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Jim Willie – BRICS Gold Central Bank Outpost

from Gold Seek:

While the West has been mesmerized by the chaos in Ukraine, surely to become an implosion site, while attention has been directed on the Negative Interest Rate Policy coming into view, surely to become the norm for banker skimming on yields, while focus has been on Spain’s royalty in abdication, surely a change of the dark nobility guard, the Jackass has yawned and turned the view toward Saudi Arabia, surely a significant event on their fund news. They have announced a new sovereign wealth fund to be established, independent of their central bank, devoted to prudent investment. Read Gold investment. The indication is clear movement away from the USDollar and USTreasury Bond complex. The US-Saudi divorce is speeding away from the lawyer’s offices, and asset redistribution is the key word. Abandonment of the Petro-Dollar involves the reversal of a generation in commitment, even more. It involves discharge of decades of accumulated rubbish US$-based debt paper. We could have the first sighting of a BRICS Central bank outpost for processing USGovt debt securities, straight into Gold bullion. The Saudis might win giant favor with Russia & China, the new dynamic duo, by jump starting the process of dumping USTBonds, followed by converting them into Gold bullion. The Great Indirect Exchange might become far more direct.

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