All of these western – if you will – European and American Central Banks – have completely gone all-in on the fiat currency structure and we’re all going to suffer as a result. – Craig Hemke – aka “Turd Furguson,” Daily Coin podcast
What is the significance behind China’s historical physical gold accumulation? No one really knows how much gold China’s Central Bank has accumulated over the past 20 years. Similarly no one knows how much gold is really sitting in the Fed’s vaults. We do know that the Fed has spent a small fortune – including hiring Linda Robinson, who was the head of Enron’s Washington lobby office – to fight Congress’ effort to pass legislation requiring a full audit of the Fed’s gold.
One thing we know for sure, in light of the fact that China and India alone are importing more gold than is mined by all gold mines globally – the western Central Banks have unloaded most if not all of their sovereign-owned gold.
Rory Hall of The Daily Coin hosted Craig Hemke of the TF Metals Report – for a discussion about the new London gold price “fix,” among other timely issues connected with the ongoing massive transfer of physical gold from the western Central Bank system to Asia:
It’s well worth the 25 minutes spent listening to this conversation. I have a bad feeling that sometime within the next 12-24 months, citizens of the west are going to understand the significance of the meaning behind “the Golden Rule”: “He who controls the gold makes the rules.”