Today a legend in the business spoke with King World News about chaos in the Middle East and what the Chinese renminbi being included in the IMF’s SDR basket of currencies will mean going forward.

John Ing:  “Eric, geopolitical fires are burning again.  The Russians have acted decisively in Syria and aligned themselves with Iran.  On the other side you have Saudi Arabia and it seems like the Americans, who thought they were in control, have been frozen out because of the numerous red lines that have been crossed…


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John Ing continues:  “Then we have China, which has not weighed in on the conflict in the Middle East.  Despite problems in their own backyard, China continues to be a massive buyer of gold.  And we have China, Russia and Saudi Arabia selling down their dollar hoards.

King World News - Chaos In The Middle East, The IMF, China And Gold

But as I said, the Chinese have been buying enormous amounts of physical gold.  We saw imports of gold into Hong Kong hit a 19 month high, and central bank purchases have increased 60 percent since 2009.  The Chinese are importing roughly 100 tonnes each month into China and we’ve also seen huge drawdowns on the Shanghai Gold Exchange.  So the ongoing paper manipulation in the gold market has become a joke.

Eric King:  “John, the IMF just included the Chinese yuan as a reserve currency.  How will this impact China?”

John Ing:  “It was widely expected to happen when the Americans dropped their opposition after Mr. Xi visited Washington.  The 10.92 percent weighting is actually larger than the Japanese yen and the British pound.  So that is significant.  When you look at China and the U.S., that represents roughly 40 percent of the world’s GDP.

This is all part of the Chinese plan to internationalize the renminbi.  This is a positive development for China and a positive development for the West from a trading standpoint.  The net effect is that we will see even wider use of the renminbi in international transactions.

As I mentioned earlier, the Chinese continue every month to buy large quantities of physical gold.  China has now become officially the 5th largest holder of gold in the world.  The Chinese plan to make gold a significant part of their monetary portfolio and so I expect to see the massive demand for gold coming from China to continue well into the future.”

***To listen to the powerful interview with Egon von Greyerz, the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events CLICK HERE OR ON THE IMAGE BELOW.

KWN Greyerz mp3 11:29:2015***To listen to one of the greatest interviews ever with Dr. Paul Craig Roberts CLICK HERE OR ON THE IMAGE BELOW.

***ALSO JUST RELEASED:  What Has Western Central Banks And Governments Scared To Death? CLICK HERE.

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