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China to Buy 4,000 Tons of Gold
- Text size
Jason Hommel
SilverSeek
November 20, 2008
There has been a recent flurry of news articles saying China may begin to diversify into Gold. But the articles conclude that China will move slowly, over years, so as to not disturb the markets. Funny.
- A d v e r t i s e m e n t
It’s funny because it’s like they don’t know basic math.
China wants 4000 tonnes of gold, to help “diversify” their $1.9 trillion in U.S. bonds. It’s quite a joke. Please bear with me as I explain.
A tonne of gold is 32,151 ounces. Please search “troy ounces per tonne” at google to confirm, because this one bit of information, and a simple calculator, can help you unlock and decipher the meaning of what you read in the news regarding the gold market, as gold at the national level is usually always quoted in terms of tonnes.
The total ounces China is seeking, is thus: 4000 tonnes x 32,151 ounces/tonne = 128,604,000, or 128.6 million ounces.
That’s an interesting number because it is about half of the U.S. official gold reserves of 261 million ounces.
It’s also an interesting number because the total annual gold market consumption is said to be about 4000 tonnes, while annual mine production is only about 2500 tonnes.
But let’s now multiply by the current gold price, to see how much of China’s reserves could be diversified if they obtained that, without disturbing the price.
At $736/oz., times 128.6 million ounces = $94649.6 million, or $94.6 billion.
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November 20th, 2008 at 1:20 pm
I know the numbers, will we get to 35 dollars once(oz)again Hell no And it won’t happen, maybe 8-13 billion?
November 20th, 2008 at 1:27 pm
yea lets “sell” half our gold reserves that’s a great idea….to a communist society…we had all better stand up and take back our country or most of us are going to die…arm yourselves stock pile ammo, and get ready to revolt we aren’t really going to have a choice. The constituiton says to protect ourselves from enemies foreign and DOMESTIC, I think its time we all did so. END THE TYRANNY!!!!!
November 20th, 2008 at 1:41 pm
the final nails in the us coffin-by design most likely-i read they sent to china 400 billion in coined nau amero’s when the system failed-our government is selling us down the toilet-some day-some heads are gonna roll-ours or thiers-they dont have guitines in storage for nothing-<
November 20th, 2008 at 1:47 pm
China has not yet bought 4000 tons of gold. However, Iran just purchased $75 billion in gold which works out to be about 3,000 tons in my estimation.
The funny thing is, the spot price of gold on the COMEX remains pretty much unchanged.
November 20th, 2008 at 1:53 pm
Almost sounds like The Bureau of International Settlements is at it again!!! History International had an outstanding doc. on the B.I.S. dealing with the NAZI’s and the involvement with the U.S. Govt. along with Prescott Bush and N.Y. banks in particular(Morgan,Chase)!!! “Not all that glitters is gold!!!” f--- it 4000 tons of pyrite should be what they get!! “All ‘HAIL’ Thermal Expansion!!!
November 20th, 2008 at 2:09 pm
THE TRUTH IS THAT CHINA IS SENDING BACK US$$$ AND THE PAYMENT IS IN GOLD.
BUYING? YEAH, RIGHT!
November 20th, 2008 at 2:09 pm
I understand how it’s funny, but who is to say that its legit information? Gold is gold, and it’s believable because it’s the most universal currency on the planet earth. Unlike diamonds where the market is sky high and holds no true value. Maybe it’s a typo, but atleast someone is looking into it I will give you that.
I will check back for updates
November 20th, 2008 at 2:14 pm
Oh my God they are looting our Gold reserves. THis government is well past subversive, unethical, and tyrannical, they need to be decapitated before they completely destroy our country. I think this might be the coup d’ grace.
November 20th, 2008 at 2:15 pm
HAHA we are selling our Gold to the same people with over a billion soliders. When will we learn to stop solving our mistakes with more mistakes?
How long is it going to take for these sheep to wake up and realize that their shepard is leading them to the slaughter house?
Well as for me i will be one of the wolves. Chasing the shepard.
Get ready america.
November 20th, 2008 at 2:29 pm
no way the us had any gold reserves , they have disappeared long ago, and the us govt is lying once again , as usual. There is no gold in fort knox I beleive. I challenge anyone to show us the pictures of it as actually physically being there… Say this is a good thing, if they do buy
this means we can make money on gold mining stocks
and the Comex will be in default if enough people take delivery of the physical
so, lets call the nwo/elitists bluff and take delivery of physical
November 20th, 2008 at 2:40 pm
The flight to gold is depressing the planet’s economy. It just sits there and does nothing except provide employment for miners. . .
November 20th, 2008 at 2:57 pm
#9
I’ve heard that before. The story I remember reading, is that some Congressman back in 1984 wanted to go see our gold reserve, and they were brought down to a small room with two small palettes and that’s all they were allowed to see. I’ve heard that Fort Knox holds more pilfered treasures from ww2, and the nations drug supply, like the morphine reserve and pharmaceutical grade cocaine. That and the reptilians from Planet Poptart’s health spa.
November 20th, 2008 at 3:38 pm
That’s #11 now.
November 20th, 2008 at 3:53 pm
From the spelling, I’d guess that the writer is speaking metric, or ‘long’ tons (tonnes) or roughly 2,200 pounds per in averdupois, and I’d think about 2,750 pounds troy, That’s a lot. Red China may be a lot of really nasty things, but stupid isn’t any of ‘em; they’ve been quietly engaging in conquest through purchase for many, many years, and if they know that if the gold can’t be delivered on demand, then they can walk in and take anything they want in lieu of cash. Our own grifter,grafters, thieves, perverts and bunko artists could take some business lessons from the folks in Beijing.
November 20th, 2008 at 4:18 pm
3 times in US history the US Government has “seized” the gold from all US citizens (who knows if the super weathy lost anything)…paying the people pennies on the dollar for their gold…google it…
November 20th, 2008 at 4:25 pm
The Chinese (and Asins in general) are shrewed business people. They quickly figured out that “fiat money” and worthless bonds were not going to cut it. Their population will not tolerate the fake money system the US has tolerated. Most Asians I knew when I lived over there invested in Gold to one degree or another.. whether it be a simple ring, ear rings or a braclet or two. They knew the security of gold in their society. The US has discouraged gold possesion since 1933 when Roosevelt ordered confiscation of all gold for the nation’s security.
Where is that gold now? Your guess is as good as mine.
I expect we know where a lot of it is. The French probably have a good portion. Even they were smart enough to demand payment in gold for bonds.
We are ebing ripped off of our nation. Forget the gold.. presrve the nation and get rid of the trash that is selling it out from under us. We can never recover with those in power taking us to the global cleaners.
November 20th, 2008 at 5:04 pm
They will need it, to convert the US dollars they have accumulated from WALMART. When the new Amero comes into affect at 12 US dollars to 1 AMERO DOLLAR…It will be a great deal..massive transfer of wealth!
http://www.thecomingdepression.blogspot.com
November 20th, 2008 at 5:22 pm
China is smart …Actually many asian elites are buying gold and silver. They also know fiat currency is doomed to fail. and yes FORT KNOX has no GOLD….which is why they don’t want a audit of it because then the american people will know. The mint buys gold from the market. which is why they run out of supplies from time to time.
November 20th, 2008 at 6:19 pm
they’re going to peg the yuan to gold, and it will become the world reserve currency, like the dollar once was. It will basically become the new dollar standard. Way to go guys… fell asleep at the wheel, and look at ya now!
November 20th, 2008 at 6:30 pm
House-cleaning time for America, back to your instincts , minimalist style we’ll be fine. If we continually wake up ppl aSAP
November 20th, 2008 at 7:11 pm
http://www.expansions.com
November 20th, 2008 at 7:44 pm
We can trade a few ounces of Gold for a Dodge Ram truck. They are offering a buy one and get one free in MIAMI!!!
http://www.thecomingdepression.blogspot.com
November 20th, 2008 at 9:06 pm
They’re not looting our gold reserves (as a few here have said). We are just giving them something tangible for the years of slavery building everything to meet our fancy.
I think we should have to work to give them something back. Then the American pubic might think seriously about it’s foreign trade policy and the idiots running our country.
November 20th, 2008 at 9:18 pm
Theywontchipme 21 -
I concur ..The powers to be only understand tangibles such as $$$$/gold. when they can scam no more the legislaures will be left to deal with the people of this country. Many are already on social programs and will become mad as hell when “they can’t take it anymore”(meaning the GVT is taxing the citizens and redistributing their labor).. they will be the first wave the GVT has to contend with.. then the decent citizens of society who carry their own weight will follow.
I am already focused on a minimalistic lifestyle .. and it is not such a bad thing. I used to be a spender on things when I had excess money.. I have more than I need now and have cut back. I was never wasteful.. and always bought useful things.. garden tools, mechanics tools, extra vehicle for a back up.. guns when I wanted..
Now I am comfortable..and am raising my daughter to be independent of the system. Whether she chooses to be or not later in life will be her choice.. But she can’t ever say she wasn’t informed.
November 20th, 2008 at 9:44 pm
Americans are soo stupid. They had the chance to get a Kucinich or Paul as president, yet they choose a conman like Obama. Dumbasses…
November 20th, 2008 at 10:18 pm
Gold is the legitimacy for a new currency, especially after the transparent corruption of the american federal reserve system. They cant sell the people on another fiat currency, the people have to WANT it…it cannot be dictated, or it will another susan b anthony dollar…you get ‘em for change at the post office. Of course, our stupid government thinks it can dictate anything, and thats the problem…its also why so many of us are reveling in it’s collapse.
November 20th, 2008 at 11:48 pm
REVOLUTION!!Anybody?
November 21st, 2008 at 12:22 am
Hey Frank Valley, Americans didn’t choose that boob. Try doing a google search for ‘hacking democracy’, a video which exposes diebold voting machines as tools for fraud. Research ACORN while you’re at it. Americans arn’t stupid, you’re just ignorant in this case.
November 21st, 2008 at 12:28 am
If we owe China so much money, don’t they have a right to collect the gold on it? If we don’t pay them back, will they try an invasion to collect? Gun shows are fun to go to, becouse you can still exercise your full constitutional rights there.
November 21st, 2008 at 12:36 am
To steve_rogers # 31 -
Not to bust your bubble.. But the people’s vote never counted..paper ballot, voting machine with papaer or computer..
We just go through the motions for self satisfaction…
The political party leaders decide who votes with the selection of the electoral college..
Do a search on what the electoral college is and how it works…
And if you find out who is actually on the electoral college by name in any state.. get back with me on this site.
I have done it.. In fact.. No one knows who is on the ellectoral college but those on it and those who appouint it…
I could be(and hope I am) wrong on this.. but I doubt it.
This country couldn’t admit to the political process that the half ass voting population really means nothing…
or perhaps the apathetic half who don’t vote have figured it out.
November 21st, 2008 at 2:33 am
Somebody tell me where the golds at. Hey Alex you should keep doing what your doing and not try to rap anymore.
November 21st, 2008 at 6:06 am
Faaaarrrrrrrrrrrrrrrk’nel…any good news out there folks?
Things certainly are crook in Tobruk!
Anyone gotta light???
November 21st, 2008 at 7:37 am
What actually gives Gold value?
November 21st, 2008 at 8:28 am
If I was chinese…I would.
November 21st, 2008 at 9:03 am
JDEXM what gives gold value ? What gives paper dollar value ? Perception and faith of the public of course. What else ? You can not eat either one .
November 21st, 2008 at 9:11 am
You guys gotta watch !!!!!!!!
http://www.911truth.ch/modules.....oryid=1121
November 21st, 2008 at 9:57 am
As far as china requesting debts paid in gold (precious metalsSteve Rogers #32) our dollars are no longer attached to (backed by )gold that disconnection happened in the 60’s IIRC when we “went off the gold standard”..hence the goobermint could now print paper money at will whether we had the wealth to back it up or not. Gold has value because it’s shiny,workable ,doesn’t corrode and its hard to find,(not every body has it).
November 21st, 2008 at 10:09 am
Re electoral College members- here’s your link http://www.archives.gov/federa.....l-college/ There have been almost 700 attempts to modify or eliminate the Electoral College in the past 200 years. Apparently, the powers-that-be prefer to influence the votes of the handful of electors (who are appointed by one of the two parties) while spending billions to pretend that the rest of our votes actually count for anything. This is the main reason third-party candidates have no chance of winning the presidency, regardless of their popular support. Ross Perot won 19% of the popular vote in 1992 and not a single electoral vote. Our system is rigged to be a ‘choice’ between two sides of the same coin.
November 21st, 2008 at 12:01 pm
The evil International Bankers would rather see the Chinese having the gold than to see Americans and the Europeans to have it!! Since they want to impoverish us all and have us under their antichrist serfdom system!! BUT IN THE END; AND IT WILL BE SOON; THE GREAT GOD OF HEAVEN WILL DEFEAT THEM AFTER THEY HAVE killed and maryted 100’s of millions of Gods True Born Again Children who won’t take their ZOMBIE MAKING AND AUTONOTOM MAKING BEAST CHIP THAT WILL CURSE AND DOOM EVERYONE WHO TAKES IT!!
November 21st, 2008 at 12:29 pm
#41 Beasty
Surely you realize your one sick f---…as is your right to be!…just don’t go infecting every other poor bastard with your lunacy.
Try committing yourself for several months…see how that goes deluder!!!
November 21st, 2008 at 12:55 pm
@ #37 Roger “what gives gold value ? What gives paper dollar value ? Perception and faith of the public of course. What else ? You can not eat either one”
Gold is a great standard, and it is not “perception and faith” that gives gold it’s value. Yes private firms can mine it and government can restrict it, etc, but who’s fault is that? We don’t allow the mafia to print-up credit cards, so why would you allow the government to allow the Federal Reserve to print-up money? Or a so-called ‘private’ (state-subsidized) mining firm to mine gold? There has to be open, transparent public standards, especially in regards to wealth like gold, else you always will wind up with fraud. And the fraud involving gold is still relatively miniscule and a trillion times harder than anything involving fiat currency. Which is what the current system is.. a massive fiat fraud.
Adam Smith in ‘Wealth of Nations’ defined base units of wealth in fairly extensive detail, he’s also the guy who defined the idea behind free markets (which unsurprisingly looks nothing at all like NAFTA, with NAFTA being almost the complete reverse of everything Smith says about open ‘free’ and ‘trade’). People use a variety of base units for wealth:
“…the Tartars used frequently to ask him if there was plenty of sheep and oxen in the kingdom of France? *2 Their inquiry had the same object with that of the Spaniards. They wanted to know if the country was rich enough to be worth the conquering. Among the Tartars, as among all other nations of shepherds, who are generally ignorant of the use of money, cattle are the instruments of commerce and the measures of value.”
Now wandering around Wall Street with a herd of sheep doesn’t make much sense so Smith further refined base units of wealth as being measured by how hard they are to get relative to labor, and whether they’re small enough in size and easy to measure so as to be a good base reference:
“The weighing of gold in particular is an operation of some nicety. In the coarser metals, indeed, where a small error would be of little consequence, less accuracy would, no doubt, be necessary. Yet we should find it excessively troublesome, if every time a poor man had occasion either to buy or sell a farthing’s worth of goods, he was obliged to weigh the farthing.”
Gold is an excellent measure because relative to the human labor needed to obtain it, it is fairly difficult to get on average per person, is not used much in industry or other human labor, and can be kept in small base units that allows it to be used a good point of reference. Think of gold as a kilogram or inch, it’s a base unit of measurement, but for wealth. And under extreme conditions, other things can sometimes be used as a base unit of measurement of wealth (salt in the middle ages, cigarettes in prison, the heads of shovels during the California gold rush, etc) but outside of basic commodity exchange (’swap’) gold serves as a good base unit overall relative to the labor needed to obtain it.
More importantly it’s impossible to ‘print-up’ gold the way the Federal Reserve electronically prints billions of dollars, or even worse at overnight rates of 1% and less gives this ‘money’ to it’s friends at CitiCorp to then resell to the public at 12% and higher. You can’t just electronically ‘move’ gold bars around the gold with the push of a button like you can with fiat currency, it’s literally impossible for the wealthy elites to do such a thing.
Think of gold standards as any other kind of standard: seat belt standards, food quality standards, testing in schools, vehicle maintenance standards, etc, more than anyone the gold standard protects you and me.
As to “you can’t eat either one” thats completely incorrect: both gold and US dollars have a commodity value. The commodity value of a block of gold is literally enough food for a large family for a few years. The commodity value of printed-up thousands of US ‘dollars’ is the value of a wad of paper, nothing more.
November 21st, 2008 at 1:03 pm
f--- those cock suckers!
November 21st, 2008 at 2:15 pm
The full article and the link it provides is extremely interesting. Recently when Mr. Paulson announced his “cash for trash” program (i.e. the program where you and I “bail out the foreign investors” who were holding US “agency” debt), he enabled foreign banks (through their US subsidiaries) to receive dollars for their somewhat worthless “paper”…you and I are now holding that paper – grand scheme, eh? … the Chinese, and others, meanwhile, certainly have plans to “move forward” with their current holding in dollars, and while this initial step created a “demand” for dollars, the conversion into other assets will definately, mortally, devalue the currency, and as the full article points out, this could happen very rapidly!
November 21st, 2008 at 2:20 pm
We’ve been sold out by our own stupidity all the way back to 1863 killing each other over what? and not even a thankyou. The Greatest generation was the goddamn next to dumbest and now we have obamination. F-n retards. No wonder our backs to the wall-and you know it not.
November 21st, 2008 at 3:09 pm
Paul Schiff states GOLD going to $2000 and also stated the US dollar down 90%
http://www.thecomingdepression.blogspot.com
November 21st, 2008 at 9:23 pm
s--- they must be building a big golden dildo, for the POOR suferings of the chinese people, oh what jubellee for the rich in china…hooah!! to the big golden dildo :O
HW Spartan
PS; its like listening to news about rich corrupt mafia buying a new car….WHO GIVES A s---!!
hahahaha
PPS; GOLD????? they should invest in human dna, not dragons womans dna, eh? Li??????
November 22nd, 2008 at 10:32 am
There’s a philosophy behind the gold standard that will never corrode. Someone in our historical timeline has made sure that philosophy and true value never get taken down by corporate america. As people think GOLD means gold, it is not, that value was converted many years ago…methodically and with certainty that bankers would never own the human spirit. The commerical paperwork and security instruments do not lie, but the truth is certainly hidden from the public, because real history is not in the history books.
We should all be grateful that someone along our history has separated the body from the entity…the man from the machine. It’s amazing what that little birth certificate can create. What a mess this powerful security instrument created right under the secured parties nose.
The American government does not exist without the true value generating this system…the people. For this government to claim or imply otherwise is where the people will need to come to grips with who they are.
December 3rd, 2008 at 2:20 am
Aaron Lee Smith, MD of Superfund Singapore predicts gold to easily double next year. Jim Rogers, Robin Griffiths and Jurg Kiener hold the same view as global central banks’ insistence on printing their way out of economic turmoil is setting the stage for a hyperinflationary holocaust, a knock-on effect of which will be gold’s acceleration towards $2,000, as demand for precious metals outstrips supply.
December 6th, 2008 at 7:46 am
I have ran a PSU calculator with this graphics card and it says
December 11th, 2008 at 1:26 am
according to the “world gold council” 5400 tonnes of gold were mined last year, down from 5500 tonnes of gold in 2006 . . . but, as the price goes up the mining increases . . .
I’m not sure if the chineese could actually buy up all the gold, even if they wanted too. basically, supply = demand in the economics of it . . .
about 75% of gold is tied up in jewelry, when the supply goes down and the demand rises, then people sell their jewelry, because the price rises . . .
and remember, if the dollar collapses by half, it will cost the chineese twice as much per ounce to buy the gold . . .
the chineese have spent their money, buying u.s. bonds . . . too bad, china . . .
if they really want, we can print up all those dollars at the press of a computer key, trade out all those worthless bonds and it’ll net the chineese about zero . . .
it would be a little hard on the united state slob . . . but, the ghetto rat would be working the fields and the peasant wouldn’t be sucking his thumb and drooling while watching sports and cartoons on tv, anymore . . .
its a question of what you want, china . . .
keep up the beggar thy neighbor strategy of lowering your currency’s value and you may find out what reckless means . . .
buy up that gold, china . . . its hard to chew on and even harder to digest than green backs . . .
December 12th, 2008 at 12:16 am
In an effort to decrease the number of obesity-related illnesses in the United States, Dr. Ian Smith, physician, in cooperation with State Farm, has introduced the
December 12th, 2008 at 12:16 am
In an effort to decrease the number of obesity-related illnesses in the United States, Dr. Ian Smith, physician, in cooperation with State Farm, has introduced the