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I don't know if you've heard of the "gold parties" that have become common lately, but the rumor mill is saying that many of the companies which host them have ties to China.
I have heard of them, but I guess I didn't give them that much credit. How much gold changes hands at a typical party?
I have heard of them, but I guess I didn't give them that much credit. How much gold changes hands at a typical party?
As much as they can get their hands on. Sometimes it's in a house with a dozen or so people, and other times they rent hotel conference rooms to draw in bigger crowds.
If you figure half an ounce per person, you'd only need 64K attendees to net a ton of gold.
snippet:
"Rep. Kirk of Illinois leaks China’s plan to buy $80 billion worth of gold, to protect it’s massive foreign currency reserves from hyperinfaltion. China is particularily vulenrable to infaltion as governments around the world openly inflate their way out of the “Great Global Recession”.
"Am I to understand that they are using our dollars to buy gold?"
Well, I would have thought that they are using some of their own 2 trillion USDs to buy the gold. Interesting, China has surplus cash and the US is broke. What a mess we are in.
Yes but if the Chinese are unloading our dollars for Gold, what can that do for the value of our currency? Do the Chinese know some thing we Americans don't?
The same place the U.S. does. The U.S. secures millions of dollars worth of Gold for foreign nations. As far as we know Wall Street is still the financial capital of the world. For how much longer is any ones guess.
Yes but if the Chinese are unloading our dollars for Gold, what can that do for the value of our currency? Do the Chinese know some thing we Americans don't?
I understand the relationship. I was just answering the posters question without qualification as to the possible ramifications. Do they know something that we dont? I dont think so. I think they are speculating, but their speculation could easily become a self fulfilling prophecy. Its kind of like the way the old money guys used to get together and all sell at once to crash the market, only China doesn't need too much help, if that is what they want to do.
Yes but if the Chinese are unloading our dollars for Gold, what can that do for the value of our currency? Do the Chinese know some thing we Americans don't?
The value of the U.S. Dollar will fall unless there is enough demand in the market for Dollars when China goes to purchase. This also assume they are using their Dollar Reserves to make these purchases.
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