How Long before China Or Russia Back Their Currency with Gold?
The comments below are an edited and abridged synopsis of an article by Rory Hall
At this point, the only question is when China and/or Russia back their currency with gold. Most people who follow gold and silver know that gold is going to be used, in one form or another, in the currency market. How it will work, what does it mean for the currency in your banking account, and will it create a black market where money (gold) is used as currency?
Why are China, Russia and several other nations acquiring gold? It could be for gold-backed currency, or to force the IMF to back the SDR with gold. The question that remains will be the effect on the people; what effect will this move have on the gold coins the average person holds.
The manipulation that is policy, quantitative easing (money printing), has run its course. The current system cannot handle higher interest rates as witnessed at the Federal Reserve’s recent meeting when the Chairman stood down after stating there would be another rise in interest rates. Interest rates did not move, and the game is coming to its conclusion. Are you prepared? Do you have food, water, security and insurance in place? If not, you may want to reconsider that position.
How long will it take? We don’t know, but Tom Cloud of Cloud Resources Group Inc. thinks sometime during President Trump’s term. That gives us about 5 years; 2 for the current term and 3 for the next. This would hit the timelines Hall has been calling for over the past 1.5 years.