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Jun 10 - Beijing answers Trump’s tariffs with massive gold-buying spree


 
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 2 weeks ago '15        #1
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Putin~Work 3520 heat pts3520
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Jun 10 - Beijing answers Trump’s tariffs with massive gold-buying spree
 

 
China’s vast gold stockpile saw another boost in May, marking an ongoing increase for a sixth straight month, according to the latest data published by the People’s Bank of China.

Last month, the central bank raised its bullion reserves to 61.61 million ounces from 61.10 million in the previous month. As of the end of May, the nation’s stockpile was valued at $79.83 billion compared to $78.35 billion a month earlier. In tonnage terms that marks an increase of 15.86 tons, after almost 58 tons of gold were added over the five months through April.

In May, the country’s total foreign exchange reserves, the world’s largest, reportedly edged 0.2 percent, or $6 billion higher, reaching $3.101 trillion. The increase shifted the expectations of analysts polled by Reuters, who projected the reserves to drop by five billion to $3.090 trillion.

The latest boost to Beijing’s gold stash reportedly reflects China’s move towards diversifying its bullion and foreign currency holdings amid the protracted trade dispute with the US.

Chinese authorities are seeking “determined diversification” away from US dollar a*sets, according to Helen Lau, an analyst at Argonaut Securities, as quoted by Bloomberg. The expert expects China to buy 150 tons of gold by the end of the current year.

The world’s two biggest economies are currently involved in a simmering trade spat that has resulted in billions in tariffs being imposed on mutual exports. In the latest escalation the US increased tariffs to 25 percent on $200 billion worth of Chinese goods. In response, China introduced duties of 25 percent on 5,000 US products worth $60 billion.

visit this link https://www.rt.com/busine .. ash-trade-war/

38 comments for "Jun 10 - Beijing answers Trump’s tariffs with massive gold-buying spree"

 2 weeks ago '17        #2
O1as 345 heat pts345
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[pic - click to view]

+6   

 2 weeks ago '05        #3
Y.G. 27 heat pts27
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Source is RT
+7   

 2 weeks ago '15        #4
Putin~Work 3520 heat pts3520 OP
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 Y.G. said
Source is RT
https://www.bloomberg.com/news/articles/2019-06-10/china-snaps-up-more-gold-in-six-month-spree-as-tensions-escalate

+7   

 2 weeks ago '15        #5
DamianDragunov 
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Where you figure they got the gold from....?



















































[video - click to view]







Just a theory though....



Hey OP... younused to be @souljah or something like that huh?


Last edited by DamianDragunov; 06-10-2019 at 09:08 PM..
+9   

 2 weeks ago '13        #6
blackhippie4 40 heat pts40
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Gold is from Venezuela and others

 2 weeks ago '18        #7
Lord God 85 heat pts85
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Lol
+1   

 2 weeks ago '07        #8
JohnDoe 222 heat pts222
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 blackhippie4 said
Gold is from Venezuela and others
I was gonna say bullsh*t but their inflation just went down a little so maybe......that country is so fu*ked right now.

Venezuela inflation falls below 1 million percent in May for first time since 2018: congress
CARACAS (Reuters) - Venezuela’s annual inflation dropped below 1 million percent in May for the first time since 2018, the opposition-run congress said on Monday, the result of the central bank restricting the domestic money supply.

Consumer prices in the 12 months ending in May rose 815,194%, the legislature said, compared with 1.3 million percent in April. Prices rose 906 percent in the first five months of year, it said.

The slowdown is the result of regulations requiring banks to keep a greater percentage of the bolivar currency in reserve, and because the central bank is issuing fewer new bolivars than in the past.

The result is that the banking system has less capacity to lend, said legislator Angel Alvarado in an interview, which will further slow an already ailing economy.

“They are slowing inflation through greater economic contraction,” Alvarado said.

The figures are significantly more dire than those published by the central bank last week that showed inflation at around 130,060% in the 12 months ending in April, part of the first official economic indicators released in more than five years.

Those figures show that the economy, which went into recession in 2014, contracted 22.5% in the third quarter of 2018 with respect to the same period a year earlier.

The government of President Nicolas Maduro says Venezuela’s economic problems are caused by U.S. sanctions that have crippled the OPEC member’s export earnings and blocked it from borrowing from abroad.

Critics say a dysfunctional system of price and currency controls along with a wave of nationalizations of private businesses turned what was once a strong economy into a collapsing basket case.

 2 weeks ago '19        #9
Bucks414 24 heat pts24
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Buying gold in this day and age is retarded
-9   

 2 weeks ago '13        #10
blackhippie4 40 heat pts40
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 JohnDoe said
I was gonna say bullsh*t but their inflation just went down a little so maybe......that country is so fu*ked right now.



CARACAS (Reuters) - Venezuela’s annual inflation dropped below 1 million percent in May for the first time since 2018, the opposition-run congress said on Monday, the result of the central bank restricting the domestic money supply.

Consumer prices in the 12 months ending in May rose 815,194%, the legislature said, compared with 1.3 million percent in April. Prices rose 906 percent in the first five months of year, it said.

The slowdown is the result of regulations requiring banks to keep a greater percentage of the bolivar currency in reserve, and because the central bank is issuing fewer new bolivars than in the past.

The result is that the banking system has less capacity to lend, said legislator Angel Alvarado in an interview, which will further slow an already ailing economy.

“They are slowing inflation through greater economic contraction,” Alvarado said.

The figures are significantly more dire than those published by the central bank last week that showed inflation at around 130,060% in the 12 months ending in April, part of the first official economic indicators released in more than five years.

Those figures show that the economy, which went into recession in 2014, contracted 22.5% in the third quarter of 2018 with respect to the same period a year earlier.

The government of President Nicolas Maduro says Venezuela’s economic problems are caused by U.S. sanctions that have crippled the OPEC member’s export earnings and blocked it from borrowing from abroad.

Critics say a dysfunctional system of price and currency controls along with a wave of nationalizations of private businesses turned what was once a strong economy into a collapsing basket case.
They did

 2 weeks ago '07        #11
JohnDoe 222 heat pts222
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 blackhippie4 said
They did
You're right but you could do us a favor and show your work, I had to find this sh*t copy and paste it myself...this was your point you were making stop being fu*king lazy.



Exclusive: Venezuela removes eight tonnes of gold from central bank - sources
Mayela Armas
5 MIN READ

CARACAS (Reuters) - Venezuela removed eight tonnes of gold from the central bank’s vaults last week, and the cash-strapped socialist state is expected to sell the bullion abroad as it seeks to raise hard currency in the face of U.S. sanctions, a lawmaker and one government source said.

FILE PHOTO: People walk outside of the Venezuela's Central Bank in Caracas, Venezuela, January 31, 2018. REUTERS/Marco Bello/File Photo
With sanctions imposed by Washington choking off revenues from exports by state oil company PDVSA, President Nicolas Maduro’s increasingly isolated administration has turned to sales of Venezuela’s substantial gold reserves as one of the only sources of foreign currency.

The government source said the central bank’s reserves had fallen by 30 tonnes since the start of the year before U.S. President Donald Trump tightened sanctions, leaving the bank with around 100 tonnes in its vaults, worth more than $4 billion.

At that rate of decline, the central bank’s reserves would nearly disappear by the end of the year, leaving Maduro’s government struggling to pay for imports of basic goods.

Venezuela’s central bank and its information ministry responded to requests for comment.

Trump’s administration has declared Venezuela part of a “troika of tyranny” in Latin America, including left-leaning governments in Cuba and Nicaragua. It is seeking to cut off cash flow to Maduro’s government, foster dissent in the armed forces and oust him from power in the OPEC nation.

The United States and 50 other Western nations have recognized opposition leader Juan Guaido as Venezuela’s legitimate president.

Asked to comment on the new removal of gold, a U.S. State Department spokesman said, “The United States condemns all attempts by Maduro and his supporters to steal resources from the Venezuelan people.”

“We encourage companies, banks, and other entities, whether in the United States or in other countries, not to participate in the former Maduro regime’s fire sale of Venezuelan resources,” the spokesman said.

Guaido invoked the Constitution in January to a*sume an interim presidency, saying Maduro’s May 2018 re-election vote was a sham. Maduro has branded Guaido a U.S. puppet and accused him of collaborating with Washington to sabotage the economy.

Opposition lawmakers have blasted companies buying Venezuelan gold or holding it as collateral for loans, saying they are giving Maduro a financial lifeline during an economic and humanitarian crisis.

Aside from the reserves held by the central bank in Caracas, Guaido is attempting to freeze bank accounts and gold owned by Venezuela abroad. This includes 31 tonnes in the Bank of England worth an estimated $1.3 billion.

BLACKOUTS AND WATER SHORTAGES
Venezuela’s economy is in a sixth year of recession, suffering hyperinflation and shortages of basic goods like food and medicine. Maduro eased restrictions on foreign exchange this year, but the economy remains desperately short of hard currency needed to import goods.

Last week’s operation took place while only high-level officials were present at the central bank’s offices, given that most rank-and-file employees stayed home due to blackouts and water shortages that have plagued Venezuela in the past month, the government source said.

“They moved gold out while the central bank was in contingency mode,” opposition lawmaker Angel Alvarado said, adding that the bars would be sold abroad, though he did not know the destination.

A similar quantity of gold was removed from the central bank’s vaults in February.

Washington in January asked foreign gold buyers to stop doing business with the Venezuelan government. This prompted Venezuela to cancel a planned sale of 29 tonnes of gold to the United Arab Emirates.

But in February and March the central bank continued to authorize the movement of gold, the government source said, adding that it was aiming to sell small quantities.

FILE PHOTO: Venezuela's President Nicolas Maduro touches a gold bar as he speaks during a meeting with the ministers responsible for the economic sector at Miraflores Palace in Caracas, Venezuela March 22, 2018. REUTERS/Marco Bello/File Photo
Earlier this year, Abu Dhabi investment firm Noor Capital said it bought 3 tonnes of gold from Venezuela on Jan. 21, but would not buy more until the situation in the country stabilized.

And in March, Ugandan authorities said they were investigating the country’s biggest gold refinery over imports of an estimated 7.4 tonnes of gold - valued at around $300 million - after state-run media reported it could have originated from Venezuela.

The State Department spokesman said countries should take “appropriate legal measures” to stop “corrupt individuals” from selling off Venezuelan a*sets.

 2 weeks ago '05        #12
Fauby 24 heat pts24
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 Bucks414 said
Buying gold in this day and age is retarded
explain your point of view?
+3   

 2 weeks ago '06        #13
philly337 27 heat pts27
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We got 5 times thsy

 2 weeks ago '06        #14
imthatinfamous 48 heat pts48
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are they trying to threaten with going back to the gold standard?



U.S is prepared for that too
-1   

 2 weeks ago '19        #15
Gold Face 2 heat pts
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 Bucks414 said
Buying gold in this day and age is retarded
I’m up 14k in the last month


 2 weeks ago '19        #16
Gold Face 2 heat pts
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 philly337 said
We got 5 times thsy
 imthatinfamous said
are they trying to threaten with going back to the gold standard?



U.S is prepared for that too
Are you prepared for that as an individual is the question

+1   

 2 weeks ago '06        #17
imthatinfamous 48 heat pts48
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 Gold Face said
Are you prepared for that as an individual is the question

Right because that's how it works
-1   

 2 weeks ago '19        #18
Gold Face 2 heat pts
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 imthatinfamous said
Right because that's how it works
Yes gold protects against the inflation of the dollar. It’s exactly how it works bruh

 2 weeks ago '06        #19
imthatinfamous 48 heat pts48
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 Gold Face said
Yes gold protects against the inflation of the dollar. It’s exactly how it works bruh
hyperinflation and abuses of monetary policy..try again...inflation still occurs when on a gold standard as is event countless times in history

edit: thats the theory...situations of hyperinflation have also occurred
-1   

 2 weeks ago '19        #20
Gold Face 2 heat pts
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 imthatinfamous said
hyperinflation and abuses of monetary policy..try again...inflation still occurs when on a gold standard as is event countless times in history

edit: thats the theory...situations of hyperinflation have also occurred
Bruh don’t talk to me about gold



The dollar has lost 10% of its value a year for the last 10 years. Gold has increased in value

How is that not protection against inflation?



If gold standard were to b put into effect all the gold i own now will skyrocket while your dollars disintegrate

 2 weeks ago '06        #21
imthatinfamous 48 heat pts48
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 Gold Face said
Bruh don’t talk to me about gold



The dollar has lost 10% of its value a year for the last 10 years. Gold has increased in value

How is that not protection against inflation?



If gold standard were to b put into effect all the gold i own now will skyrocket while your dollars disintegrate
my god you moron I am talking about gold as a monetary system not as the current market rate of a precious medal
-1   

 2 weeks ago '07        #22
joshdogg26 195 heat pts195
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strong username to post correlation. dude made his account in anticipation of this day. @
+2   

 2 weeks ago '19        #23
Gold Face 2 heat pts
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 imthatinfamous said
my god you moron I am talking about gold as a monetary system not as the current market rate of a precious medal
They coincide with each other nitwit

 2 weeks ago '06        #24
imthatinfamous 48 heat pts48
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 Gold Face said
They coincide with each other nitwit
in a gold standard countries set the price of gold...i've never seen anyone know less of something they claim to know

 2 weeks ago '19        #25
925 2 heat pts
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Gold is at or near a record high in most curremcies. You dont see it in USD because the dollar is strong right now. Buying gold is a historical hedge against fiat currenciesies. (Right now I prefer silver and have been all in on a leveraged precious metal mining play since 2015 thats a topic for another day).

The USD long trade is the most crowded trade Ive ever seen from a speculator position. The trade has to and will unwind for multiple reasons. The Fed has printed TRILLIONS of dollars that went into the reserves of banks.

Alot of USD reserves/treasuries were used as collateral for oversees loans denominated in USD when the dollar was much lower. That debt has come due now with a much higher dollar straining the system because the fiat money owed in other currencies against the USD dollar denominated debt doesn't exist unless the central bank the peg is owed in against USD prints it. You have to realize interest is money that doesn't ecist. When you borrow money in USD versus a Euro when the Euro declines against USD its like creating interest because now you owe that much more Euro.

Put it simply there is a shortage of USD oversees and a bunch of USD owed. The Fed has to either figure out a way to get the USD being held as reserves into the system or lower the dollar (most likely by lowering interest rates) or the global system will continue to be stressed by lack of USD liquidity. In other words the dollar has to fall or the global financial system does an 08 like crisis. Once the USD starts unwinding it could fall precipitously in a feedback loop and gold may end up coming back in favor as the reserve of choice (although i doubt the central banks allow this without coordination and fraud).
+1   

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