Posted on 10/05/2024 9:05:30 PM PDT by delta7
Dear Friend of GATA and Gold:
In this week's edition of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire outlines what he says are the many bullish drivers of the gold price.
He says Chinese central bank buying remained strong this week though retail buying was absent because of the "Golden Week" holidays.
Indian central bank buying remained strong as well, Maguire says.
Using price charts, Maguire says central bank buying is steadily driving up the gold price in calculated stair steps that prevent the physical market from becoming too disorderly.
Now that the BRICs nations have, collectively, more gold than the United States, Maguire says, they have already taken control of the gold price and a massive gold revaluation is already underway in the open.
Maguire's observation echoes the observation made in April 1974 to U.S. Secretary of State Henry Kissinger by Assistant Undersecretary of State Thomas O. Enders -- an observation often cited by GATA -- that whoever has the most gold can control its price and, in doing so, control all financial valuations in the world. This, Enders told Kissinger, is why the United States must not let any group of nations restore gold to the world financial system:
https://www.gata.org/node/13310
But that restoration by gold-acquiring nations can't be stopped now.
Maguire says that the Bank for International Settlements ended its support of U.S. gold price suppression policy in 2023 when it classified gold as a "Tier 1" asset, equal to cash and U.S. Treasury bonds, an asset against which banks no longer were required to hold collateral.
Most major central banks, Maguire says, are planning for the gold price to reach $3,000 soon. He adds that there aren't many gold traders left who have not figured out U.S. gold price suppression policy and tactics and who can still be suckered by it. As a result, Maguire says, the New York Commodity Exchange, a futures market that has been the primary mechanism used by the U.S. Federal Reserve to manipulate the gold market, is being drained of its physical gold.
This week's episode of "Live from the Vault" is 42 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=edab3Njpyog
THE final nail in the USD coffin, or just another nail in the coffin? At any case- all eyes on the Brics Summit lat3 Oct- the western MSM is not reporting the ramifications.
What happened to our Gold? I doubt we have the 8,000 tons we say we have. The US has not done a full audit since 1950’s….the very first thing Trump must do- a full audit of our claimed gold reserves.
BRICS is going to get more gold too:
https://www.cnn.com/2021/08/18/business/afghanistan-lithium-rare-earths-mining/index.html
https://www.memri.org/reports/afghan-taliban-regime-seeks-brics-membership
The Taliban is seeking BRICS membership and they have more gold.
BRICS is going to get more gold too:
https://www.cnn.com/2021/08/18/business/afghanistan-lithium-rare-earths-mining/index.html
https://www.memri.org/reports/afghan-taliban-regime-seeks-brics-membership
The Taliban is seeking BRICS membership and they have more gold.
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People have to wake up. We are in serious financial troubles. The much talked about Great Reset is upon us. All those hostile and resentful to the US are finally organizing. How to dethrone the US? Not militarily …..Destroy USD hegemony…..destroy our currency and everything else goes down ( the same method we used to bring down the Soviet empire) and through the use of honest money at that!
The worst part, senile Joe and his administration have no clue as to what is happening but contributing to our downfall with piling on unpayable debt. Hopefully, Trump does….I find it peculiar that Trump’s son is making many video shorts about buying Gold.
Prepare accordingly.
The current gold holdings of the US are valued at $42 an ounce. This is done by statute.
If BRICS decides to revalue gold to $5000, for example, it would increase the value of gold held by the US double in value—but if it was marked to market, our debt problems would disappear overnight.
It seems to me that, if there were 8,000 ton of gold, the government would be happy to have an independent audit to confirm this fact. They have been avoiding an audit for 70 years.
They have been avoiding an audit for 70 years.
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Long overdue for an audit. As the world is moving towards a quasi gold backed financial system, our Gold reserves are now the single most important national security issue.
As the Brics “ officially” are now the largest holders of Gold and ALL the nations’s Central Banks are buying, IF we are found to be deficit in the 8,000 ton holdings, the USD will experience a currency crisis.
Note: the World Gold council that reports nations gold is long known to be corrupte, inaccurate figures. For example, China over the last decade is known (imported and mined) to have accumulated almost 40,000 tons! Their long acknowledged gold backed digital currency, Yuan, has the potential to become a currency of choice.
Our defense? Full audit of reserves and open up mining ( which since Obamas time closed US production) of all miners and replenish our Strategic Mineral supply which has been sold off bit by bit.
but if it was marked to market, our debt problems would disappear overnight.
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The math shows Gold having to be revalued to $10,000 ounce plus for that to occur.
More: : the Russian Central Bank (and few other countries) are planning to start buying Silver, our “ other” Constitutional money. The working premise of the World Bank and BIS is to back countries currencies by precious metals and commodities, NOT the USD which is backed by only paper.
They established the new M Bridge guidelines ( western allies turning against the USD), Brics is merely starting a world settlement system called the Unit.
“ Russia may be poised to make a notable shift in its precious metals strategy, with silver potentially emerging as a key asset in the country’s expanding State Fund. According to a report released by Interfax this week and cited by Bloomberg, Russia’s Draft Federal Budget outlines plans to significantly bolster its holdings in precious metals over the coming years. Notably, the budget includes plans to acquire gold, platinum, palladium, and, for the first time, silver.
Keep in mind England and Germany once had Silver backing their currency, instead of Gold…..history does repeat. As Silver has now been in a four year mining deficit, it’s future is almost guaranteed to become a monetary metal again.
I will add, Mexico’s newly elected left wing female President wants to shut down Mexico’s strip mining….if done, one of the largest producers of the world’s silver shuts down, further increasing the silver deficit.
What do you think they are targeting for BRICs? They are not going to “inch their way in.” They are going make “a statement.”
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