Sun Zhaoxue: US Intends To Suppress Gold To Ensure Dollar’s Dominance
Ingoldwetrust.ch
I’ve got a confession to make: I believe in conspiracy facts. After having witnessed scandals like NSA, LIBOR, Lance Armstrong, ISDAfix, money laundering by too big to fail banks, rigged currency rates, Bernie Madoff, the US sub-prime crisis, bank bailouts (in Europe and the US), the Greek tragedy, 9/11, the Iraq invasion and Enron, I came to the conclusion it is just what people do when there is money and power at stake: they conspire.
When it comes to gold price manipulation there are currently four camps:
Camp one states the price of gold isn’t manipulated at all. (Although we know bonds, interest rates, stocks, commodities, CPI and exchange rates, and thus all currencies are manipulated. Furthermore, futures exchanges are flushed with enormous amounts of contracts in the most illiquid hours, trades that don’t make sense from a profit perspective because the seller doesn’t get the most money for its products. Sure, it happens both ways, which only illustrates how easy the price is manipulated.)
Camp two states the US (and its allies) are manipulating the price of gold, a historical fact, in a last attempt to save the US dollar hegemony.
Camp three states the Chinese have been manipulating the price of gold in recent months, in their challenging quest to diversify their foreign exchange holdings. Supposedly they bring down the price of gold through the western paper markets to buy as much physical gold in exchange for their still relative strong dollars. If true, a strategy that has worked excellent in 2013.
Camp four states the price of gold is manipulated in conjunction by the west and the east. A result from deals made behind the scenes, or an orchestration of a new monetary order through redistributing gold among nations according to the size of their economy.
Because I learn every day, eventually I will choose one camp to reside. Meanwhile I’ve been staying in camp two, three and four in recent months – perhaps closely circling the truth – occupied thinking of all interests, evidence and complexity. One thing is for sure, the ones that manipulate would never admit and always blame another. This is why all Chinese blame the US.
The next translation I present is from a speech by Sun Zhaoxue, the most influential leader in the Chinese gold industry. As president of the China Gold Association and president of China Gold Group, China’s largest gold mining company, he spoke at the Lujiazui Forum. A yearly conference attended by prominent Chinese economists on new visions for financial reform and opening up.
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