Gold standard = fiat money in disguise

[KnowLaw]

The world produces ex China approximately 2,400 tonnes of gold per year. At this rate China will be accumulating approximately 31% of annual gold production.
I will tell you that almost all of this gold is procured through England, the dominant physical supplier of gold.
When the last ounce of gold leaves London, then the Comex and then GLD and then finally the Bank of England will default.

Very interesting. I wasn't aware that China's gold buys were originating in England. Thirty-one percent of world production is quite scary (although not from the Chinese viewpoint) and telling. They've been working at creating a gold-backed currency for the past several months if not years. The recent precious metals company that they bought and moved to Shanghai (or wherever) to compete with London and Chicago (Comex) is part of their strategy. They want in on the Precious Metals market, and the big players are scrambling to keep them out.

Makes you wonder whether it's really gold they are getting from London, or just gold plated tungsten. Wouldn't be the first time something like that happened.