People’s Bank of China will take down global gold price manipulation

There is reportedly less than 180,000 tonnes of gold reserves left,
and only 20% of that remaining gold is tradable. This means that
the People’s Bank of China will likely keep hold of the gold,
limiting the gold trading volume — a concern for both the US
government and Wall Street traders.

Leung said that the US Federal Reserve loans gold to investment banks
such as Goldman Sachs, Citibank, JPMorgan Chase, Morgan Stanley and
others every year to trade in the market. The amount of gold ranges
between 400-500 tonnes and the move acts to artificially suppress gold
prices. When the prices are in their favor, these investment banks buy
back the gold and return it to the Fed.

But this measure is absolutely useless because China’s is hoarding the
gold and does not follow the rules, Leung said. When it sees that gold
prices are going down, the first thing it does is buy them, and does
not sell when prices continue to fall. It seems that Wall Street cannot
do anything to counter China on this, according to Leung.

[link to www.thechinamoneyreport.com]