Industrial and Commercial Bank of China (ICBC), the largest bank of China, and second largest in the world, recently confirmed that ‘a new global currency setup is being conceived’.
The news, first published by Bullionstar.com, came after Jeremy East, Managing Director at Standard Chartered Bank, asked Zhou Ming, General Manager of the Precious Metals Department at ICBC at the LBMA Forum In Singapore if the statement “Western gold moves East” was true.
Zhou than made the following statements:
- The world price of gold in recent decades was dollar-priced and fluctuated with the US dollar.
- Fed implemented QE caused the issuance of dollars that exceeds demand.
- International gold prices will return to rational levels after shooting high.
- With the status of the US dollar as the international reserve currency is shaky, a new global currency setup is being conceived.
- Uncertain changes will happen to gold’s traditional dollar-pricing so the US dollar’s influence on gold pricing needs to be re-evaluated.
- With the rise of Asian economies, China and India will continue to be the world’s pillars of physical gold demand.
- Gold has not only moved from West to East but will continue to move to the East.
This is the best confirmation yet of the coming Big Monetary Reset, which my recent book is all about.
(kudos to Koos Jansen/ www.ingoldwetrust.com for tipping me of)