Wow!! please read the following carefully. Early this morning it was announced that China has not added any new USA debt paper and actually it contracted from 1.3 trillion usa dollars to 1.15 usa trillion. Where did this money go? The answer is now been provided to us...China has bought massive amounts of physical gold. Last month they bought an astronomical 68 tonnes of gold imported through Hong Kong. In the last 6 months they have hoarded 383 tonnes of gold. 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.
(courtesy zero hedge..also very important)
http://www.zerohedge.com/news/hoardi...-gold-reserves