The world is preparing to abandon the U.S. dollar and the UK pound. Pronouncements from Hong Kong, the United Arab Emirates, Switzerland and Germany have made clear that the Anglo-Saxon financial system’s doom is only a matter of time.
A huge announcement out of Hong Kong rattled the financial world on September 3. Although big media relegated the story to the back pages, it should have been front and center! What’s the news? China is demanding its gold back.
“Hong Kong is pulling all its physical gold holdings from depositories in London,” reported MarketWatch (emphasis mine throughout).
The announcement, coming in the midst of the global economic crisis, is sending a clear signal: Britain is in far worse economic shape than generally realized, and China thinks it needs to get its gold out while it can—before something happens to it. Gold closed at a new record high of $1,006 per ounce on Friday. (more)
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