Sunday, July 9, 2017

Money manager concurs that a massive sovereign gold purchase is coming and will be used to fund gold backed cryptocurrencies to replace the dollar

On July 7 we provided an update to metals analyst Andrew Maguire's forecast of an upcoming major purchase of 250 tons of gold by one or more sovereign entities.  Now on July 9 we have another well respected economist and money manager concurring with Maguire's information.


Stephen Leeb, who is a recurring guest on CNN, FoxNews, NPR and Bloomberg TV, and has been called 'one of the country's foremost financial experts', spoke with King World News on Saturday and said he stands with Andrew Maguire's prediction that not only is there soon to be a massive purchase of physical gold coming to the markets by one or more sovereigns, but that this gold will be used to both fund a national cryptocurrency being established in China, and it will lead to the eventual replacement of the dollar as the global reserve currency.
Maguire Is Right, China To Use Gold In Blockchain  
I also was struck by Andrew’s points about blockchains that include gold and about the potential for 2017 to be a major bottom for gold. My thinking for some time has been that the Chinese will use blockchains and some form of virtual currency – not bitcoin or anything available today but a currency of their own creation – to replace the dollar. I don’t think anyone can guess point by point what the plan will be, but the currency almost surely will be a basket that includes gold, the renminbi, and perhaps other paper currencies. 
Whatever its precise form, the goal will be to segue from a dollar-based reserve currency to a gold-centered monetary system. And as I’ve noted previously, this new currency will likely first be introduced as the denomination for trading an Eastern oil benchmark that the Chinese will control. - King World News 
Leeb also went on to say that this gold backed cryptocurrency system would likely be facilitated through the new Eastern oil system being developed between Russia, China, Iran, and quite possibly Qatar... which has been the subject of belligerence in recent weeks over their integration of the Chinese Yuan into their financial system.

The People's Bank of China has done a great deal of research into Bitcoin and the potential for other cryptocurrencies to first be integrated into their economy and Silk Road project, but just yesterday rejected its viability as being a replacement for currency and labeled it simply as a securitized asset.  And with China looking for that one edge to achieve credibility and dominance over both the dying petrodollar, and the world's long-standing unipolar reserve currency, returning money to a gold backed paradigm is just the catalyst needed to bring about the long desired reset to the global monetary system.

2 comments:

Your affirmation several weeks ago that the driving force behind the US political and economic decision making is primarily the protection and maintaining of the king petrodollar which means the need for the frequent market rmanipulation and attack on Gold.
My understanding with the onset of the gold backed crypto currencies, the Russian and Chinese considerable purchasing of physical Gold and the increase of these two nations and many more toward bi lateral agreements and the avoidance of the dollar as a reserve currency is that the pressure is being stepped up for the dollar to be ditched.

Indeed with 3 billion US dollar reserves should the Chinese decide to 'take' the Comex market then the charade of cheap gold would be broken and real price discovery would finally might start to take place.
However it is my belief that this would never take place. The dollar is the corner stone of the American World Empire. And Once it fails then the Empire will crumble with it. As confidence is lost the shift out of the Usd will move at a rapid pace. Therefore the US will not allow this to take place, if market manipulation , bullying other economies or nations doesn't succeeed the the US will go to war as they will see this as a means to protect their Empire and the Dollar by destroying anyone or anything that gets in the way.
Just as Gadaffi and Sadam Hussein were removed because of their relinquishing of the US dollar the USA would bring war upon anyone else that opposes the American Establishment.
I believe that the Russians and Chinese realise that this is precisely the end game that will take place and that until such time that they have got a strong alliance with One Belt zone Road and all the other treaties and Organistions and alliances being formed between Russia, China, Iran now Quatar and many others they will not provoke the USA accordingly.

First published on KWN so it must be a complete work of fiction. No one seems to consider that the other month India bought 240 tons of gold. The comex didn't collapse, the gold price didn't rocket to da moon. Yet they surely bought it from someone, so maybe there is 250 tons of gold just mooning around waiting to be bought. One thing's for sure, I really don't believe the USA still has a substantial horde of gold......unaudited, says it all really.

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