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US Debt Per Person Higher Than Greece

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They always get us to focus on the wrong things……….all the talk this week has been deal on Greece but what about this for a chart.

Source: Bullion Management Group

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China’s Demand For Gold To Soar

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Although the official figures for China’s Gold reserves are 1054 tonnes its clear that they have been buying up national production while at same time secretly buying physical on the dips. One thing for sure is Chinese gold consumption will continue unabated and soon surpass India.

Considering China’s is the world’s largest gold producer…and their consumption
will be twice their production level what do you think that means for the price
of Gold? Gold 10,000…here we come.

From Shanghai Daily…

CHINA’S gold consumption will more than double the production of bullion by 2015,
the Ministry of Industry and Information Technology said. But China, the second-
biggest consumer in the world after India, will continue to see a wider deficit
in gold supply in the country as consumption is set to surpass 1,000 tons in 2015,
the ministry said in a statement published on its website yesterday.

Although consumption in India remained above China’s in the first three quarters
of the year, the World Gold Council predicts China to become the biggest market
this year, according to its quarterly report unveiled this month.
Since 2007, China has been the world’s biggest gold producer. It aims to produce
between 420 tons and 450 tons of gold in 2015. The country is also the biggest
old jewelry producer, taking up about 60 percent of the global production, according
to the ministry.

According to Jim Willie massive amounts of physical gold has gone East already as faith in allocated accounts have taken a hit due to recent scandals.

Since March 2012, a whopping 6000 metric tons of gold bullion has been shipped from London to the East, primarily China. The circumstances behind the shipments are murky, but they indicate private off-market transactions that are intended to avoid publicity. My suspicion is that old wealthy Chinese families had their Allocated Gold Accounts improperly used in leasing practices by London bankers, associated with posted margin on a gaggle of leveraged contracts spanning from sovereign debt to currencies. The trades went sour. Margin calls were enforced with lost gold in a grand forfeit, the London bankers feet put to the fire reportedly. Publicity was avoided, but in the process a tremendous amount of gold was forfeited. With the gold went a transfer of power, to the East. They will dictate terms of the new trade settlement system. They will become the world’s more prominent lenders. They will control the next geopolitical chapter.

On thing is for sure, the Chinese are well aware of the impending Global financial collapse and are preparing themselves and so should we.

 

Source: The China Money ReportSilverDoctors

US Further Sanctions To Prevent Trading With Iran With Gold

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Now that Obama has gotten the election out of the way, he is free to concentrate his efforts on forcing Iran into a war. Turkey is now in the sights of the US as it has recently gotten around sanctions against Iran by purchasing oil using gold. Now the US Senate is considering more sanctions to prevent Iran from trading.

 

Currency wars are set to intensify as the US Senate is considering new sanctions against Iran that would prevent Iran getting paid for its natural resource exports in gold bullion.

The new sanctions aimed at reducing global trade with Iran in the energy, shipping and precious metals sectors may soon be considered by the U.S. Senate as part of an annual defense policy bill, senators and aides said on Tuesday, according to Reuters.

The sanctions would end “Turkey’s game of gold for natural gas,” Reuters reported a senior Senate aide as saying, referring to reports that Turkey has been paying for natural gas with gold due to sanctions rules.

The legislation “would bring economic sanctions on Iran near de facto trade embargo levels with the hope of speeding up the date by which Iran’s economy will collapse,” the aide said.

Last week Turkish Deputy Prime Minister Ali Babacan has revealed a critical detail about a widely discussed Turkey-Iran gold trade boom, disclosing that the Islamic republic was exporting gas to Turkey in exchange for payment in gold bullion. 

It is also reported that Iranians are buying Turkish gold with the Turkish Lira, which is deposited into their bank accounts in exchange for Turkey’s natural gas purchases, the deputy prime minister said at midnight Nov. 22 during a parliamentary session. 

Iran cannot transfer monetary payments to Iran in U.S. dollars due to U.S sanctions against the country’s alleged nuclear weapons program.

Iran has been forced to shun the international financial system and the petrodollar as means of payment and turn to the international gold market to ensure it gets paid for its natural resources in order to prevent absolute economic collapse.

The law of unintended consequences may apply here and should the Iranian currency and economy collapse there is likely to be a war with Israel and turbulence in the Middle East akin to, if not worse, than that seen in the 1970’s.

 

Source: ZeroHedge

Marc Faber: Reset of Global Financial System Will Happen

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Marc Faber on CNBC

  • We have too much debt in the West that needs to be paid down or no growth.
  • We lived beyond our means since the 80s now its payback period.
  • There will be an eventual “reset” of the Global Financial System.
  • The Governments will avoid instigating he “reset” and will happen because of either currency collapsing or markets imploding.
  • When it does we will be lucky to have 50% of the asset values that we have today.

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