Gold has long been considered one of the most valued and precious metals in all of recorded history. It used to back the American dollar, until our U.S. Treasury decided they could create more money out of thin air.
This negligent philosophy of banking has lead the United States to become economic slaves to China, who hold more of our debt than our government would like to admit. Everyday our lawmakers and bankers pray that today won’t be the day that China demands payment from us.
Despite being philosophically opposed to the United States, the communist country’s game of acquisitions is surpassing its western counterparts. China’s ICBC Standard Bank is quietly cornering the market as it buys Barclay’s gold vault in London. If you’re unaware, London is considered the financial epicenter of the world.
The terms of the sale have not been disclosed. It’s rumored that the estimated storage capacity of the 2,000 ton Barclay vault could contain up to $90 billion dollars worth of gold. The location of this vault is also undisclosed.
China is now the world’s largest consumer of gold. While western countries are exploring fractional reserve lending, China is doubling down on precious metals and things that have real value.