Paul Chong Thursday, 28 September 2017
The power and politics of gold, that precious metal with more allure and fascination than any other is well documented.
Gold has mesmerized men for thousands of years.
When we talk of gold, we mean pure gold & it is 999.9 – 24K Gold Bullion. Its value is permanent, unchanged right from historical times. Wars, largely financed by gold, have been fought, won & lost over this beautiful & scarce metal. Men would risk their lives, lie, steal & cheat over it.
In the world of high finance & recent years, economic uncertainty is giving gold a new lustre. Whether it’s a few gold coins or gold bars stored in one of the many vaults around the world, many investors are taking a shine to gold. But there’s not a lot of it. It is said that, even melted down, there would not be enough to fill an Olympic swimming pool.
People generally ask:
How much gold would fill a swimming pool?
How much gold has been mined in the world?
How much is all of the gold in the world worth?
How much gold is supposed to be in Fort Knox?
Gold has all the mysteries about it & nobody can really quite know.
It’s claimed that much of the gold held by the Bank of Canada, the Bank of England, the Federal Reserve and Fort Knox is gone — that for every 100 ounces of gold traded, there exists only one ounce of real, physical gold. So, where is the gold — and who really owns it?
According to Wikileaks it’s revealed that China has been converting US debts to buying gold. It seems they’ve also managed to find a way to undermine the US dollar as a the world’s reserve currency at the same time. Japan, Switzerland & the Saudis are doing likewise. Russia is cooperating with China all the way trading its oil with China in Yuan which is made convertible to gold thereby dispensing with the US reserve currency.
According to Wikipedia:
The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct international convertibility of the United States dollar to gold. (This happened essentially as a result of Fort Know running out of gold).
While Nixon’s actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. By 1973, the Bretton Woods system was replaced de facto by a regime based on freely floating fiat currencies that remains in place to the present day”.
The fiat (paper dollar) system allows the Reserve Bank to print money as & when needed. For the last 40 plus years, US seemed to have it easy, but it marked the beginning of the worst 40 years in American economic history. Unemployment, slow economic growth, recessions & neglect in the rebuilding of infrastructure . . . all contributing towards US decline. The American mind-set is to spend as though there’s no tomorrow or easy come easy go.
With President Donald Trump trying .to make US great again does seem a downhill battle. Manufacturers have mostly gone off-shore in search of lower labour costs. Countries, one after another, are deserting the “petrodollar” (oil can now be traded other than the US dollars). US national debt is almost $20 trillion ,perhaps even higher when taking into account other factors.The largest holdersof US debts are China, Japan, Belgium, the Caribbean banking centres, and oil exporters. It’s mentioned that these problems could be tamed and mollified with a true gold standard
Both China & Russia, in preparation of the world in chaos, are buying up gold (Refer: https://youtu.be/MQCDL588MOE). See also “Why is China selling US Treasuries at an Alarming Rate” at https://youtu.be/avi4ll2YvBI.
Something big is brewing. The Rothschild family, only trillionaire in the world, believed to be pulling out of US, is followed by Soros who is buying up massive amounts of bullion.gold.
Gold price stands today at $1,300 per oz. The man in the street is advised to invest in gold or at least in silver which is more affordable at $20, as a safeguard to his personal fortune in the event of financial collapse.