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China is fully aware of gold price suppression and planning to overthrow it

Section: Documentation

11:36a ET Sunday, December 1, 2013

Dear Friend of GATA and Gold:

Back in October gold researcher Koos Jansen and Jan Skoyles of The Real Asset Co. in London called attention to commentary by Zhang Jie, deputy editor of the Chinese publication Global Finance and a consultant to the China Gold Association, which cited the Federal Reserve's manipulation of the gold market to protect the U.S. dollar's standing as the world reserve currency.

Jansen has obtained a much better English translation of this Chinese commentary, and it includes this observation about gold leasing by Western central banks: "Through continuous gold leasing the gold in the market can be circulated and produce derivatives, creating more and more paper gold. This is very significant for the United States. Gold leasing is a major tool for the Federal Reserve and other central banks in the West to secretly control and regulate the gold market, creating gold credit derivatives and global credit conflict."

... Dispatch continues below ...


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The new translation, headlined "Gold Leasing Is a Tool for the Global Credit Game," is posted at Jansen's Internet site, In Gold We Trust, here:

Jansen also has posted two other Chinese commentaries demonstrating that China sees gold as the center of its own and the world's monetary system.

One commentary is by Sun Zhaoxue, president of China National Gold Corp., the country's biggest mining company, who writes:

"Gold now suffers from a 'smokescreen' designed by the United States, which stores 74 percent of global official gold reserves, to put down other currencies and maintain U.S. dollar hegemony. Going to the source, the rise of the U.S. dollar and British pound and later the euro 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 United States 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 U.S. dollar supply, making the wealth of those countries and regions with foreign reserves mainly denominated in U.S. dollars quickly diminish, in effect automatically reducing its own debt."

Sun's commentary, written in 2012, is headlined "Building a Strong Economic and Financial Security Barrier for China" and it's posted at In Gold We Trust here:

The other Chinese commentary posted by Jansen was written this year for the Agricultural Bank of China by Liu Zhongbo, notes the attempt of the German Bundesbank to repatriate its gold from the Federal Reserve Bank of New York and the increase of gold reserves by other central banks, and concludes: "Because gold has capabilities to absorb external economic shocks, growth of its use in the international monetary system will be imminent." That commentary is headlined "ABC Bank: Run on the Fed Highlights the Importance of Gold Reserves" and can be found at In Gold We Trust here:

As GATA often has noted, Western gold price suppression has been cited in reports by Chinese news organizations and these reports even have been conveyed to the U.S. State Department in Washington by the U.S. embassy in Beijing:

That is, China knows all about Western gold price suppression and the U.S. government knows that China knows.

Indeed, while financial authorities and mainstream financial journalists in the West just scoff at complaints of gold price suppression when they even deign to take notice of them, China understands gold price suppression to be the primary objective of Western central banking and is designing its own policies to overthrow it.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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