Today a legend who is connected in China at the highest levels told King World News that Basel III is fueling massive central bank gold buying.

Russia & China Buy As Gold Market Raids Continue
April 24 (King World News) – John Ing:  “Gold is hitting some important technical levels after being hit in the last ten days by two dumps of 11,000 contracts on the downside.  That has taken the steam out of a rally that I believe was going to test that $1,325 level…

Mag Silver Co-Founder says this company may have just found the
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Insiders Buying
Meanwhile, Russia and China have been buying gold.  In fact, China has been buying gold four months in a row.  So there has been this continued physical offtake, and this decline in the price of gold has nothing to do with fundamentals.  
And you see the continued merger and acquisition activity in the gold mining sector, which included Newmont and Barrick making peace by setting up a joint venture in Nevada.  So when you see central bank buying — they are the biggest insiders — and then you see the gold industry themselves buying each other, that’s telling me that prices today are very attractive.

Large Investors Also Buying
And, Eric, when I talk to large investors, they have not been selling.  In fact, they have been buying on these pullbacks in the high-quality names in the mining sector.  Rob McEwen has been talking about how attractive the valuations are in the mining sector right now, so that tells you how undervalued the space is at this time.”

Eric King:  “What about all of this central bank buying of gold that you mentioned?”

John Ing:  “China is the largest producer of gold in the world and yet they keep importing gold.  On top of that the world is facing peak gold production, where production will be declining dramatically for many years to come.  And countries are watching the dollar constantly being debased, which is why China, Russia, and many other countries continue to buy gold…

To listen to 
billionaire Eric Sprott discuss his prediction for skyrocketing silver
as well as his top silver pick

King World News -

Russia has dumped US Treasuries and they have now become the 5th largest holder of gold in the world.  China is following suit, becoming the 6th largest holder of gold in the world.  This is after four consecutive months of buying.  Every month China seems to be buying significant quantities of gold in London.  And we know that the Shanghai Gold Exchange is the largest physical gold market in the world.  So China is well on its way to rivaling the United States with its 8,000 tonnes of gold.

Basel III Fueling Massive Central Bank Gold Purchases
And of course with Basel III, which was just enacted, gold can now be margined at 100%.  This will serve to continue to drive physical demand for gold by central banks.  This central bank buying is not only very real, it’s very aggressive.  It’s the highest pace of buying in 50 years, since the US essentially went off the gold standard.”

Also of importance…

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***KWN has now released Gerald Celente’s KWN audio interview discussing what will surprise investors in the back half of 2019 CLICK HERE OR ON THE IMAGE BELOW.

***Also just released: WARNING: Global Slowdown Picking Up Steam CLICK HERE TO READ.

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