Peter Schiff: China Attempting To ‘Back Their Currency By Gold’

Reason magazine recently interviewed well-known economist, financial broker/dealer, and author Peter Schiff. The chief global strategist/CEO of Euro Pacific Capital discussed gold (as it relates to China) with ReasonTV viewers right before last weekend. Schiff claimed China is attempting to back its currency with the precious metal. From the exchange:

I do think that, quietly, they have been increasing their ownership of gold. We don’t really know how much gold they have. But I think it’s significant. They haven’t reported their numbers in years. I think it’s because they don’t want the sellers of gold to know how much their buying, because they obviously want to buy it as cheaply as they can. But I think they’re doing this for a reason. I do believe that they do want to untether their currency from the dollar. But they don’t want it to just be backed by nothing. So rather than have it be backed by dollars- which really is tantamount to backed by nothing because the dollar’s backed by nothing- but to back their currency by gold. And at one point, all paper currencies were backed by gold, right? And if the Chinese were to back the RMB by gold, they would have the only gold backed currency on the planet, and it would probably be the most desirable and the strongest currency, and will replace the dollar as a world reserve currency were they to accomplish this.


“Is China Moving Toward a Gold Standard? Peter Schiff on the Chinese Market Crash”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Ironically, The Wall Street Journal reported this morning that Chinese gold holdings now amount to 53.32 million troy ounces, behind the U.S., Germany, Italy, and France (in that order); I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

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Friday, July 17th, 2015 Asia, Commodities, Currencies, Precious Metals
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