09/24/09 Pittsburgh, Pennsylvania
I think that the big news will happen near the old coal mining town of Nemacolin.
About 70 miles southeast of Pittsburgh, near Uniontown (birthplace of George C. Marshall), the five-star resort at Nemacolin Woodlands is 100% booked. The Chinese are staying there. Just to be on the safe side, the state police are closing major roads for 10 miles in each direction. Access will be via helicopter to and from the Nemacolin airstrip. My informants tell me that quite a bit of the nitty-gritty of the G-20 will occur at remote Nemacolin, far from the street protesters who have showed up to camp in Pittsburgh.
My bet is that the biggest news to happen at the G-20 will happen there, but it won’t get reported, or won’t get reported in the way it deserves.
The news will be about how the Chinese and the International Monetary Fund have agreed on a sale of IMF gold to the Chinese state treasury. It’ll be 400 tonnes. It’ll increase Chinese state reserves by 40% overnight. The mainstream media will say nary a word.
But if you’re an Outstanding Investments reader, you know what I mean. I don’t even have to explain it to you. Yep. 400 tonnes. We’ll see.
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Byron,
As China encourages her citizens to buy silver and gold, and as China (and Russia and the Middle East) push for a silver and gold based currency, what is the US doing? The opposite.
Of course, who IS behind these silly (and big rip off) Cash 4 Gold ads? Could it be the 21st century version of gold confiscation? (Cash for Gold rackets usually only pay 20-50% of the actual gold value).
Keep up the great work.
Check you facts. Nemacolin Woodlands is not in Nemacolin PA. And why do you want to start factless rumors anyway?
I don’t believe that 400 tonnes (worth about $30bn) makes a “40 percent increase in state reserves”, when they are around $2tn. You must be talking about gold reserves.
Interesting theory. but this news about IMF gold sales has been bandied around for years, you think they are finally ready to pull the trigger? We do know that Chinese citizens are being urged to buy silver bullion, that could account for the sharp price rise in recent weeks.