There is a great monetary reset coming. There is a day of reckoning on the horizon for the tsunami of fiat which has flooded the planet. There will be a revaluation of the gold (and silver) price that will revalue the precious metal at a price far higher than the manipulated price we see today. – SGT Report
An entity called “Bloomberg Intelligence” published an article which asserted that the price of gold would need to be $64,000/oz in order for China to back its currency with gold. Unfortunately, the article lacks any meaningful depth of intelligent analysis. Additionally, there is a glaring absence of documented assertions and reference-base facts to support the article’s thesis.
The SGT Report has saved me the time of slashing and burning this poor excuse for journalism:
We’re not sure who ‘Bloomberg Intelligence’ is or from where they are gathering this “intelligence”, but it would be helpful if they dealt with some of the commonly known facts about China’s gold hoard which we cover daily here at SGT Report.
When Larkin and Van Der Walt claim “A traditional gold standard, in which the precious metal backs the currency, is basically impossible at current prices due to the amount of metal needed“, one wonders what in the world they are trying to say. Are they referring to the total amount of Dollars in circulation worldwide? Are they referring to the total fiat money quantity (FMQ) which we have discussed at length with Gold Money’s Alasdair Macleod? Regardless, a $64,000 per ounce gold price itself would be the direct result of re-pricing the oceans of fiat in circulation to the relatively tiny amount of physical gold.
Once again we see obfuscation of the facts from the mainstream mockingbird financial publication Bloomberg.
First, the authors claim that 10,000 tons of gold is NINE TIMES more than China’s “official holdings”. While that may be true, certainly Larkin and Van Der Walt are aware that China now likely holds far more gold than its officially reported total of 1,054 tons. In fact, unless Larkin and Van Der Walt are entirely incompetent imbeciles, they must be aware that even the mainstream mockingbirds at Market Watch are reporting that China is about to come clean about how much gold it really owns.
You can read the rest of SGT’s analysis here: Bloomberg, China and $64,000 Gold