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China Wants to Revalue Gold and Silver – Bill Holter
By Greg Hunter’s USAWatchdog.com
Financial writer and precious metals expert Bill Holter (aka Mr. Gold) has contended for years paper contracts for gold and silver at COMEX and the LBMA, along with ETF (Exchange Traded Funds) precious metal funds GLD and XLV, created false demand to keep the price for both metals suppressed. On July 24, China is going to try to change that false paper demand into real physical demand for precious metals. China is going to stop all paper contracts for the metals. Is China wanting the price of gold and silver to go higher? Mr. Gold says, “Basically, yes. . .. China made an announcement, and I think there are four or five banks that have contacted customers to tell them the paper market is basically going to cease to exist in China on July 24. What they are trying to do is change the Chinese market into a 100% physical market. . .. China wants the paper markets of the West to basically close. They want real physical cash and carry pricing. . .. The reset that is coming is power is going to shift from West to East. Power is going to shift from fiat money to hard money. The old saying of ‘he who has the gold makes the rules’ is exactly what is in play here.”
Holter estimates China has around 40,000 tons of gold. America officially has 8,300 tons of the yellow metal. Mr. Gold explains, “With this thing in China and them cutting the paper markets off, it is going to do the opposite the ETFs did in the West. Now, you are going to have people who want to buy gold, or thought they owned gold through the paper contracts, they are going to buy the physical metal. This is going to turn that paper demand . . . into physical demand. The physical demand is the bottom line. That is what will break the paper shorts.”
What will be happening to the price of gold and silver? Mr. Gold says, “I think they will be going higher . . . Look at the open interest on gold and silver, they have collapsed. Many of the players and traders have just left. . .. It shows a lack of interest or desire to play that game because more and more people understand that it is a f**e paper game. . .. I can say with certainty we will have a derivatives meltdown. Without credit, the real economy does not run. You can’t get a loaf of bread to the store without credit. Once credit stops, we will have a derivative meltdown. . .. without credit, the real economy does not run. . .. You are going to have a domino type of effect. You are going to have a problem getting food. You are going to have a problem getting gas. You are going to have a problem dialing 911. You are going to have to be prepared to go on your own for two weeks, two months or 6 months. This will be a world-wide event. This is not only US centric. . .. The dollar is the world reserve currency. If you collapse the dollar, what does that do to other central banks? You have to make a plan.”
Join Greg Hunter of USAWatchdog as he goes one-on-one with financial writer and precious metals expert Bill Holter/Mr. Gold as China stops paper trading of gold and silver for 7.7.26.
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