sitting said:
sitting said:
The yuan has gone down further. And the U.S equity market IS feeling it presently. This is ONE area that can dent the Empire's efforts, coming from within.
The yuan this morning weakening further ... now at
6.53 and change.
Concurrently this morning:
German Dax down over 4% (so far)
Shanghai index down nearly 7%
Something is going on and we'll probably find out in the days ahead. These spike moves are unusual and often telling (in a few days time.) As I mentioned once before, the Chinese might have
purposefully dropped their own equity market ... with the expectation and hope it will lead to a hammering of the U.S. equity market. And this nearly happened back in August 2015, until the Fed intervened.
This time around however ... may be different. Needless to say, a severe & sustained decline in American share prices will have implications far beyond just money.
This is my speculation. And I could be very wrong.
This may have something to do with China, the Yuan and the Shanghai index?
I posted this first link in the Turkey thread (#339) a few days ago from Zerohedge. It goes into detail on how this situation came about...... Dubai was acting as a middleman in smuggling billions of dollars worth of gold from Turkey to Iran, without anyone noticing for years. It seems, the Emirate has also been instrumental in facilitating the transfer of tens of billions of dollars from the west (mostly the UK and Switzerland) but also every other gold producer, and into China via Shanghai. Quote from second link, "Gold Holding’s (aka Dubai’s) hint that Russian gold no longer has to be denominated in US Dollars for transaction purposes. Instead, it can be denominated in Yuan…. as can Venezuela, Brazil, Argentina and Africa gold transactions, in the process bypassing the SWIFT payment system entirely, and all official traces and records that a gold transaction ever took place!"
"And It's Gone... It's All Gone" - The One Gold Scandal That Goes To The Very Top
http://www.zerohedge.com/news/2015-12-24/exclusive-gold-gone-its-all-gone-one-gold-scandal-goes-very-top
Now updated:
Zerohedge: On The Trail Of Dubai’s Stolen Gold: A Robbed Client Breaks The Silence, And A Fascinating Detail Emerges
http://www.zerohedge.com/news/2016-01-01/trail-dubais-stolen-gold-client-breaks-silence-and-fascinating-detail-emerges
On Christmas Day, 2015, we told our readers the fascinating tale about the Turkish-Iranian gold smuggling ring – perhaps the biggest and most brazen in history, one which lasted for years, which saw billions in gold transported out of Turkey and into Iran to allow Tehran to circumvent the western financial sanctions using gold as a medium for bater, and which was all made possible thanks to the tiny Emirate of Dubai.
What made this particular instance of gold smuggling especially memorable is that it reached to the very political top in both Turkey, and Iran, and Dubai.
However, while the broad framework of Turkey’s exporting of gold to Iran, initially directly and then via Dubai, had been already in the public domain, Zero Hedge first revealed the man, or rather people, who made it all possible: the Dubai gold “trading” company of Gold.A.E. – is a subsidiary of Gold Holdings Ltd, a company which is owned by SBK Business Holdings and Abu Dhabi’s second in command, the son and avisor to the ruler of Abu Dhabi, Sheik Sultan bin khalifah Al Nahyan.
The reason why Gold.A.E. suddenly, and very dramatically, emerged on the global arena is because as we first reported a week ago, the company’s “new” management team admitted that after many months of “inquiries”, it had discovered that not only had the “old” management, led by the now former CEO of Gold A.E., Mohammad Abu Alhaj disappeared, but that all the money – and gold – held at Gold.A.E. which once again was primarily a “trading” front for the Turkish-Dubai-Iran gold smuggling triangle, had been stolen.
In a follow up article, “The Mystery Of Dubai’s Vaporized Gold: The Plot Thickens“, we presented readers with the version of events as laid out by the local press, in this caseArabian Business, which tried to assign responsibility for the theft, while in the process exonerating SBK Holdings and its billionaire owner – one of the most important people in the United Arab Amirates – and “washing” their hands of any accountability.
Recall, “the rush to make sure any link between the criminal Gold.AE and its parent, SBK Holdings-owned Gold Holding is immediately severed. A spokesperson for the DIFC said: “We wish to make it clear that although Gold AE is a subsidiary of M/s Gold Holding, which is a DIFC-based holding company, Gold AE and M/s Gold Holding Ltd are two separate entities.”
But was Gold Holding involved in the smuggling of billions in gold out of Turkey and into Iran? And then, back to Mohamed Abu Alhaj, who just a year ago was the widely respected CEO of Gold AE.
In short: one side saying the other is guilty, the other side responding identically, blaming the first side. Meanwhile the money – and gold – of the clients of this company, perhaps the most important gold holding company in the Persian Gulf, has been stolen.
[...]
Here is a map showing the tentacles of Gold Holding: note the core presence in Turkey. (graph)
The company’s Org Chart is extensive, and clearly discloses the infamous
Gold A.E., which curiously is shown as registered for trading not only in Dubai, but in… Shanghai? As for the distribution network, it clearly reaches all key regional money centers, and yet Iran is oddly missing…
[...]
… and not only that, but it was here where we found what may be the most fascinating detail of today’s article, namely
Gold Holding’s (aka Dubai’s) hint that Russian gold no longer has to be denominated in US Dollars for transaction purposes. Instead, it can be denominated in Yuan…. as can Venezuela, Brazil, Argentina and Africa gold transactions, in the process bypassing the SWIFT payment system entirely, and all official traces and records that a gold transaction ever took place!
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015/12/Gold%20Holding%20China%20gold.jpg
Now this is simply stunning because over the past several years one of the biggest questions has been how did China smuggle thousands of tons of gold from around the world without the world, at least officially, noticing.
Well, recall how this entire story first developed: it was all thanks to Dubai acting as a middleman in smuggling billions of dollars worth of gold from Turkey to Iran, without anyone noticing for years. Could it be that maybe this tiny yet ultra rich Emirate has also been instrumental in facilitating the transfer of tens of billions of dollars from the west (mostly the UK and Switzerland) but also every other gold producer, and into China?
Because if so, it would promptly answer virtually every unanswered question about the global shadow, and very much undocumented, physical gold wave: one which takes the gold vaulted in the west, and moves it all the way as far east as Beijing… and all with Dubai’s blessings?