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IAMGOLD Corp. Message Board

  • truong_lee604 truong_lee604 Oct 17, 2013 2:33 PM Flag

    china buying golds

    new reserve currency coming in a couple of year. gold is not dead. china is 1 smart nation. they know they need 8k tons of gold to play with the world. They will buy it or maybe buy out miners.
    anyway I see 1500 gold possible. it could go higher but at 1500 golds, IAG will be worth 8 bucks at least.

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    • They can't get away from the dollar too fast or it will hurt their economy.

    • China buying chase building in ny for 725 million. Got to get rid of those soon to be worthless dollars for real hard assets.

    • Nobody can say when the "reserve currency" will appear but it seems obvious that it will happen. As someone else said on this board, the dollar is basically backed by the US military complex. I would submit that the more "little wars" the US looses (i.e., Iraq, Afghanistan, Syria(?)) the weaker the dollar becomes. Once it becomes more obvious that US military strategies are no longer effective, that the US can not protect all of it's "assets", then you will see the dollar weaken as well. It only makes sense that an up-and-coming power will replace the US ant that power will be China. They have the resources, they have the wealth and they are procuring the military means to step into the breach left by a faltering US. China will have seen what can happen when you print a currency with no "substantial" backing and will offer that old standby, gold, as their fiscal backstop. I therefore agree with Truong that China will need a lot of gold to do this but then again, they have a lot of devalued dollars to get rid of before they make their move.

      What I don't understand is why the US financial complex is trying to hold down the price of gold? One would think their efforts to jawbone it down (i.e. Goldman et al) would make it easier for China to purchase it. The conspiracy theorist in me says maybe the US and China are working together to pull this off? The US gets bailed out of it's massive debt and China takes it's turn as world financial power?

      • 1 Reply to zippopat
      • U.S. financial complex doesn’t try to hold gold price down. The latter plays little role in modern finances (it doesn’t mean that modern finances are good). Also, chances on gold standard restoration are getting slimmer with every year passed. Modern political system makes politicians incapable of making strong and responsible moves and gold standard would be one of them.

        China is not an exception, by the way. It is happy with making goods and selling it to U.S. for paper dollars. Please note, “China” is not one man with word “china” written on forehead that makes all decisions. It’s lot of people behind “china” word and many of them (guys with influence and money) get lot of benefits and great life based on present state. In other words, one may say that U.S. and China do work together; it is an inevitable result of working together for long time already.

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