Gold News :
China announced that they have imported a monstrous 512 tonnes of gold for the first 8 months of the year. At this rate they will import close to 768 tonnes of gold this year. The appetite for gold from Chinese is insatiable. Also in another stunner, the German court has demanded that the Bundesbank audit the gold reserves for Germany and included in the draft ruling, actual assays. They have also ordered the audit of foreign held German gold.
(courtesy zero hedge)
Popcorn anyone?
Attention...petit pavé en english :
Alasdair MacLeod echoes the above commentary on China as gold bullion is flowing from west to east:
Alasdair Macleod: Gold bullion flowing from West to East
Submitted by cpowell on Sun, 2012-10-21 20:02. Section: Daily Dispatches
3:55p ET Sunday, October 21, 2012
Dear Friend of GATA and Gold:
The transfer of gold from Western central banks to Eastern central banks in recent years amounts to a policy of price suppression by the former, GoldMoney research director Alasdair Macleod writes today. He says Western nations thus "are left with no 'Plan B' in the event of a monetary crisis. A global collapse of paper money, which is inevitable if current monetary policies are not reversed, will give Asians considerable wealth relative to the rest of us. History will surely judge the central bankers' promotion of ephemeral paper at the expense of gold in the harshest terms."
Of course one might argue that the gold price suppression scheme of the Western central banks is their "Plan B" and that it has more or less been working, cushioning the decline of Western currencies, and that the Western central banks will need "Plan C" when the gold run out. But it's still hard to argue with Macleod's conclusion. His commentary is headlined "Gold Bullion Flowing from West to East" and it's posted at the GoldMoney Internet site here:
http://www.goldmoney.com/gold-research/ ... lion-flo...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
and then this sequel to the story: it looks like we another another major German gold swap!!!
(courtesy GATA)FLASH: German gold report reveals secret sales that likely were part of swaps...
The gold vaulted by the German central bank, the Bundesbank, with the Bank of England "has fallen 'below 500 tons' due to recent sales and repatriations. ..." So despite the lack of official announcement, Germany lately has been selling gold from London -- perhaps as part of the secret "strategic activities" grudgingly acknowledged two years ago by the Bundesbank to GATA's friend, the German financial journalist Lars Schall:
http://www.gata.org/node/9363 Another group decides it is better to store their wealth in gold instead of currency:
(courtesy Bloomberg)Azeri State Oil Fund Says 10.9 Tons of Gold Bought as of Oct. 1
Azerbaijan’s State Oil Fund, known as Sofaz, started investing in gold in the first quarter and bought 10.9 tons of the bullion as of Oct. 1.
Gold demand again rises in India as their rupee strengthens:
(courtesy Reuters)
http://economictimes.indiatimes.com/mar ... 913702.cms
Global Debt Repudiation? IMF’s Paper On The Chicago Plan Continues To Stir OpinionsThe International Monetary Fund’s paper, “The Chicago Plan Revisited” by Jaromir Benes and Michael Kumhof highlighted a means to wipe out debt by legislation by using state created money to replace the private banking system and was commented on in The Telegraph by journalist Ambrose Evans-Prichard. The full paper can be read here.
http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf