While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued dollar system, Russia, China and other emerging economies are involved in ‘the genial move’ to establish an entirely different gold market, according to economic author and historian F. William Engdahl and reported by Russia’s Sputnik News.
Key central banks including the Federal Reserve, Bank of England and Western market players have long been accused of clandestine gold price manipulation aimed at preserving the dollar’s role as ‘world reserve currency primus.’
Here’s more from Engdahl:
“The COMEX gold futures market in New York and the Over-the-Counter (OTC) trades cleared through the London Bullion Market Association (LBMA) do set prices which are followed most widely in the world. They are also markets dominated by a handful of huge players, the six LBMA gold clearing banks – the corrupt JP MorganChase bank; the scandal-ridden UBS bank of Zurich; The Bank of Nova Scotia – ScotiaMocatta, the world’s oldest bullion bank which began as banker to the British East India Company, the group that ran the China Opium Wars; the scandal-ridden Deutsche Bank; the scandal-ridden Barclays Bank of London; HSBC of London, the house bank of the Mexican drug cartels; and the scandal and fraud-ridden Societe Generale of Paris.”
“However, [r]ather than scream and cry ‘fraud’ at the owners of the COMEX/CME of the LBMA Big Six clearing banks, these countries are involved in the genial move to create an entirely different gold market, one that not JP MorganChase or HSBC or Deutsche Bank control, but one that China, Russia and others of a like mind control.”
This new approach is connected closely with the China-led New Silk Road project and the Shanghai-based Asian Infrastructure Investment Bank (AIIB).
In May 2015 Beijing announced it had established a state-run gold investment fund, aiming to bolster China’s role in global gold trade. The “Silk Road Gold Fund” will invest in mining projects in the regions along the New Silk Road, encouraging central banks of its members to increase their holdings in the precious metal.
This new market and economic arrangement will benefit China and countries who do business with China, but also with investors who hold physical gold.
Engdahl concludes with this quote:
“While most eyes on fixed on COMEX or the London Bullion Market Association listed daily gold price fix, the real worth of gold as a currency reserve and a standard of monetary soundness is growing in worth by the day.”
It’s also a real pain in the neck for the US Treasury, Federal Reserve and Wall Street. Since they control the federal government and the mainstream media, it’s no wonder these media outlets and reports constantly talk down gold.
How soon do you think this new Eurasian-based gold market will be active and replace the corrupt Comex/LBMA system?
Sound off in the comments section below.