Chinese Default on Gold Silver COMEX Positions Worries Foreign Banks

Chinese Defaults Worry Foreign Banks

From Bob Chapman 's The International Forecaster Weekly Newsletter:

China has opened up gold to its public to allow them to protect their wealth, America discourages public investment in gold, China may back out of derivative contracts, traps and uncertainty remain for any actions, Turn your ETF into physical now,

In 2009, China opened up various exchanges for investment in both gold and silver to the Chinese public, who previously were not allowed to invest in gold and silver. The opening of silver exchanges to the Chinese public is the most recent development and was accompanied by a ban on silver exports. The Chinese government is actively touting both gold and silver as an investment to the Chinese public, and with good reason. The yuan, like the dollar and virtually all other paper currencies, with the exception of the euro, are one hundred percent fiat currencies backed by absolutely nothing but government promises which aren't worth the powder to blow them to hell. Even the euro's gold backing is pathetic at best. Initially it was a respectable 15%, but the backing is probably now about half of that due to Washington Agreement gold sales and surreptitious gold leasing.

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