-- Published: Tuesday, 3 July 2018 | Print | Disqus
Dear Friend of GATA and Gold:
GoldCore's daily blog today reprints analysis by Jim Rickards in his latest Gold Speculator letter arguing that the great "global monetary reset" often speculated about is already underway, as indicated by the recent close correlation between the gold price and the International Monetary Fund's super-currency, the Special Drawing Right, which began shortly after the IMF made the Chinese yuan a component of the basket of currencies composing the SDR. Since then, Rickards writes, the gold price, ordinarily volatile, has exhibited little volatility as priced in SDRs.
Rickards writes: "In short, world money has now been pegged to gold at a rate of SDR 900 to 1 ounce of gold. It's a new gold standard using the IMF's world money. There's the global monetary reset right in front of your eyes."
The charts contained in Rickards' letter are not reproduced in GoldCore's reprinting but they show the gold price measured in SDRs presenting a nearly horizontal line for the last year and a half.Of course if the gold price and SDR valuation are now locked together, this doesn't just mean that central banks are rigging the gold market. It means that every major central bank in the world is aware of and complicit in the rigging, likely preparing for another international currency revaluation, this time one in which gold is to be a major component, a revaluation that will change the value of all capital, labor, goods, and currency in the world.
This development evokes the paper written six years ago by the U.S. economists Paul Brodsky and Lee Quaintance, called to your attention by GATA, speculating the central banks were surreptitiously redistributing world gold reserves so that governments holding large foreign exchange balances in U.S. dollars could hedge themselves against a planned devaluation of the dollar:
http://www.gata.org/node/11373
Where is the public deliberation and democratic decision of such a momentous issue? Of course since this is modern central banking, there is to be none, and thus there is no democracy.
Where is the mainstream financial journalism pursuing this story? Of course there's none of that either, though this dispatch will be distributed to many mainstream financial news organizations, organizations that long have been receiving and ignoring the documentation of central bank market rigging compiled by GATA over the years.
The text of Rickards' letter is posted at GoldCore here:
https://news.goldcore.com/us/gold-blog/as-the-currency-reset-begins-get-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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-- Published: Tuesday, 3 July 2018 | E-Mail | Print | Source: GoldSeek.com
