The Phaserl


Man Asked To Speak To Chinese Officials Warns The Endgame Is Now Unfolding

from Kingworldnews:

Despite the euphoria in the Chinese stock market, drawdowns of physical gold from the Shanghai Gold Exchange remain strong. Recently we saw 51 tons of gold taken out of the Shanghai Gold Exchange in just one week. We will hear more discussion going forward about the renminbi being included as part of an international reserve currency, along with the U.S. dollar and the euro. That would be a major step in making the renminbi an international currency, particularly since it would have to included in portfolios. The IMF reviews this in October but there will be jockeying back and forth this summer.

All Signs Point To The East As China Continues To Build Their Gold Reserves

Regardless, China continues to build up their massive reserves of physical gold. Having the renminbi included as part of an international reserve currency would also force the Chinese to come clean with regards to how much physical gold they possess. Already we see the Shanghai Gold Exchange overshadowing the Comex. China already has the world’s largest bank — the Industrial and Commercial Bank of China. ICBC is larger than the American banks. I can also see China’s stock markets becoming bigger than the New York markets. So I think from a capital raising point of view, all signs point to the East.

John Embry Continues @ King World News

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