My name is Shawn Ozbun, and our goal is to keep you up to date with what’s going on in the world of Gold and Silver by providing you with current news and precious metals pricing.
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Welcome back to the SilverTowne Vault Cast. Today we are going to talk a lot about China and their hunger for gold. I’m also going to be raising the question, will the Chinese hold the new world reserve currency and what does that mean for the United States.
Before we get into all that, let’s look at today’s precious metals pricing and then we are going to cover a couple articles.
Gold - $1335.76 up $2.50
Silver - $20.11 up $0.11
Platinum - $1436.00 up $5.50
Palladium - $730.50 up $4.00
61 tons of silver from WWII shipwreck recovered off Ireland
American salvagers recovered about 61 tons of silver off Ireland in what's said to be the largest and deepest recovery ever of precious metal from a shipwreck.
Odyssey Marine Exploration confirmed to the Los Angeles Times on Wednesday the recovery of 1,574 ingots from the SS Gairsoppa shipwreck in the north Atlantic. That record haul tops the recovery of about 48 tons — 1,218 ingots — from the same sunken vessel by Odyssey last year.
The Gairsoppa was a casualty of World War II. The 412-foot British cargo steamship was struck by a torpedo fired by a German U-boat in 1941. The ship had been traveling from India to Britain loaded with tons of cargo, "including a large quantity of silver bullion," according to Odyssey. It sank about 300 miles off Ireland to a depth of 15,400 feet — about 3,000 feet deeper than the wreckage of. Read More...
How Does America’s Middle Class Rank Globally? #27
America is the richest country on Earth. We have the most millionaires, the most billionaires and our wealthiest citizens have garnered more of the planet’s riches than any other group in the world. We even have hedge fund managers who make in one hour as much as the average family makes in 21 years!
This opulence is supposed to trickle down to the rest of us, improving the lives of everyday Americans. At least that’s what free-market cheerleaders repeatedly promise us.
Unfortunately, it’s a lie, one of the biggest ever perpetrated on the American people.
Our middle class is falling further and further behind in comparison to the rest of the world. We keep hearing that America is number one. Well, when it comes to middle-class wealth, we’re number 27.
The most telling comparative measurement is median wealth (per adult). It describes the amount of wealth accumulated by the person precisely in the middle of the wealth distribution — fifty percent of the adult population has more wealth, while fifty percent has less. You can’t get more middle than that. Read More...
Chinese gold demand could hit 1,000 T this year – WGC
LONDON (Reuters) – China’s gold demand could hit a record 1,000 tonnes this year, the World Gold Council said on Thursday, which means it would overtake India as the world’s biggest bullion consumer.
Chinese gold demand is likely to be in the region of 950 to 1,000 tonnes in 2013, the WGC’s managing director for investment, Marcus Grubb, said, but risks are skewed to the upside and could push demand past the upper end of that range.
“China will probably be the world’s biggest gold consumer this year for the first time on an annual basis,” Grubb said. “That will be driven by both jewellery and investment demand. Jewellery will be the biggest overall demand segment, but investment will grow fastest.”
Physical deliveries from the Shanghai Gold Exchange in the first half of 2013 exceeded total deliveries for all of last year, exchange data showed, while premiums over spot prices rose above $20 an ounce. Read More...
China’s Yuan Set To Become Global Reserve Currency With Gold Backing?
Recent media reports in China and Russia suggest that China is continuing to consider backing the yuan with gold. Since 2005, we have said that such a move by China was likely as China seeks to become a superpower and lessen and undermine U.S political dominance.
This decision, if taken, may lead to huge volatility in foreign exchange markets, a depreciating dollar and ultimately an international monetary crisis.
John Butler in his book ‘Golden Revolution’ and Jim Rickards in his book ‘Currency Wars’ have warned that China and or Russia could move to back their currencies with gold which would then lead to the U.S. and EU having to follow suit in order to prevent currency crises thereby leading to a new gold standard.
According to media reports, the People's Bank of China is considering phasing out the dollar as the reference currency or peg for the yuan, and to start using gold as the reference point.
The reports have not been confirmed officially, but there has been official comments to that effect in recent years and Chinese academics have advocated backing the renminbi or yuan with gold. Read More...
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[Disclaimer] Shawn Ozbun is not a licensed financial adviser, there is risk associated with all investment including gold and silver. You should seek advise from a licensed financial expert before making a purchase.
