Conversion of Russian & Chinese FX Reserves: Very difficult to prove, but the Russians & Chinese are aggressively converting their foreign reserves into Gold bullion. The Russians possess over 20,000 tons of gold. The Chinese possess over 10,000 tons of gold. They maintain their secrets, but the reality is a major story. The US press is nowhere on the reserves story, still locked on the official IMF and WGC phony gold statistics which bear as much truth as the USGovt jobs, economy, and price inflation reports. Almost every single Western economic and financial report is a lie. Neither Russia nor China permits any export of gold mine output. However, both superpower nations have been avidly converting FOREX reserves to gold bullion. The major component of the converted reserves is USTreasury Bonds, the toxic paper undermined by the USFed itself. The destructive QE & ZIRP monetary policies are the primary motives for the conversions. Their political leverage is unclear, if they are indeed draining Switzerland or London or Rome. To be sure, deals are being cut to share the power scepter in the next chapter. My belief is that gold mine output from Mongolia to Kazakhstan is being gobbled up by Russia & China. These nations are from the Former Soviet Republics, and form the bond between the BRICS and SCO, the Shanghai Coop Organization. Toxic impaired USTBond debt securities will be returned to sender, the USGovt, in very large volume, which will surely overwhelm the USFed and its Weimar press.
Posted on: Sun, 30 Jun 2013 17:03:24 +0000
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