The Phaserl


Will China Confiscate its Citizen’s Gold?

by Julian D. W. Phillips, Gold Seek:

At one point we thought we were alone in believing that eventually we would see a confiscation of citizen’s gold in one or more countries. Then we saw the confiscation of deposits in Cyprus in line with a “bail-in” policy. While this was a banking measure in line with the normal liquidation of a company, it was endorsed by most nations thereafter. The greatest impact was seen on investors worldwide who had never thought that such events would happen.

Thereafter we saw several well-respected commentators and researchers say that we should not dismiss the concept of gold confiscation too quickly. This came from no less a group than Casey research. Then Lawrence Williams of Mineweb, one of the best gold websites, showed that the subject could be alive when he mentioned that if China confiscated its citizen’s gold, it would hold a level of reserves close to those of the U.S. It is clear to most gold commentators that China is seeking to maximize its gold reserves and has been encouraging its citizens to buy gold themselves. It has ‘liberated’ its gold import system and encouraged the country-wide development of its gold distribution system. As a result, its citizens and government are the most gold-acquisitive nation on earth and have overtaken India in its gold buying. This is particularly important to the subject as they prepare for the convertibility of the Yuan ahead of its role as one of the globe’s reserve currencies.

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2 comments to Will China Confiscate its Citizen’s Gold?

  • Nick

    While anything could happen, I would be more inclined to think that China would ask for its citizens to redeem their US dollars for Chinese Yuan or for gold itself–but also not to necessarily ban the use of dollars outright. Then the Chinese could slowly start to make the same demands of Europe and the US for international payment once a lot of the newly acquired dollars start getting sent back to the US.

    If China keeps encouraging its citizens to buy gold while keeping the precious metal in the country, it will ensure the Chinese government is continually expanding its share of gold.

    After all, can’t China maintain it’s own citizens private gold is still part of China’s national wealth–without literally nationalizing the gold through confiscation?

    When the US confiscated gold under FDR, that was done under the guise of “a national emergency,” as I recall. However, the gold was all given to the private central bankers, for their own corporation, I presume: The Federal Reserve. It was another bankster bailout, what a surprise.)

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