China Launching Gold Backed Worldwide Currency!!!

[Kurr]

According to an article, China is recasting all of their gold reserves into small one kilo bars in order to issue a new gold-backed currency. Many say this will disrupt global trade and will eventually cause a collapse of the US dollar.

There can be no doubt that the US dollar will soon be history. China is recasting all of their gold reserves into small one kilo bars in order to issue a new gold backed global currency. This is surely a strategic part of their recent push to sign new trade agreements with Russia, Japan, Chile, Brazil, India, and Iran. The cat is now out of the bag, the US will be given the bums rushby the largest trading nations in the world and the dollar will go down in flames. GATA now estimates that 80% of the gold that investors believe they have in allocated accounts is long gone, the majority of it probably wound up in China.

More at...
http://www.indiavision.com/news/article ... z25Lmk36Ci

[John_doe]

cool. any word on wether it will be the yuan, or will they be starting something new? it would not make much sense to gamble on losing what they have built with the yuan.

[coincrazy]

http://www.reuters.com/article/2012/08/30/germany-china-yuan-idUSB4E7JG00D20120830

Aug 30 (Reuters) - Germany and China plan to conduct an increasing amount of their trade in euros and yuan, the two nations said in a joint statement after talks between Chancellor Angela Merkel and Chinese Premier Wen Jiabao in Beijing on Thursday.

"Both sides intend to support financial institutions and companies of both countries in the use of the renminbi and euro in bilateral trade and investments," said the text of the statement.

It also said that both parties welcomed investments in China's interbank bond market by German banks and supported the settlement of business in the yuan by German and Chinese banks and the issuance of yuan-denominated financial products in Germany.

[barrytrot]

cool. any word on wether it will be the yuan, or will they be starting something new? it would not make much sense to gamble on losing what they have built with the yuan.

Right, I'm sure it will be something like "International Trade Units". Sort of similar to "Trade Dollars" back in the 1800's but instead of dollars they will be in units of millions of "dollars" or BILLIONS.

Pretty exciting. I don't think this will happen as quickly as all of you do. Collapsing the dollar isn't something that China would want to do tomorrow, but I think a gradual several year process makes more sense.

[BamaJoe]

Whether it happens soon or a little later is up for debate, but once the collapse of the dollar comes it will not be pretty. Forget the idea of a orderly changeover and picture a fire in a theater and everyone running for the exit at once.

[coincrazy]

An interesting article about IMF Special Drawing Rights as reserve currency. USPS has conversion tables.

http://www.zerohedge.com/article/us-pos ... acing-doll

[TXBullion]

Interesting. Any one see more info relating to this

[Bluegill]

Interesting. Any one see more info relating to this

I first saw this article back in late June. It keeps getting copied and pasted and resurfacing, making its rounds on the internet. I don't remember who originally published it.

I've seen nothing since that adds to it, or, confirms or denies it.

[Mossy]

Previously posted here at least once.