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.
Byron King
Byron King is the managing editor of Outstanding Investments and Energy & Scarcity Investor. He is a Harvard-trained geologist who has traveled to every U.S. state and territory and six of the seven continents. He has conducted site visits to mineral deposits in 26 countries and deep-water oil fields in five oceans. This provides him with a unique perspective on the myriad of investment opportunities in energy and mineral exploration. He has been interviewed by dozens of major print and broadcast media outlets including The Financial Times, The Guardian, The Washington Post, MSN Money, MarketWatch, Fox Business News, and PBS Newshour.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
Start your 100% FREE subscription to The Daily Reckoning today and you’ll get a free research report, “How to Survive the Fall of Social Security.” Simply enter your email address below to get your free report and join over 495,000 worldwide Daily Reckoning subscribers!
We Respect Your Privacy and We will
Never Share or Sell Your Email Address
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.