You are here
William Pesek: China's gold stockpiling is a warning sign on dollar
By William Pesek
Asia Times, Hong Kong
Thursday, November 24, 2022
TOKYO -- One of the worst-kept secrets in global central banking is the extent to which Chinese officials are swapping dollars for gold.
Governor Yi Gang's team at the People's Bank of China isn't admitting as much. The PBOC doesn't have to, though, given the clear policy trajectory Chinese leader Xi Jinping has pursued in recent years: internationalizing of the yuan as the top rival to the dollar.
... Dispatch continues below ...
... ADVERTISEMENT ...
Buy, Sell, or Store Precious Metals with Money Metals Exchange
Money Metals Exchange, a national bullion dealer recently named "Best Overall" by Investopedia.com --
-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.
Shop online with Money Metals Exchange here --
-- or by calling 1-800-800-1865.
Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:
Xi's position hasn't changed so much as other governments are catching on that trust is waning in the global reserve currency and an alternative to the dollar is badly needed.
Particularly as the U.S. national debt zooms past $30 trillion, inflation is at 40-year highs, the Federal Reserve is pushing the biggest economy into recession and a band of firebrand Republicans threatens to play politics with Washington's debt limit again.
Not surprisingly, central banks that once hoarded dollars are buying gold at the fastest clip on record. In the July-September quarter, central banks more than quadrupled gold purchases from a year earlier -- adding nearly a net 400 tonnes to already sizable stockpiles.
These figures from the World Gold Council are no aberration. The year-to-date flurry of gold buying already well surpasses any 12-month period since 1967. This has traders guessing who the real whales are here. ...
... For the remainder of the analysis:
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at: email@example.com
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at firstname.lastname@example.org.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
|Previous Article||Next Article|
|Ghana plans to buy oil with gold instead of...||Craig Hemke at Sprott Money: Comex fun and ...|