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China is ready with 40,000 tonnes of gold for new trading system, Maguire says
9:17p ET Saturday, September 7, 2024
Dear Friend of GATA and Gold:
U.S. Secretary of State Antony Blinken probably discussed China's involvement in the de-dollarization movement during his recent visit to that country, London metals trader Andrew Maguire tells this week's edition of Kinesis Money's "Live from the Vault" program.
China, Maguire says, may have as much as 40,000 tonnes of gold is its "shadow" banking system, ready for use in the gold-linked international trade currency being prepared by the BRICS nations and Russia.
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Mainstream financial news organizations, Maguire says, still don't understand that the classification of gold as a "Tier 1" asset by the Bank for International Settlements has triggered the recent rise in the gold price and facilitated de-dollarization.
The U.S. Federal Reserve, Maguire says, is losing its struggle to keep the "paper" price of gold down because declines in the "paper" price are quickly bought by foreign central banks converting "paper" to physical.
The program is 48 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=kGJIW9_lY_w
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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