- The interesting question is NOT: Could it be that central banks are going to revalue their gold holdings many orders of magnitude higher and set the stage to implement a debt jubilee/forgiveness worldwide? Obviously they are! The interest question IS: Who is the man who will announce this debt forgiveness / jubilee? Who will re-institute peace and prosperity throughout the world? Who will be the ‘savior’ of the world facing global collapse, wars, chaos, genocide … ? Who will sign a ‘covenant of 7 years’ and bring about a great BOOM time in the first 3 and a half years? If you cannot figure out who I am hinting at, trust me, you are probably an IDIOT! I mean that lovingly, of course (wink wink).
- Global Central Banks Continue Longest Gold-Buying-Spree Since Vietnam War
by Tyler Durden, www.zerohedge.com
While “greed was good” in the ’80s, it appears “gold is good” in the new normal. As much as the barbarous relic is despised by all the mainstream money-peddlers in public (aside from those who have left the familia like Alan Greenspan), it seems to be loved in private. Central banks have been net buyers of gold for eight straight years, according to IMF estimates, the longest streak since the first troops were deployed in The Vietnam War.
As Bloomberg notes, Russia, China and Kazakhstan among the biggest hoarders, International Monetary Fund data show.
Countries purchased almost 590 metric tons last year, accounting for 14 percent of annual global bullion demand, the World Gold Council estimates. Central bankers are using the metal to diversify from currencies, particularly the dollar, said Stefan Wieler, a Toronto-based vice president at GoldMoney Inc., a financial bullion services firm.