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[WARNING] China, Russia Create Own Gold Market to Take Down U.S. Dollar
Greetings,
[WARNING] China, Russia Create Own Gold Market to Take Down U.S. Dollar
By MONEY MORNING STAFF REPORTS,
If you’ve ever suspected the gold market is being manipulated, you’re not alone – and you’re right, it is.
Money Morning Chief Investment Strategist Keith Fitz-Gerald explained to readers gold price manipulation back on March 5, 2013:
“Central banks and traders (especially the big ones acting on behalf of mega hedge funds, large-scale private funds, and institutions) can push gold prices higher – or lower,” Fitz-Gerald wrote. “The financial markets are like a football game in that there is a constant flow of energy between participants. And the ‘manipulation’ works in both directions, especially when it’s being orchestrated by the Fed and other central banks in the name of political expediency.”
Now it appears China and Russia have had enough of Western central bankers’ clandestine gold price manipulation to prop up the U.S. dollar.
The countries have started to create their own gold market, separate from the West…
With New Gold Market, China and Russia Wage War on U.S. Dollar
goldF. William Engdahl, an American-German economic researcher and best-selling geopolitical author, was recently quoted on the subject by business blog Sputnik on Aug. 16.
He said that while key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued dollar system, Russia, China, and other emerging economies are involved in “the genial move” to establish an entirely different gold market.
“The COMEX gold futures market in New York and the Over-the-Counter (OTC) trades cleared through the London Bullion Market Association do set prices which are followed most widely in the world.
They are also markets dominated by a handful of huge players, the six London Bullion Market Association gold clearing banks – the corrupt JPMorgan Chase bank; the scandal-ridden UBS bank of Zurich; The Bank of Nova Scotia – ScotiaMocatta, the world’s oldest bullion bank which began as banker to the British East India Company, the group that ran the China Opium Wars; the scandal-ridden Deutsche Bank; the scandal-ridden Barclays Bank of London; HSBC of London, the house bank of the Mexican drug cartels; and the scandal and fraud-ridden Societe Generale of Paris,” Engdahl narrated.
Engdahl noted China and Russia perceive speculative futures contracts (based in London and New York) as lying in the same manipulative hands. He concluded the countries are of a mind to resolve Western gold price manipulation by controlling their own, separate gold market…..more here
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