You told listeners this would be the outcome.
Pepe Escobar: The Unipolar Moment Is Over
June 10, 2019
The Russia-China strategic partnership, consolidated last week in Russia, has thrown U.S. elites into Supreme Paranoia mode, and they are now holding the whole world hostage…
Something extraordinary began with a short walk in St. Petersburg last Friday.
After a stroll, they took a boat on the Neva River, visited the legendary Aurora cruiser, and dropped in to examine the Renaissance masterpieces at the Hermitage. Cool, calm, collected, all the while it felt like they were mapping the ins and outs of a new, emerging, multipolar world.
Chinese President Xi Jinping was the guest of honor of Russian President Vladimir Putin. It was Xi’s eighth trip to Russia since 2013, when he announced the New Silk Roads, or Belt and Road Initiative (BRI).
First they met in Moscow, signing multiple deals. The most important is a bombshell: a commitment to develop bilateral trade and cross-border payments using the ruble and the yuan, bypassing the U.S. dollar.
Then Xi visited the St. Petersburg International Economic Forum (SPIEF), Russia’s premier business gathering, absolutely essential for anyone to understand the hyper-complex mechanisms inherent in the construction of Eurasian integration. I addressed some of SPIEF’s foremost discussions and round tables here.
With all gold buying taking place, among nations, it is only a matter of time before the price must move much higher.
Bullion The Bully: Beijing Answers Trump’s Tariffs With Massive Gold-Buying Spree
June 11, 2019
China’s vast gold stockpile saw another boost in May, marking an ongoing increase for a sixth straight month, according to the latest data published by the People’s Bank of China.
Last month, the central bank raised its bullion reserves to 61.61 million ounces from 61.10 million in the previous month. As of the end of May, the nation’s stockpile was valued at $79.83 billion compared to $78.35 billion a month earlier. In tonnage terms that marks an increase of 15.86 tons, after almost 58 tons of gold were added over the five months through April.
In May, the country’s total foreign exchange reserves, the world’s largest, reportedly edged 0.2 percent, or $6 billion higher, reaching $3.101 trillion. The increase shifted the expectations of analysts polled by Reuters, who projected the reserves to drop by five billion to $3.090 trillion.
The latest boost to Beijing’s gold stash reportedly reflects China’s move towards diversifying its bullion and foreign currency holdings amid the protracted trade dispute with the US.
Courtesy and authored by Clive Maund.