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Jim Rickards: China wants gold so it can share market-rigging power

Submitted by cpowell on 05:51AM ET Tuesday, May 19, 2015. Section: Daily Dispatches
8:50a ET Tuesday, May 19, 2015

Dear Friend of GATA and Gold:

In the latest edition of his newsletter, Strategic Intelligence, James G. Rickards elaborates on a point often made by your secretary/treasurer, as last week in an interview with Dave Kranzler and Rory Hall on their “Shadow of Truth” program:

http://www.gata.org/node/15341

That is, China is not acquiring gold because it wants to liberate the currency markets from rigging by Western central banks or because it wants to impose on itself the restraint of a gold standard but because it wants its own power to rig the currency markets.

Rickards writes: “China wants to do what the United States has done, which is to remain on a paper currency standard but make that currency important enough in world finance and trade to give China leverage over the behavior of other countries.

If Americans were patriotic, and refused to buy imports…It would not have been so easy for the govt to steal the USA domestic Industries and give them away as welfare, and profit, to China et al.

Big business (own our gov’t) Entitlement programs, bah, humbug! More and more welfare (and debt public and private) is the result of Americans buying IMPORTS.

And I know for a fact, everybody reading this post has a Toyota or Honda, and a true global minded focused business mans sucker.

India moves closer to tapping 20,000-ton gold hoard

India will allow citizens to deposit gold with banks to earn interest as the world’s second-biggest consumer seeks to cut reliance on imports by tapping idle bullion lying with households.

Individuals and institutions can deposit a minimum of 30 grams in the form of bullion or jewelry under a so-called gold monetization scheme, according to a draft document released by the government on Tuesday. The banks can set the interest rate on the deposits and the metal mobilized may be loaned to jewelers, the government said.

Success in drawing out a part of the more than 20,000 metric tons of gold lying with households and institutions like temples may help India lower dependence on imports and ease pressure on the current-account deficit. While the plan proposes to ensure steady supply of bullion to jewelers, banks may benefit from a new business in a country where gold is bought during festivals and marriages as part of the bridal trousseau or given as a gifts in the form of ornaments.

“A lot of households have scrap and broken jewelry with them and the new scheme should help them to deposit their stocks with the banks and get easy money,” Prithviraj Kothari, vice president of the India Bullion and Jewellers Association Ltd., said by phone from Mumbai. “The interest rates offered should be more than 3 percent to make Indians part with their gold.”

more http://www.mineweb.com/news/gold/india-moves-closer-to-tapping-20000-ton-gold-hoard/

If i would of saw that one, I would have never posted the first video. That guy is friggin nuts. The pope runs the world. yea Sure!!

Sunday’s confrontation in Waco also appears to have started as a result of a dispute involving the Bandidos, one of the world’s largest motorcycle clubs, with as many as 2,500 members in 14 countries, and one that’s engaged in distribution of heroin, cocaine and methamphetamine, according to the Justice Department. One of their mottoes: “We’re the people your parents warned you about.”

Old and Older… contrasts of the past.
http://www.railpictures.net/viewphoto.php?id=530739

Very simple. IMPORTS. Before IMPORTED STUFF, kids fresh out of high school, after starting any type of new job, earned enough to get a 3 room apartment, buy a new GTO, 442, Camaro or Mustang, with $300 down and a 3 year loan.

Today, they stay with parents, they can at most lease a new cheap car for $199/mo but limited to 10,000 miles. A loan?? Try 5 year loan and maybe $5000 down.

Lupaka Gold Begins Underground Mining at Invicta for Initial Toll Mill Test Campaign

http://finance.yahoo.com/news/lupaka-gold-begins-underground-mining-070500404.html

True Gold Resumes Construction at Karma

http://finance.yahoo.com/news/true-gold-resumes-construction-karma-103000923.html

Entree Gold Welcomes Agreement to Advance Oyu Tolgoi Underground Development

http://finance.yahoo.com/news/entree-gold-welcomes-agreement-advance-121013062.html

Great Panther Silver Signs Option Agreement to Acquire Coricancha Au-Ag-Pb-Zn-Cu Mine in Peru

http://finance.yahoo.com/news/great-panther-silver-signs-option-123000332.html

Homebuilder sentiment was rotten and missed for the 5th time in 6 months.

but today…housing starts and permits were off the charts great!

Makes total sense, and the short pm rally predictably fails.

“Everything you read on the internet is true.” – Abraham Lincoln