Today a legend who was recently asked by the Chinese government to give a speech to government officials in China spoke with King World News about the end of the gold bear market as well as shocking facts about China and Russia. John Ing, who has been in the business for 43 years, also spoke about the action we are seeing in the gold market and what to expect going forward.
Eric King: “You had been asked to give a speech to Chinese government officials not too long ago. You noted that the Russians listened very intently at that conference as a Chinese leader spoke about plans to back the yuan with gold. Since that time, John, the Russians have really been stockpiling gold, along with the Chinese.”
Ing: “Russia has become a pariah in the West but they were very much welcome in the last APEC (Asia-Pacific Economic Cooperation) Meeting, hosted by Chinese President, Xi….
Continue reading the John Ing interview below…
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“We saw China sign a deal with Russia that was for oil to be paid in renminbi. We also saw an agreement on railways. In northern China there are a number of connections to the Russian Trans-Siberian Railways. So this will further develop the rail system between Russia and China.
But the other thing that is worth noting, and I don’t know why more people aren’t talking about this, is the extra vaulting facilities on the Shanghai Gold Exchange. There were deliveries of a staggering 47 tons of gold in just one week. This is an awesome amount of gold that was taken by the Chinese in a very short period of time. Over time, as the statistics are released, we will realize that the gold we are selling in the West is going to the East. But the strengthening of ties between Russia and China is all part of China’s long-term plans to unseat the dollar as the world’s reserve currency, and gold will play a big part in that.”
Ing added: “The dollar is about to join the stealth currency war that the world is experiencing. Everyone’s currency has recently been falling against the dollar. I expect that trend to reverse. Also, we will be hearing more about the upcoming bail-in provisions. These are very different policies than what we saw in the Great Depression in the 1930s. Despite this, gold has struggled a bit, but today we see gold back above the $1,180 level. If it takes out that area convincingly, the next major resistance will be $1,275, and gold will be flying once people are convinced that the bearish trend has reversed.”
UPDATE – KWN will be releasing many more interviews today, including another one with David Stockman.
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