The rumors of Russia selling its gold reserves, it is now clear, were greatly exaggerated as not only did Putin not sell, Russian gold reserves rose by their largest amount in six months in December to just over $46 billion (near the highest since April 2013). It appears all the "Russia is selling" chatter
The next crisis will be the currency pegs against the dollar. Here we have pegs from Hong Kong to the Middle East. We will have the same problem for as the dollar is driven higher, thanks to the implosion in the Euroland, these nations will import DEFLATIONfrom a rising dollar.
The Swiss franc soared as much as 30% in chaotic trade after the central bank abandoned the cap on the currency's value against the euro.
The Swiss National Bank (SNB) said the cap, introduced in September 2011, was no longer justified.
It also cut a key interest rate from -0.25% to -0.75%, raising the amount investors pay to hold Swiss deposits.
Today King World News is pleased to share a fantastic piece which contains absolutely stunning news in the war on gold. This outstanding piece also features three remarkable illustrations that all KWN readers around the world must see.
January 13 (King World News) – Regarding Gold In 2014, Did You Know?
Inflation has slipped to a 14-year low of 0.5pc, lower than economists and the markets had expected
The UK economy is in danger of falling into deflation, the Bank of England’s Governor warned on Tuesday as data showed that inflation had fallen to a 14-year low.
Price growth fell to 0.5pc in December, a bigger slump than economists had anticipated. A poll of analysts before the numbers were release predicted that inflation would ease from 1pc to 0.7pc.
The typical sales job of the gold promoters has spend so much energy in selling gold as a hedge against inflation and thus gold will rise with the fall of the dollar, that they have so distorted the role of gold that they are driving potential investors away who look upon the gold crowd as a bunch of idiots wrapped up in a cult.
In his first Gold Videocast of 2015, Peter Schiff looks back at gold’s performance on the global markets in 2014 and forecasts where the yellow metal is headed in the new year. Learn why: