Bank of Thailand (BoT) urges businesses to trade in yuan with China

[englishoak]

Wishful thinking and we've heard it all before. Dollar isnt likely going to total collapse next couple of years, although its well documented regarding its problems on paper it was all that 5 years ago, they have a knack of kicking the can down the road and doubt very much if the end has been reached as yet

These things will take time, all the Yuan needs to have a setback is its own economic problems or depression and that is becoming more and more likely since it has managed to rack up a debt in the past 5 years it took the US a 100 to get to.

China is a very young country in terms of a currency that is stable and well used... in fact its hardly used at all mainstream as yet.

Can you go into your back and get Yuan ? can you pay on the net in Yuan yet ? can you buy anything inside China and ship it in over a certain amount from outside ?

Until this comes to pass the Yuan isnt a global currency let alone a world reserve one. Is it possible the Dollar will collapse ? of course it is but its likely imo China will hit a financial crisis of its own just as much in the short term. If that happens the flight to safety will be the usual and not the Yuan. Even the Chinese dont like to keep the Yuan they prefer gold/dollar/euro/pound/assets. That should tell you something about the Yuan.

Yes the dollar is going to wane and yes the Yuan is on the rise but.... both have a long way to go before they cross over their roles. Its still likely to be decades which is still very fast in monetary terms.

Edited July 27, 2014 by englishoak

[Naam]

This serves the US right. I was recently informed (after belching about paying $20 extra charges ) that the US government now forces all USD transactions to be routed via their banks.

I transferred $150 from Hong Kong USD account to England USD account - $35 charges; according to Barclays $20 for US leg.

SWIFT kick in the pants for the consumer.

US-Dollar transfer were always routed through the U.S., i.e. nothing new.

[Publicus]

The Thai autocrats and oligarchs are playing around with this currency nonsense and they know that. The Thai elites are presently trying to leverage the U.S., the EU, Japan, Australia and other capitalist democracies to accept the coming reconstructed feudal order here. Asean captials are well aware that the Boyz in Beijing see Asean as a big package in re-establishing the region as a tributary of the glorious Middle Kingdom as reconstructed by the CCP in Beijing.

Anyone who's been in Thailand an appreciable period of time knows not to take the Thais seriously unless they're pursuing either a coup or lese majeste or both. Asean elites and oligarchs are well aware of the vital data and information in respect of their relations with the CCP-PRC.

The most immediate vital factor to the Thai and Asean elites is that the housing and property bubble in the PRChina has begun to burst. The bursting started several months ago in four leading indicator provinces where prices are plunging and investors are jumping. The bubble is even greater outside of those four key provinces however as is demonstrated by the $24 trillion housing and property bubble in metro Beijing alone, by itself, apart from the huge property bubble in the rest of developing China (yes, I did say trillion).

The state owned and operated banking system not only has its own huge credit bubble, but it is now looking at real estate loans and investments that are everywhere going belly up. Investor Jim Chanos who in 2000 was hollering about the U.S. subprime property bubble that finally burst in 2008 has long pointed out "the Chinese banking system is built on quicksand." George Soros has gone short on China and has advised investors to prepare a Plan B, which most governments of the world are anyway doing. Moreover, the huge shadow banking system carrying multiple trillions of dollars of value has its own bubble and is also facing the worst case scenario.

The country's public debt is now pushing 200% of GDP. (Some analysts see the country's public debt at 173% of current GDP, others find it at as much as 230% of GDP, but all the analysis is heavily in one direction only.) Beijing reports its GDP each January while the U.S. and EU report theirs at the end of June, leading Wall Street and Fleet Street to consider Beijing's GDP to be overstated annually by upwards of 20%.

Nomura Securities a few months ago, noting the beginning of the property bubble bursting, sees the country beginning to fall into a recession, meaning five consecutive quarters of growth at no better than 5%. A growth rate many Western economies would kill for is In fact killing the economy, social stability and political order of the CCP-PRC.

Indeed, the world now knows that it is the property bubble which is currently bursting that will precipitate the cascading of all the other bubbles bursting.

No bubble ever ends well.

Here's how the Financial Times puts it:

April 27, 2014

China’s crisis is coming – the only question is how big it will be

A financial crisis in China has become inevitable. If it happens soon, its effects can be contained. But, if policy makers use further doses of stimulus to postpone the day of reckoning, a severe collapse will become unavoidable within a few years.

The country is in the middle of by far the largest monetary expansion in history. On one widely used measure, M2, its money supply has tripled in the past six years, an expansion four times as large as that of the US over the same period.

China’s crisis is coming – the only question is how big it will be - FT.com

I reiterate that the Thai financial and banking elites are not oblivious. The fact is they are playing power games that target the West. The Thai oligarchs are not risking their money, their investments, or their country.

[Publicus]

There is also the deal that China has just done with Russia to use their own currencies for reciprocal trade.

Reported that China is using its $ reserves to buy up gold.

Once the BRICS group gets their bank up and running using their own currencies they will be a powerful alliance and there will be no reason why they cant trade among themselves in their own currencies or one agreed currency outside the dollar.

China has bought up a huge amount of gold and apparently almost have enough to use it to back their currency. Imagine that, a currency backed by real gold. Not much risk there, unlike the worthless $USD. They only problem with this is that the USA will start a world war. It's already meddling all over the world. Why does USA care more then EU about Ukraine. USA should butt out.

Fool's gold spoken in the common currency of fools.

The authoritative and definitive World Gold Council keeps close track of the movement of gold globally.

The Boyz in Beijing were the world's largest purchaser of gold in 2013 yet gold still accounts for only 1.1% of the CCP's $3.5 trillion of foreign reserves. The U.S. has only $574 million of foreign reserves, 74% of the meager sum in gold, because the USD is and will remain the principal global currency.

The Thailand Central Bank holds 157 tons of gold reserves at $1500 per ounce,

Of the total 31,890 tons in gold holdings of governments throughout the world, the CCP-PRC has only 1,054 tons of it. Even Italy has much greater gold holdings than does the CCP's personal banker, the Bank of China.

The United States Treasury holds 8,133 tons in reserve gold, or roughly 25% of all gold held by all governments. This is more than double the number two government in gold holdings, Germany which owns 3,387 tons.

While the U.S. has decreased its gold holdings since Prez Nixon intelligently took the country off the industrial economy-based gold standard, the overall percentage of its gold holdings relative to other governments has remained between 20% to 25%, Ron or Rand Paul notwithstanding.

The New York Federal Reserve Bank holds most of the gold owned by 60 sovereign governments globally, to include the Bundsesbank, the Bank of England, Banque de France, the Bank of Italy and many more.

At the legally determined rate of $1700 per Troy ounce, the New York Fed is custodian of 6,700 tons of gold owned by foreign governments, or a staggering $368.5 billion. (Remember Bruce Willis and Jeremy Irons in Die Hard With A Vengeance?) The gold is stored in bedrock 80 feet below the Fed building's surface.

Germany last year reduced its gold stored at the NY Fed by 300 metric tons. Japan sold Yen 20 trillion in gold to shore up its economy with cash after the Tsunami and Fukeshima catastrophies sent investors scurrying.

The Boyz in Beijing btw require all individuals and businesses / corporations that earn U.S. dollars to sell them to the CCP's personal bank, the Bank of China in return for RMB. The law is strictly enforced. Very strictly.

http://www.businessinsider.com/countries-with-largest-gold-reserves-2014-2?op=1

Edited July 28, 2014 by Publicus

[iphad]

There is also the deal that China has just done with Russia to use their own currencies for reciprocal trade.

Reported that China is using its $ reserves to buy up gold.

Once the BRICS group gets their bank up and running using their own currencies they will be a powerful alliance and there will be no reason why they cant trade among themselves in their own currencies or one agreed currency outside the dollar.

China has bought up a huge amount of gold and apparently almost have enough to use it to back their currency. Imagine that, a currency backed by real gold. Not much risk there, unlike the worthless $USD. They only problem with this is that the USA will start a world war. It's already meddling all over the world. Why does USA care more then EU about Ukraine. USA should butt out.

Fool's gold spoken in the common currency of fools.

The authoritative and definitive World Gold Council keeps close track of the movement of gold globally.

The Boyz in Beijing were the world's largest purchaser of gold in 2013 yet gold still accounts for only 1.1% of the CCP's $3.5 trillion of foreign reserves. The U.S. has only $574 million of foreign reserves, 74% of the meager sum in gold, because the USD is and will remain the principal global currency.

The Thailand Central Bank holds 157 tons of gold reserves at $1500 per ounce,

Of the total 31,890 tons in gold holdings of governments throughout the world, the CCP-PRC has only 1,054 tons of it. Even Italy has much greater gold holdings than does the CCP's personal banker, the Bank of China.

The United States Treasury holds 8,133 tons in reserve gold, or roughly 25% of all gold held by all governments. This is more than double the number two government in gold holdings, Germany which owns 3,387 tons.

While the U.S. has decreased its gold holdings since Prez Nixon intelligently took the country off the industrial economy-based gold standard, the overall percentage of its gold holdings relative to other governments has remained between 20% to 25%, Ron or Rand Paul notwithstanding.

The New York Federal Reserve Bank holds most of the gold owned by 60 sovereign governments globally, to include the Bundsesbank, the Bank of England, Banque de France, the Bank of Italy and many more.

At the legally determined rate of $1700 per Troy ounce, the New York Fed is custodian of 6,700 tons of gold owned by foreign governments, or a staggering $368.5 billion. (Remember Bruce Willis and Jeremy Irons in Die Hard With A Vengeance?) The gold is stored in bedrock 80 feet below the Fed building's surface.

Germany last year reduced its gold stored at the NY Fed by 300 metric tons. Japan sold Yen 20 trillion in gold to shore up its economy with cash after the Tsunami and Fukeshima catastrophies sent investors scurrying.

The Boyz in Beijing btw require all individuals and businesses / corporations that earn U.S. dollars to sell them to the CCP's personal bank, the Bank of China in return for RMB. The law is strictly enforced. Very strictly.

http://www.businessinsider.com/countries-with-largest-gold-reserves-2014-2?op=1

I liked your argument you presented a good case.

The 2 biggest lies in the world gold community...is that China has only 1000 tons of gold...and the US has gold.

China has at least 20,000-25,000 tons of gold..& the US has very little.

The US won't audit or show anyone their gold..meaning it's probably not there & China is keeping it quiet what they have.

The US is reduced to stealing gold like from the Ukraine & from Libya .

Saudi Arabia can't get their gold out of London & Switzerland..same with Austria.

The Anglo-American Empire is built on paper.

Germany wanted to repatriate their 300 tons in the US & they could only get 37 tons.

Russia has over 20,000 tons not from recently..they have always had it.

So BRICS will be gold/oil based & although China & Russia aren't ready yet...it's in the works.Look also for Iran,Iraq,Saudi Arabia,Turkey,Japan involved.

You can't sanction & isolate Russia when it's joined to the hip with China.

The London,Paris & Frankfurt bankers desire the Yuan bond trade so the western countries siding with the US are on a suicide watch.

I expect Russia to tell European countries that they can pay for oil/gas in roubles or yuan not USD.

Thailand can see that dealing with China with a Yuan-Baht swap will be beneficial otherwise they wouldn't have said anything at this time.

[Publicus]

There is also the deal that China has just done with Russia to use their own currencies for reciprocal trade.

Reported that China is using its $ reserves to buy up gold.

Once the BRICS group gets their bank up and running using their own currencies they will be a powerful alliance and there will be no reason why they cant trade among themselves in their own currencies or one agreed currency outside the dollar.

China has bought up a huge amount of gold and apparently almost have enough to use it to back their currency. Imagine that, a currency backed by real gold. Not much risk there, unlike the worthless $USD. They only problem with this is that the USA will start a world war. It's already meddling all over the world. Why does USA care more then EU about Ukraine. USA should butt out.

Fool's gold spoken in the common currency of fools.

The authoritative and definitive World Gold Council keeps close track of the movement of gold globally.

The Boyz in Beijing were the world's largest purchaser of gold in 2013 yet gold still accounts for only 1.1% of the CCP's $3.5 trillion of foreign reserves. The U.S. has only $574 million of foreign reserves, 74% of the meager sum in gold, because the USD is and will remain the principal global currency.

The Thailand Central Bank holds 157 tons of gold reserves at $1500 per ounce,

Of the total 31,890 tons in gold holdings of governments throughout the world, the CCP-PRC has only 1,054 tons of it. Even Italy has much greater gold holdings than does the CCP's personal banker, the Bank of China.

The United States Treasury holds 8,133 tons in reserve gold, or roughly 25% of all gold held by all governments. This is more than double the number two government in gold holdings, Germany which owns 3,387 tons.

While the U.S. has decreased its gold holdings since Prez Nixon intelligently took the country off the industrial economy-based gold standard, the overall percentage of its gold holdings relative to other governments has remained between 20% to 25%, Ron or Rand Paul notwithstanding.

The New York Federal Reserve Bank holds most of the gold owned by 60 sovereign governments globally, to include the Bundsesbank, the Bank of England, Banque de France, the Bank of Italy and many more.

At the legally determined rate of $1700 per Troy ounce, the New York Fed is custodian of 6,700 tons of gold owned by foreign governments, or a staggering $368.5 billion. (Remember Bruce Willis and Jeremy Irons in Die Hard With A Vengeance?) The gold is stored in bedrock 80 feet below the Fed building's surface.

Germany last year reduced its gold stored at the NY Fed by 300 metric tons. Japan sold Yen 20 trillion in gold to shore up its economy with cash after the Tsunami and Fukeshima catastrophies sent investors scurrying.

The Boyz in Beijing btw require all individuals and businesses / corporations that earn U.S. dollars to sell them to the CCP's personal bank, the Bank of China in return for RMB. The law is strictly enforced. Very strictly.

http://www.businessinsider.com/countries-with-largest-gold-reserves-2014-2?op=1

I liked your argument you presented a good case.

The 2 biggest lies in the world gold community...is that China has only 1000 tons of gold...and the US has gold.

China has at least 20,000-25,000 tons of gold..& the US has very little.

The US won't audit or show anyone their gold..meaning it's probably not there & China is keeping it quiet what they have.

The US is reduced to stealing gold like from the Ukraine & from Libya .

Saudi Arabia can't get their gold out of London & Switzerland..same with Austria.

The Anglo-American Empire is built on paper.

Germany wanted to repatriate their 300 tons in the US & they could only get 37 tons.

Russia has over 20,000 tons not from recently..they have always had it.

So BRICS will be gold/oil based & although China & Russia aren't ready yet...it's in the works.Look also for Iran,Iraq,Saudi Arabia,Turkey,Japan involved.

You can't sanction & isolate Russia when it's joined to the hip with China.

The London,Paris & Frankfurt bankers desire the Yuan bond trade so the western countries siding with the US are on a suicide watch.

I expect Russia to tell European countries that they can pay for oil/gas in roubles or yuan not USD.

Thailand can see that dealing with China with a Yuan-Baht swap will be beneficial otherwise they wouldn't have said anything at this time.

The United States has never stated or disclosed the weight or the value of its sovereign holdings of gold. Not at any time or for any reason. The policy is strictly one of confidentiality. For one thing, it's a matter of national security from economics and finance to military factors.

Access even to view the U.S. holdings of gold is strictly denied. If I recall correctly, since 1945 only once were a couple of congressmen and one reporter shown a tiny part of it at Fort Knox in the hills and valleys of Kentucky, where an entire Army division of Infantry and one of armor are with the U.S. Government's sovereign holdings of gold.

You acknowledge Germany has a part of its sovereign holdings of gold at the New York Federal Reserve. Two years ago (actually) Germany announced plans to withdraw 300 metric tons from the NY Fed but has to date withdrawn only a small part of it, yes. And it's not because there's no gold at the NY Fed.

Seek professional help..

Whether in Thailand or elsewhere.

But do it now.

Edited July 28, 2014 by Publicus

[farang000999]

Looks like the amateur Youtube Economists are out in full force with their completely clueless economic theories.

Here is a clue: The suggestion is for businesses dealing with China to use Yuan instead of using USD.

Also, the US government would welcome a revaluation of the Yuan upward. The Chinese have been keeping it artificially low.

But keep up the hilarious conspiracy theories you heard about on Russia Today. Gold is going to skyrocket. Hyperinflation! Dehydrated Food! GMO Food!

[Gumballl]

Coincidentally on July 17 as Putin was flying back to Russia from Brazil, Malaysian Airlines Flight 17 was shot down by a missile & immediately Putin/Russia was blamed by the US State Department & continued by the western media.

...

The writing is on the wall.

What a moronic statement! It obvious to pretty much anybody with a brain the the airline was shot down using a surface to air missile. Whether or not Russia or the Ukrainian separatists pulled the "trigger" on the missile is still being debated, however it is a fact that this missile was manufactured by Russia.

Space-based infrared satellites have shown that the missile was launched from separatist-held territory in the Ukraine, and intercepted radio communiques between leaders of the separatist movement (or Russian officials?) have indicated that they erred in firing the missile. Nobody was saying the airliner was downed intentionally.

So is Russia to blame? YES... they are complicit with the crime of murdering 295 people. If you want to spend your days debating whether this voluntary or involuntary manslaughter, you go ahead.

[BSJ]

Every biz I deal with wants payment in US$. Not once have I been asked to pay in yuan. But I am sending money from Australia to China, not Thailand to China.

If there is an advantage to me I would happily pay in Yuan!

[iphad]

@Publicus

"Seek professional help..

Whether in Thailand or elsewhere.

But do it now."

Interesting that if I have a different opinion from you I should seek professional help...and do it now......this technique is usually applied when someone doesn't have a good rebuttal.

Ron Paul asked for a gold audit back in 2011..so maybe he needs professional help too.

Germany did ask for their gold back..because they didn't trust the US Treasury but they only received a small portion back...& a promise to receive the rest in small portions over the next 7 years I believe.

So if the US has all this gold then I would presume it would be easy for Germany to repatriate all it's gold back but this request was denied...That's how the US treats it's allies.

But in the end..none of us know for a fact..you either believe or not.

Your opinion saying the gold is there or me saying it's not there...are just that..opinions.

As with the OP that "Bank of Thailand (BoT) urges businesses to trade in yuan with China" my opinion was (as I don't really know as I am not in Thai government inner circles)..that' Thailand recognizes the future of trading in Yuan/Baht & I believe it will be beneficial for Thailand.

You can disagree...& I won't be suggesting you need professional help.

[farang000999]

Ron Paul is a senile fool.

[Publicus]

@Publicus

"Seek professional help..

Whether in Thailand or elsewhere.

But do it now."

Interesting that if I have a different opinion from you I should seek professional help...and do it now......this technique is usually applied when someone doesn't have a good rebuttal.

Ron Paul asked for a gold audit back in 2011..so maybe he needs professional help too.

Germany did ask for their gold back..because they didn't trust the US Treasury but they only received a small portion back...& a promise to receive the rest in small portions over the next 7 years I believe.

So if the US has all this gold then I would presume it would be easy for Germany to repatriate all it's gold back but this request was denied...That's how the US treats it's allies.

But in the end..none of us know for a fact..you either believe or not.

Your opinion saying the gold is there or me saying it's not there...are just that..opinions.

As with the OP that "Bank of Thailand (BoT) urges businesses to trade in yuan with China" my opinion was (as I don't really know as I am not in Thai government inner circles)..that' Thailand recognizes the future of trading in Yuan/Baht & I believe it will be beneficial for Thailand.

You can disagree...& I won't be suggesting you need professional help.

Your post above is more of a Ron Paul kind of marginal statement which makes it much better thanks than the Plan 9 From Outer Space post you'd made immediately before it, your post #8164732 in the TVF posting record at your profile.

Had you and I happened to be sitting in a pub and you made those statements to me in your Plan 9 post I'd have immediately moved away from you and long ago.

Yes, the eccentric Ron Paul during the lead up to the 2012 campaign for president called for a gold audit of the New York Fed holdings of U.S. gold and he got it. As reported by the Los Angeles Times:

Audit of Fed's gold finds it's safe, more pure than expected

The audit's results are in: The New York Fed's operations and controls are up to snuff, and the U.S. gold on deposit is a bit finer than Treasury records had indicated.

Still, the audit probably will not lay to rest questions over whether the New York Fed has secretly lent the gold or otherwise encumbered it in a swap transaction with another government or bank.

"There's no way to prove there's not a secret agreement," said Ted Truman, a former assistant Treasury secretary and top Fed official.

http://articles.latimes.com/2013/feb/19/business/la-fi-0219-gold-audit-20130219

Yes, as Dr Truman notes, there's no way the U.S. government can prove it hasn't entered illegal secret agreements involving its gold holdings or swapped the holdings at Fort Knox for gold-painted bars, or used shadowy government transactions to reduce the amount of gold it holds.

The German parliamentarian and equivalent of Ron Paul, Philipp Mißfelder is leading an unsuccessful campaign in Germany to repatriate its gold from storage at the NY Fed, the Banque de France, the Bank of England. The Bundesbank is advising Mr Mifsfelder to ease up on his government travels to New York, Paris, London. The Bundesbank is advising Mr Mifsfelder he hasn't any authority to view or handle the German gold held in those desirable destinations.

Still, the audit won't end conspiracy theories that involve the government's gold held by the Fed, Dr Truman said from his Washington office at the Peterson Institute for International Economics..

The calls for audits are saying, 'We don't trust the government for the last 200 years,'" said Truman. He called perennial questions about the country's gold reserves "the gold bug equivalent of the birther movement."

If anyone said either of those gold bug or birther things in Thailand about Thailand you'd get more than a letter of dissuasion from the central bank or an actual audit. You'd get up to 15 years of free lodging at a remote walled property in the tropics.

And you'd need to document in some credible way your wild claim the CCP's personal banker, the Bank of China, has upwards of 25,000 tons of gold reserves of the 31,000 tons of gold reserves held by all governments. And then square that with the fact the U.S. government currently holds 23% of all government held gold reserves globally.

Thailand btw has 157 tons of gold in its forex reserve.

Not enough for you far out guys to play with eh?

Edited July 29, 2014 by Publicus

[iphad]

@Publicus

"Seek professional help..

Whether in Thailand or elsewhere.

But do it now."

Interesting that if I have a different opinion from you I should seek professional help...and do it now......this technique is usually applied when someone doesn't have a good rebuttal.

Ron Paul asked for a gold audit back in 2011..so maybe he needs professional help too.

Germany did ask for their gold back..because they didn't trust the US Treasury but they only received a small portion back...& a promise to receive the rest in small portions over the next 7 years I believe.

So if the US has all this gold then I would presume it would be easy for Germany to repatriate all it's gold back but this request was denied...That's how the US treats it's allies.

But in the end..none of us know for a fact..you either believe or not.

Your opinion saying the gold is there or me saying it's not there...are just that..opinions.

As with the OP that "Bank of Thailand (BoT) urges businesses to trade in yuan with China" my opinion was (as I don't really know as I am not in Thai government inner circles)..that' Thailand recognizes the future of trading in Yuan/Baht & I believe it will be beneficial for Thailand.

You can disagree...& I won't be suggesting you need professional help.

Your post above is more of a Ron Paul kind of marginal statement which makes it much better thanks than the Plan 9 From Outer Space post you'd made immediately before it, your post #8164732 in the TVF posting record at your profile.

Had you and I happened to be sitting in a pub and you made those statements to me in your Plan 9 post I'd have immediately moved away from you and long ago.

Yes, the eccentric Ron Paul during the lead up to the 2012 campaign for president called for a gold audit of the New York Fed holdings of U.S. gold and he got it. As reported by the Los Angeles Times:

Audit of Fed's gold finds it's safe, more pure than expected

The audit's results are in: The New York Fed's operations and controls are up to snuff, and the U.S. gold on deposit is a bit finer than Treasury records had indicated.

Still, the audit probably will not lay to rest questions over whether the New York Fed has secretly lent the gold or otherwise encumbered it in a swap transaction with another government or bank.

"There's no way to prove there's not a secret agreement," said Ted Truman, a former assistant Treasury secretary and top Fed official.

http://articles.latimes.com/2013/feb/19/business/la-fi-0219-gold-audit-20130219

Yes, as Dr Truman notes, there's no way the U.S. government can prove it hasn't entered illegal secret agreements involving its gold holdings or swapped the holdings at Fort Knox for gold-painted bars, or used shadowy government transactions to reduce the amount of gold it holds.

The German parliamentarian and equivalent of Ron Paul, Philipp Mißfelder is leading an unsuccessful campaign in Germany to repatriate its gold from storage at the NY Fed, the Banque de France, the Bank of England. The Bundesbank is advising Mr Mifsfelder to ease up on his government travels to New York, Paris, London. The Bundesbank is advising Mr Mifsfelder he hasn't any authority to view or handle the German gold held in those desirable destinations.

Still, the audit won't end conspiracy theories that involve the government's gold held by the Fed, Dr Truman said from his Washington office at the Peterson Institute for International Economics..

The calls for audits are saying, 'We don't trust the government for the last 200 years,'" said Truman. He called perennial questions about the country's gold reserves "the gold bug equivalent of the birther movement."

If anyone said either of those gold bug or birther things in Thailand about Thailand you'd get more than a letter of dissuasion from the central bank or an actual audit. You'd get up to 15 years of free lodging at a remote walled property in the tropics.

And you'd need to document in some credible way your wild claim the CCP's personal banker, the Bank of China, has upwards of 25,000 tons of gold reserves of the 31,000 tons of gold reserves held by all governments. And then square that with the fact the U.S. government currently holds 23% of all government held gold reserves globally.

Thailand btw has 157 tons of gold in its forex reserve.

Not enough for you far out guys to play with eh?

Actually I don't know how much gold is in the world...it's been mined for 10 or so thousand years...but quickly doing a google search I came across a BBC article from april 2013 that stated :

"A figure that is widely used by investors comes from Thomson Reuters GFMS, which produces an annual gold survey.

Their latest figure for all the gold in the world is 171,300 tonnes" http://www.bbc.com/news/magazine-21969100

But the point is China working towards backing the Yuan with gold...probably not all the total Yuan but as in a gold backed credit when business's are exchanging goods between countries & different currencies...avoiding the US dollar altogether.

The US dollar used to be backed by gold..but during the Nixon era that switched to the "petro dollar"...& evidently to pay for social reforms & the Vietnam War many countries exchanged their dollars for gold until Kissenger orchestrated the deal with the Saudi's to back oil sales in US dollars.

Then in 1999 the US Fed leased gold from China known as "Mao Gold"..strange the US would lease gold from China if the US had so much.

But the Chinese aren't stupid..they asked for collateral...& when Wall Street or the Fed..take your pick..they are controlled by the same...reneged on the leased gold..as they always do....they had to pay back.

One ie. that is suggested of the payback to China was the sale of JPMorgan's 1 Chase Manhattan Plaza building for $725 million where the real value of the building is close to $2 billion last October.

Obviously JPMorgan owed the Chinese something..It's a nice building..60 stories high...deep vault..and supposed to have a tunnel to the US Fed across the street. http://www.bloomberg.com/news/2013-10-18/jpmorgan-selling-chase-manhattan-plaza-in-nyc-to-china-s-fosun.html

Also starting in 2003 the Banks starting selling derivatives on gold...so Wall Street,Fed & US government have been manipulating the gold market to keep the price low..selling "shorts" on gold.

The Chinese have been trading their worthless US treasury bonds paper for real gold..while many investors have been buying "digital" gold...meaning they will never get real gold..just paper dollars for it.

So most Americans think their government is honest..they believe the lies...meanwhile China is buying up the US piece by piece..not just the US..I believe most if not all the port facilities in Australia are owned by the Chinese.

China doesn't brag how much gold they have..they keep buying it at the low price through all secret sources they can get...London has been drained too.

When I first saw the OP that BOT was urging Thai business's to trade for Yuan..I did think..great..Thailand can't be bought by the corrupt US government..they want trade not war.

Thailand can see the future is with China.....& many other countries have begun or in the process of avoiding the USD.

Thxs for letting me know that Thailand has 157 tons of gold..I didn't know.

It's great to know Thailand has 157 more tons of gold than the US

Edited July 29, 2014 by iphad