting under-employment) only happen when (and as long as) they’re cheap as dirt, simple as that! Europe has fertile lands, no overpopulation, unpolluted humane living environments, strong industry, Norway oil and good relationships with Saudi and “the East”. And ECB members holding 30% of reserves in physical gold.

      • gast

        Wow Europe no overpopulation which village did you come from, Europe has big overpopulation is many areas, Europe doesn’t have much fertile land that is one of the biggest jokes I heard we build real estate onto those farmlands kid.
        Europe doesn’t have a strong industry at all our production is shrinking every year we don’t have a good production basis at all since most of our food is imported from the east.
        Europe hold up exceptionally well LMFAO Europe is completely insolvent their private debt is many many times their GDP (BBP) between the 200% and 1000% GDP look it up kid what happens when you go above 60% GDP things become unstable, 125 million people live below poverty in Europe and are to poor to buy food, 50% youth unemployment in almost every country, a Neo Nazi party in Greece riots and rebellion in Italy, Spain, Portugal and Ireland.
        You are making me laugh you are funny but delusional you are a third world continent and you better wake up to it, just because you got money and a good job doesn’t mean that Europe is doing well it is truly shortsighted.

        • Phil

          Haha, currently being in Cambodia and seeing the pollution in Chinese mega-cities: Europe is a good 50 years AWAY from being a “3rd-world continent”, and in both directions, past and future ;D you better head to China and enjoy their dusty lifestyle, don’t worry about us Europeans with our green cities, electric cars, renewable energy investments. And “125 million people in Europe are too poor to buy food”? Just how insanely brain-dead are you? Hahaha you blow my mind.. Even in crappy old Cambodia, 95+% can manage to buy food of some quantity and quality nowadays, but 125 million Europeans cannot? Yeah, right.. I better start listening to you and relocate to China to work as assistant-peasant on a farm or a 18-hour-day factory-slave at Foxconn to escape the horrors of my oh-so-impoverished home continent and finally afford some food.. o_O

          • harry

            I see you’re doing well with all your traveling, most people can’t afford to go on vacation one single time a year, you’re response shows that all solidarity is lost here and people only think about themselves.
            Just because you have enough money and a good job doesn’t mean every European has 125 Europeans are living below poverty that is a fact just as many countries in Europe have over 50% youth unemployment.
            You are just reasoning solely from your own comfortable situation being able to go on vacation multiple times a year I figure, well let me burst your bubble most people here will never be able to afford a luxury vacation to Cambodia, and don’t worry I lived in China and know that people are more humble there then they are here you’ve proven that to me again today also with your arrogant attitude and western exceptionalism.

          • Phil

            Not holidaying, I’m an expat here.. and “luxury vacation to Cambodia” is a good one, haha, that’s one thing that’s quite impossible to pull off even in 2014.. maybe 15 years into the future, or 50..

            Not sure what “exceptionalism” I’m apparently sporting. All I can see is that you’re apparently monitoring this page for new comments in real-time all day rather than scavenging your surroundings for left-overs, berries or krauts so I must assume you’re not as bad off as your alleged 125 million Europeans who cannot afford to buy food. That’s good, happy for ya and for every Chinese who got lifted out of poverty through free global trade. So long & peace.

          • harry

            I like Cambodia and China more than I like Europe but that all depends on preference.
            Thank you for your response I should look at my options to expatriate also.
            I am trading commodities and posting on this page in between trading sessions but I just posted here yesterday for the first time after I read the article.
            I am doing okay myself but many of my friends and family members aren’t, I am very well aware of both sides of our society unlike you.
            I can read from your arrogant one sided comments that you never had experienced financial struggles, lost your home, savings or pension or seen people go through these struggles first hand.
            I know it is all a joke to you, but I have seen people in Greece who had to give up their children for adoption because they could not afford to buy food for them anymore.
            I’ve seen the poverty in Greece, Italy, Spain, Portugal and Ireland, when you see this suffering yourself it is going to bother you if you have any social bone and feeling of solidarity towards your fellow human beings.

            I am happy for you that you have a good job and a nice expat place in Cambodia and a good life you must be blessed and I wish that for every European instead of just for you.

          • Phil

            Hey, human misery always touches me, whether in Europe or in Cambodia where I do see lots of it, and I’m not one of those corrupt nouveau-riche SUV-driving “NGO” heads here, I keep it lean & simple & cheap myself. So yeah I’ll admit I wasn’t aware of the exact extents of poverty in Southern Europe but them being EU states, fully expected them to provide reasonable “safety nets” unlike down here in Cambo. Anyway, good luck with your trades and easy with rushing to conclusions about others and getting very emotional in online forums.. you know nothing about my family / origins / whatever struggles we/I may or may not have fought or anyone else’s really. I’m certainly not looking out from a Rothschild castle down onto the little ants struggling daily or something.. Cheers & out.

          • harry

            I understand, I apologize if I rushed to judgement it is very emotional to me because I see so many friends and family struggle daily there are so much of them I can not support them all that I almost feel bad for making money myself and making ends meet.
            I did not believe you where a corrupt rich I just assumed that you had a good life and I think you deserve that just as everyone else whether they are Cambodian or European.
            I figure you see much poverty and misery there too, south of Europe is kind of the same except it is a concrete jungle.
            I am so sick of this sytem that I have considered to just give away everything I own to the people who need it and buy myself a one way ticket to Africa and live there in a wooden shed in the dessert I would have more freedom, privacy and my only worry would be water and food.
            I live very simple and cheap too so I can help out my family and friends better I don’t need much myself to be happy, what bothers me and keeps me up at night is that many people I know and care about have almost nothing.
            I often go to my mom and take with me a pan of food because she almost has no money to buy food and she is living in the Netherlands, a few years back she would be considered middle class.
            Also the food banks here are getting bigger and bigger rows of people who just can’t afford to buy the food they need to feed their family anymore and this is in the Netherlands.
            In the south things are much worse then here people have seen their working weeks doubled from 40 to 80 hours and their wages cut by a good 50%.
            Anyways peace out and godspeed, enjoy your stay in Cambodia and be safe, it must be a humbling experience to live amongst people who have so little, it is a great gift to be able to share some of your own wealth with these people.

          • drwx

            I see where you are coming from,
            it depends on how you look at it whether you categorize it as the most livable area on earth.
            In terms of social welfare this is indeed one of the most livable places on earth but for financial and private freedom and independence you better look someplace else.
            You should be worried as a westerner and a Euro person, the € zone is in worse shape then many people like themselves to believe, a large part of the official national physical reserves of the west have been depleted and leased out, you will find that out soon enough.
            If you have no money you will be better of in the welfare states of northern Europe but if you want to make much money you will be better of in frontier markets, and if you already have much money a country like Cambodia isn’t that bad, more freedom and privacy compared to the west, unless you measure them in terms of consumption, luxury, infrastructure and security apparatus.

  • guest

    Europe is done and pon its way down, it is desintegrating before our very own eyes, most people are just to stuck in their normalcy bais to admit it, their tiny little brains can’t register it.
    You think 50% youth unemployment is bad that most Europe nations are suffering let me wake you up my European friends and I amr eally sorry to say this but you are heading for 50% unemployment among the entire working class of Europe.
    Are you this naive and arrogant filled with your western exceptionalism that you really think that you can just solve 125 million Europeans who live below poverty level and are to poor to buy even food with a fiat SDR and by running up more private debts are you truly this ignorant?
    Europe is on the brink of a revolution and voilent clashes between the establishment and the citizens haven’t yous een the pitchfork movemnet rising in Italy or the Neo Nazi party in Greece?
    You folks are blind Europe is done for and has been for a while now, you had the choice between a fast and painful or a slow and painful death and in all your stupidity you chose the slow painful death it is really sad.

  • guest

    This is what the future of Europe looks like; You will have rising unemployment, rising taxes, lowering wages (untill you can be competitive with the east again if ever) less import, less export, less production, less consumprion, many bankrupties untill finally whole countries default one by one, serious defecits, and confiscation of personal private assets on a massive never seen before scale for atleast the next few decades, it is already happening but most people are to dumb to take notice of it.

  • guest

    I am amazed that you people from a divided to its core population seriously are that dillusional that you think you stand a chance against the east, maybe when you blow up the world with one of your atom bombs you’ll stand a chance, otherwise the west is flat broke like the bum in the street.
    China and Russia are taking all the gold, all the relevant production, and all natural resources and there is nothing absolutely nothing Europe or America can do anything about it except to watch and learn from the masters themselves China invented fiat paper they invented the art of war and this is the continent Genghis Khan came from maybe someday soon the westerners will learn to respect history more.
    The JPM vault in NY, the biggest pork producer in the States, all that real estate in the USA and UK the Chinese bought, it is just the beginning prepare for more hostile takeovers China doesn’t fool around like our crony capitalist bankers and politicians do, westerners have no spine at all.

  • guest

    Have you people not noticed that the gold price was pushed down on Comex trading sessions only first and haven’t you noticed the shift in sentiment that suddenly for a while now gold has been pushed down during Hong Kong PM exchange hours also?
    And suddenly gold is rising again during Comex trading hours for the past days?
    Well this is the Chinese taking controll of the market, they know it doesn’t work to push prices up in their sessions when the USA is pushing prices down during Comex sessions so they have changed tactics, now they bump down gold during their trading hours becaue they know the USA can’t bring it down to far in the Comex sessions infact the Comex sessions have been forced to push price up to stay on target this is the hand of the Chinese you are seeing, what do you think would happen if the Chinese push the gold price down and the USA too during their sessions the Comex would be depleted in no time so now the Americans are forced to push price higher during their sessions because the Chinese are artificially pushing it down now because China knows that the Comex and LMBA is walking the thight rope they try to give them that one little push that will bump them over the cliff and then nothing will stand in the way for China to establish the worlds premier PM exchange.

  • disqus_tKUiAezKl2

    Stock up on food, drink, meds and supplies when they’re on sale.

  • PJ

    Bought 2 oz today, feels good..

  • In Gold We Trust
    • http://lonestarwhitehouse.blogspot.com/ Larry White

      Thanks, that’s excellent. I’ll use that one and mention you pointed it out to me. Thanks again.

  • http://lonestarwhitehouse.blogspot.com/ Larry White

    Koos,

    In doing some research on Bitcoin I ran across this item. An asset backed version of Bitcoin apparently approved by the IMF and other global financial entities including SWIFT.

    Interesting? Here is the link to my blog post on it:

    http://lonestarwhitehouse.blogspot.com/2014/01/klickex-new-imf-approved-bitcoin.html

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