When the People's Bank of China added 604 tons of gold to its official gold holdings last month, no one was particularly surprised. Even mainstream pundits have been expecting such a move this year as Beijing continues its campaign to be included in the IMF's Special Drawing Rights reserve currency basket.
In short, everyone and their dog knows that China has been quietly (and furiously) adding to their gold reserves for the last six years, despite the fact that there has been no change in their reported gold holdings since 2009. But now that they're angling to make the renminbi the world's de facto fifth reserve currency, they have to show that they have some hard assets on their balance sheet to back it up. Hence, the gold update.
Nor is it particularly surprising that this newest reported figure (1658 metric tons) is almost undoubtedly itself a fake number, at least 2000 (and perhaps as much as 18000) tons below the PBOC's real gold reserves.
What is potentially much more revealing is the fact that at the same time China's June GDP numbers came in and (wouldn't you know it?) the country hit its mythical 7% growth target right on the button for the second quarter in a ...
Polls regularly show that Americans recognise that their country's international standing has waned. Among the young, this trendline has fallen sharply. Only 15% of 18-29-year-olds believe that America is the "greatest country in the world".
And if I am right, what we have seen so far is just the tip of the iceberg. The following are 10 very strange things that have happened in just the past few weeks…
Tragedy? Farce? Bleak tale with a light at the end of the tunnel? It’s too early to know. But get your popcorn ready, because no matter how it plays out this tale is one that will be well worth watching.
...the popping of the Chinese stock bubble is not just about a plummet in the stock market. The real key to understanding what has taken place in China is often named but seldom explained: shadow banking.
As of press time, Greece was still insisting they would not make their scheduled 1.6 billion euro payment to the IMF. Assuming the payment does not go through, what will happen?
Since they can't find any evidence that Iran has actually engaged in any nuclear weapons program activities, they are instead using the "we can't prove they haven't, either" tactic to demand unprecedented levels of access to Iran's nuclear facilities...
...if there is no debt deal by the end of this month, the Greek debt crisis is going to totally spin out of control and financial chaos will begin to erupt all over Europe. But instead of trying to be reasonable, EU president Donald Tusk “has delivered an ultimatum to Greece”
The Fed came in and gave AIG an emergency loan it (literally) couldn't refuse, took it over and began running the company completely illegally and in violation of the constitution.
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The creator of the International Forecaster, Bob Chapman.