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Koos Jansen: China's gold acquisition is likely more than FX diversification
12:44p ET Monday, December 14, 2015
Dear Friend of GATA and Gold:
Gold researcher and GATA consultant Koos Jansen today locates a Dutch newspaper report from 1993 indicating that the People's Bank of China was buying gold in the London market long before any imbalance in its foreign-exchange reserves was perceived as a problem. As a result, Jansen writes, he suspects that China's gold buying well may be part of a longstanding plan among central banks for a resetting of the international financial system.
Jansen writes: "One of the theories about our current international monetary system, which was detached from gold in 1971, is that it can shift to a new gold-anchored system only when the power blocs have equalized the chips."
Jansen attributes such speculation to financial writer, fund manager, and newsletter editor Jim Rickards.
But Rickards isn't alone in such speculation. Three years ago the U.S. economists and fund managers Paul Brodsky and Lee Quaintance speculated that the major central banks were redistributing gold among themselves to support vast new money creation and meant to drive gold's price way up when the redistribution was complete:
http://www.gata.org/node/11373
After all, the transcript of a meeting in the office of U.S. Secretary of State Henry Kissinger in April 1974 described gold as super-money, "the reserve-creating instrument," whose control was essentially control of all currencies:
http://www.gata.org/node/13310
Jansen's report is headlined "The PBOC Was Buying Gold in London In the Nineties" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/koos-jansen/the-pboc-was-buying-gold-i...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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