Sunday, January 5, 2014

China is Buying Gold to Become the Reserve Currency of the World

"You have to ask yourself this about the Chinese, in such dramatic contrast to us, why are they encouraging their citizens, I’m not saying not forbidding them, I’m saying actively encouraging them them on TV, etc., to buy gold?....

One reason could be that they want their citizens to (eventually) turn in some of their gold, and they (the Chinese government) will turn it into currency for them. That’s great. They are already setting up the mechanism for a gold standard.

Eric, the implications here are just phenomenal. You have to believe the Chinese have completely lost their minds in order not to believe that they are looking at gold in the multi-thousand dollar range. That’s the only way this makes sense. They are looking at gold as a central player in a new reserve currency. Who in the world would want (to hold) the dollar from a foreigners’ perspective? You (also) have this incredible alliance forming between China, Russia and Germany."

- Source, Stephen Leeb via King World News: