Man Connected At Highest Levels Says China To Buy Up International Gold Reserves As Bull Market Has Just Begun

Today the man who is connected in China at the highest levels said China will play a major role in the gold world as the bull market has just begun. He also said investors should expect much higher prices for gold.

 (King World News) – John Ing:  The mounting global warming and the pandemic have contributed to full blown energy and food supply chain disruptions hitting households and manufacturers keeping prices buoyant. Demand for oil, coal and natural gas have skyrocketed as energy prices reached record highs amid supply bottlenecks and rebounding demand for electricity sparked by shifts to combat climate change. Also, the surge in prices was fueled by under investment, and geopolitics resulting in squeezed energy supplies and a reminder of our addiction to cheap energy. At the root of the problem is that fossil fuels accounts for 84 percent of our global energy demand, unchanged from 1980 which jars with the global effort to fight climate change.

The UK energy crisis, Texas’ power woes in February and power rationing in China are demonstrations of climate change, as the globe faces another energy crunch perpetuated not by OPEC, but by the shift from fossil fuels. The problem is our reliance on gas and coal for electricity and since renewables are only a small percentage of our energy consumption, they cannot yet fill the gap left by the shift from fossil fuel usage. Electricity shortages forced energy-intensive steel, cement and aluminium producers to shutdown. While fossil fuels to date have filled the capacity gap, more stringent climate change rules risk further disruptions. Because solar and wind are consumed as they are generated, unlike fossil fuel which is plentiful and easily stored, renewable storage capacity remains a problem because the technology does not yet exist on the scale required or at an economical cost. Until then we will remain in the dark.

Climate Change is Coming, Coming
At the COP 26 climate summit in Glasgow, to prevent a warming planet, the cost of the global effort to reduce greenhouse gas emissions has escalated with developed nations contemplating using tariffs on trade to reduce emissions, even trumping energy security and reliability. The tariffs on the heels of the Trump tariffs and the European cap and trade system are regressive and importantly rewrite the rules of world trade, further dividing the world into the “haves” and “have nots”. It is not the silver bullet. Others hope to get financial institutions to foot the bill. While the COP26 climate pledges underwhelm, the social and financial damage is real. We might be driving electric cars but how are we to power up, if electricity is rationed? Our energy consumption is expected to increase by 50 percent by 2050, who and how are we to pay for this? The stakes are high.

Crude oil prices have climbed above $80 a barrel to the highest levels in seven years due to a lack of investment and tightening climate policies leaving the industry unable to meet demand. Natural gas is the ballast of the UK energy grid with almost 50 percent of UK power derived from natural gas, against 21 percent from wind and 2 percent from solar. North Sea oil has been on a slide for two decades, producing only one third of its 99 peak, and despite the ramp up in spending on renewables, capacity is insufficient to fill the demand gap, leading to the Grinch that stole Christmas.…...more here

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