China made an announcement that was almost completely ignored by the mainstream media in the United States. The central bank of China has decided that it is “no longer in China’s favor to accumulate foreign-exchange reserves.” Terry Sacka appeared on The Wealth Transfer Show to address the stock market, China and the World Money Supply.
PRLog - Jan. 1, 2014 - WEST PALM BEACH, Fla. -- During the third quarter of 2013, China’s foreign-exchange reserves were valued at approximately $3.66 trillion - the majority of it U.S. dollars. For years, China has been accumulating dollars and working hard to keep the value of the dollar up and the value of the yuan down. One of the goals has been to make Chinese products less expensive in the international marketplace. Just recently, China has announced that it will stop stockpiling U.S. dollars. This has led many U.S. analysts to suggest that China may also soon stop buying U.S. debt - a bad situation for the United States.
As mentioned above, China has officially announced that it is going to stop stockpiling foreign-exchange reserves…
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.
Terry Sacka is a financial analyst and founder of Cornerstone Asset Metals in Jupiter, Florida. He advises investors on how to use physical assets such as gold and silver for diversification and to hedge against inflation. When Mr. Sacka was asked if China was really trying to be the world's Reserve Currency his response was, "The naysayers will say if they're lucky and way off into the future. But is it? China currently is importing 100's of percent more year over year of gold bullion and silver through Hong Kong to the main land. They are the world's largest mining of precious metals and now the world's largest importer of gold surpassing India. They will use this gold to back their currency as a store of value."
He went on to address the BRICS alliance by saying, "China has already forged B.R.I.C.S., now all five nations only trade in their currency no longer using the dollar. China and Japan now trade without the dollar, and recently China and Australia made a deal to no longer use the dollar. Time is short, all currencies have lost reserve status sooner or later. History will show you the U.S. dollar's days are nearing the end of its reign too."
In a recent appearance on The Wealth Transfer show, Terry discussed in detail China’s move on the dollar, the risk of a parabolic stock market and the use of the BRICS (Brazil, Russia, India, China, South Africa) nations as a crucial stepping stone to ending the dollar as a reserve currency, as well as the staggering number the U.S. Fed has bailed out foreign banks.
http://www.youtube.com/watch?v=sPV1jqUJtOo
Mr. Sacka's website features interesting videos providing historical insight into the power of gold and silver. He is also a regular guest on "The Wealth Transfer Show" with Charles Vance airing on the Christian Television Network, where he speaks about gold and silver from a biblical perspective being "God's money."
About Terry Sacka
Terry is a financial analyst and accredited asset management specialist (AAMS) at Cornerstone Asset Metals, a private bullion dealer located in Jupiter Florida. The company enables investors, both large and small, to use metals such as gold, silver, platinum and palladium as an effective hedge for their retirement accounts against inflation. The company mission is to put people back in charge of their wealth through tangible assets that have been used as a medium for exchange since the dawn of civilization.
For more information visit the company website at http://www.cornerstoneassetmetals.com
Cornerstone Asset Metals 601 Heritage Drive, Suite 104 Jupiter, FL 33458 (888) 747-3309
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Terry Sacka Addresses the Stock Market and China's Decision to Stop Stockpiling U.S. Dollars
January 01, 2014 at 05:26 AM EST
