Today is Friday 7th August 2015 and today's video asks the question is gold being used as a weapon against Russia and China?
We all know that Russia and China have been two of the largest purchasers of gold in recent years. Assuming the official figures to be accurate, (and some commentators don't, as they believe them to be under-estimated by a large margin) - according to Bloomberg today, China has expanded its holdings by 60% since 2009 to 1,658 metric tons and Russia has more than doubled its assets and added reserves to 1,275 metric tons of gold.
Bloomberg adds that more than $2 billion has been erased from the value of China's gold reserves since announcing its holdings in mid-July.
Furthermore, during the same period the tumbling gold prices of the past three weeks have coincidentally wiped away more than $2 billion from the value of Russian reserves. This coupled with a dramatic fall in oil price leaves Russia particularly exposed at a time when it seems to have few friends in the West.
An interesting and different take on events leads one to ask "are Western powers manipulating the gold and oil prices" as a weapon against Russia's Imperialistic ambition such as the Ukraine for example and also sending a warning message to its neighbour China?
Most of those who support the manipulation theory do so from the perspective that it is carried out to assist China in its accumulation of this metal to help defray envisaged losses on their dollar debt holdings. However, if the price can be manipulated downwards and held there for some time, as the Chinese moves funds from their collapsing Stock-market, Property Market and Bond Market into gold, which then depreciates further due to this manipulation, it will undermine their entire currency regime and therefore remove the threat of the Yuan ever becoming the World’s Reserve Currency.
We are not saying that we support this theory but it is an interesting one to ponder and debate. We look forward to your comment on this.
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