-- Published: Friday, 7 March 2014 | Print | Disqus
Dear Friend of GATA and Gold:
Gold researcher and GATA consultant Koos Jansen today publishes an English translation of another remarkable commentary by a Chinese market analyst, newsletter editor, and consultant to the China Gold Association, Zhang Jie.
Zhang's commentary, written last year, asserts:
-- China, like Germany, has stored gold at the Federal Reserve Bank of New York but cannot try to repatriate it without risking "a tremendous confrontation."
-- China's government is exploiting the Western central bank gold price suppression scheme by buying gold on the sly through intermediaries to hedge its foreign exchange surplus against depreciation by "quantitative easing" and a currency crisis. Buying gold "is the most effective means to protect China's foreign exchange reserve wealth from the threat of the Western financial hegemony."
-- Having acquired much gold, China can use it to support the value of its currency, whose value so far is supported by foreign exchange reserves whose value is determined by other countries, not by China itself.
-- "The foreign exchange standard has more problems than a gold standard."
Zhang's commentary shows, as many other reports from China have shown in recent years, that China long has understood everything GATA has been saying about gold's enduring centrality in the world financial system and gold price suppression by Western central banks. Jansen has added his own insights, has headlined the commentary "China's Road to Secret Gold Accumulation," and has posted it at his Internet site, In Gold We Trust, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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-- Published: Friday, 7 March 2014 | E-Mail | Print | Source: GoldSeek.com