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Bill Holter: Newly Solidified Chinese Superpower Will Replace Dead U.S. Dollar (Interview)
Will September 2016 be remembered as the month the dollar died? Yesterday, September 2nd on TRUNEWS, Rick Wiles was joined by financial writer Bill Holter to discuss the very real possibility that September 30th, 2016 might be the actual day the U.S. Dollar finally collapses, and then God help us all. During the interview, Bill Holter explains that Jim Rickards, world famous author of The Death of Money, and Currency Wars has predicted September 30th, 2016 will be the day, and he’s got his prediction narrowed down to the exact hour.
In the interview below between Rick Wiles and Bill Holter, part of the conversation revolves around a prediction many experts like Bill Holter, Jim Rickards, Peter Schiff, Dr. Jim Willie, Jim Rogers, and a few others have been making for a while now. Their prediction has been that when the “paper gold” bubble (or Ponzi scheme), that has been inflating since the 1970’s finally finds the pin it’s been searching for, the result is not going to be a“recession,” or an “economic downturn” in the global economy. The result will be a financial tsunami of such biblical proportions, its wrath will leave millions dead, and many more doing unthinkable things just to survive.
Peter Schiff is famous for saying the collapse of the U.S. Dollar will be the single largest event in all of human history. You might want to find out why! Listen to the interviews. Never before in history has the global reserve currency, along with every other currency been backed by absolutely nothing. All currencies are fiat currencies, and as you’ll learn in the interview below, central banks have even begun adding corporate stocks to their balance sheets to help back their currencies. That means central banks have all the gold, all the debt instruments, and soon they’ll have all the equity instruments too. There will be nothing central banks won’t control. Nothing at all.
Early into the interview, Jim and Bill discuss an issue that ZeroHedge.com covered earlier in the week (article below) that took place in Europe involving Deutsche Bank. In layman’s terms, when a holder of “paper gold” attempted to redeem the holder’s “paper gold” for “real gold,” the request was denied. This is exactly what analysts like like Bill Holter, Jim Rickards, Peter Schiff, Dr. Jim Willie, Jim Rogers, and others have been so concerned about for so long with regard to “paper gold” and fiat currencies. A huge secret not known to the masses, is that right now there is over 100 times as much paper gold traded as there is physical bullion that actually exists to back it. When you picture the U.S. gold reserves, imagine the picture provided above. First, listen to the interview, then there is much more to share with you.
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To break down the magnitude of everything discussed in the interview above into its simplest form, consider what would happen if everyone holding paper gold wanted their gold bars at the same time. Very few would be able to get their hands on the actual gold, causing lots of problems. Consider it to be very similar to a run on banks, like we saw in Greece. You may recall, just two weeks ago it was Dr. Willie who warmed listeners that there would be runs coming on banks in America very soon!
During a moment of reflection in the interview above, at one point Jim Wiles asks, “How did we end up in a situation like this?” How did we end up here? The answer, is because those at the top, the global elites if you will, have reached levels of greed and corruption not even imagined by authors who create the horrible villains in children’s fairy tales. At the heart of the problem for the United States, is that once the last day of September 2016 has passed, China will enter the IMF basket of Special Drawing Rights (SDR’s) for the first time.
In a previous post, Dr. Jim Willie warned that banks are beginning to prepare for what he called “nuclear winter.” During that interview, Dr. Willie explains how he found out that China actually made a private announcement as early as March that they had plans to come out with a gold backed yuan, but that they were sternly warned by the U.S. that any attempt to do so would be considered an act of war. You can learn much more about that in the interview within the post linked. The point is, that the Chinese have long been preparing for the inevitable collapse of the U.S. Dollar for a very long time, and sadly, most U.S. citizens have no idea what is coming.
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Since we have so many factors here in the U.S. contributing to what could be a total societal collapse, whether it’s from the 2016 election, a terror threat, rising racial tensions, the threat of World War III, Martial Law, or of course the collapse of the U.S. Dollar, if you’re looking for what you can do to protect yourself, you can get a FREE GUIDE for how to survive Martial Law here.
I also suggest you consider one of the best books available for helping ordinary people of average means to make sure their families are taking the BEST steps possible to protect one another, and that book is titled, “Conquering the Collapse.” Since I have it, and rely on it personally, you can read my personal review of it here: Be Ready For Any Emergency – The Crucial Guide For Any Family’s Safety.
In an effort to bring you as much enormously important information as possible in one short post, below I have also included an interview from earlier in the week between the aforementioned titans of finance, Jim Rickards and Peter Schiff. In the interview below, financial guru Jim Rickards sits down with Peter Schiff, and the two discuss gold, bitcoin and the utterly irrational and dishonest decisions that Western leaders are making. They too explain how all this going to play out in the coming collapse of the U.S. Dollar that many have seen coming?
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Lastly, to make sure we come full circle, during the interview above, Rick Holter shares what a shift in the power of currencies Eastward means for China, a country that is estimated to have roughly 21,000 tons of gold, and how the newly solidified superpower may use the G20 to put the United States on notice. Bill Holter also discuses the recent move this week by Trillionaire Jacob Rothschild, who warned his own central banking system was failing, and bought lots of gold. Zerohedge.com writes:
“[w]hen Jacob Rothschild says that he is buying gold because the central banks are out of control, you have to laugh. He and his family have been in control of the world’s central banks for centuries.
But he has said it nonetheless. In his semi-annual address to shareholders of RIT Capital Partners, Jacob Rothschild, announced that they are reducing stock market and currency exposure and increasing their gold holdings and warns that the world is now in “uncharted waters” and that the consequences are “impossible” to predict.
He stated:
The six months under review have seen central bankers continuing what is surely the greatest experiment in monetary policy in the history of the world.
We are therefore in uncharted waters and it is impossible to predict the unintended consequences of very low interest rates, with some 30% of global government debt at negative yields, combined with quantitative easing on a massive scale.”
It’s not impossible to predict. There’s going to be a gigantic crash.
DON’T MISS: U.S. Elites Are Losing All Their Power (Interview
Deutsche Bank Refuses Delivery Of Physical Gold Upon Demand
While the trading world was focused on the latest news involving Deutsche Bank, namely that the troubled German bank had been contemplating a merger with Germany’s other mega-bank, Commerzbank as part of a strategy to sell all or part of a key business to speed up its flagging overhaul, a more troubling report emerged in a German gold analysis website, according to which Deutsche Bank was unable to satisfy a gold delivery request when asked to do so by a client of Germany’s Xetra-Gold service.
But first, what is Xetra-Gold?
According to its website, the publicly traded company “provides investors with an efficient instrument to participate in the performance of the gold market. Xetra-Gold’s combination of features – cost-efficient trading and the right for physical delivery of gold - makes it an attractive product.”
Among its highlights, Xetra-Gold lists the following:
Cost-efficient trading: No mark-up fee, no transportation or insurance costs such as those incurred when purchasing physical gold. Only the standard transaction fees that are charged for on-exchange securities trading are payable at the time of acquisition. The spreads that apply to purchase and sale correspond to the standard conditions on the global market and are considerably lower than those for traditional gold-based financial products. Furthermore, management or administration fees relating to Xetra-Gold are not incurred. The investor pays the amount of custody fees which he/she has agreed upon with the depository bank.
Physically backed: The issuer uses the proceeds from the issue of Xetra-Gold to purchase gold. The physical gold is held in custody for the issuer in the Frankfurt vaults of Clearstream Banking AG, a wholly-owned subsidiary of Deutsche Börse AG. In order to facilitate the delivery of physical gold, the issuer holds a further limited amount of gold on an unallocated weight account with Umicore AG & Co. KG.
Transparent: Xetra-Gold tracks the price of gold on a virtually 1:1 basis, and is always up to date.
Tradeable in euros per gram: While in the past, gold was mainly denominated in US dollars per troy ounce, you trade Xetra-Gold in euros per gram.
Stable/Constant holdings: The investor’s right to receive delivery of the certificated amount of gold is not reduced by management costs or other fees, unlike other investments in gold. 1,000 units of Xetra-Gold will still represent a kilogram of gold in 30 years’ time.
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The company makes the following promise:
Redemption for gold: Investors always have the possibility of demanding delivery of the securitised amount of gold per bearer note against the issuer. If the investor is not able to exercise this right due to legal restrictions effective for him/her, he/she can demand the cashing of Xetra-Gold from the issuer. In this case, a settlement fee of EUR 0.02 per Xetra-Gold bond will be charged.
Delivery of gold: If an investor asserts his/her right to the delivery of the certificated volume of gold from the issuer, the gold will be transported to the respective point of delivery by Umicore AG & Co. KG, which is responsible for all physical delivery processes. The issuer will also have delivery rights of gold from Umicore AG & Co. KG, as the gold leaf debtor. Investors can find information on delivery and the alternative payment claims that are relevant for investment and insurance companies in the PDF document entitled ‘Information on the process for exercising Xetra-Gold’.
And yes, Deutsche Bank is involved, as the fund’s Designated Sponsor.
In other words, Xetra-Gold is an Exchange-Traded Commodity which differentiates itself by “representing that every gram of gold purchase electronically is backed by the same amount of physical gold” and its principal bank is none other than Deutsche Bank.
And with Germans recently rushing to buy safes or find sound money alternatives in a country where the interest rate is negative, the ETC, it is not surprising that the population has flocked to its offering.
According to recent report by LeapRate, the gold held in custody by Deutsche Borse Commodities for the purpose of physically backing the Xetra-Gold bond has risen to a new record high of 90.67 tons, an increase of more than 50% since the beginning of the year. “For each Xetra-Gold bond, exactly one gram of gold is deposited in the central vaults for German securities in Frankfurt” the report parrots the company’s website.
Among all exchange-traded commodities (ETCs) tradable on Xetra, Xetra-Gold is by far the most successful in terms of turnover. During the first seven months of the year, order book turnover on Xetra stood at approximately €1.5 billion. The assets managed by Xetra-Gold currently amount to €3.5 billion.
In September 2015, the German Federal Fiscal Court (Bundesfinanzhof) had ruled that after a minimum holding period, any profits from the sale or redemption of Xetra-Gold are not subject to the capital gains tax. From a fiscal point of view, the purchase, redemption or sale are thus to be treated equal to a direct purchase or sale of physical gold, such as in bullions or coins.
But what is most notable, is that, as noted above, Xetra-Gold investors are entitled to the delivery of the certified amount of physical gold at any time, and adds that “since the introduction of Xetra-Gold in 2007, investors have exercised this right 900 times, with a total of 4.5 tons of gold delivered.“
However, something appears to have changed.
As Oliver Baron reports, those who ask for gold delivery at this moment, “could encounter difficulties.” The reason is that according to Baron, a reader of GodmodeTrader “sought physical delivery of his holdings of Xetra-Gold. For this he approached, as instructed by the German Borse document, his principal bank, Deutsche Bank.”
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At that point then he encountered a big surprise: the Deutsche Bank account executive informed the investor that “the service”, is no longer offered, namely exercising physical delivery at Xetra-Gold, for “reasons of business policy” and therefore the order form provided by Clearstream Banking AG for exercising Xetra-gold is no longer available.
Baron writes that since Deutsche Bank is no longer serving the physical exercising of delivery request of Xetra-Gold is remarkable, as Deutsche Bank is the “designated sponsor” as well as fiscal, principal and redemption agent of Xetra-Gold according to its prospectus, and as the explainer of how to exercise physical delivery also reveals. Even if one is a customer of another bank, Xetra-Gold should – at least on paper- guarantee delivery by way of Deutsche Bank, as the Deutsche Borse Commodities GmbH explains in its “process description for exercising units“
Step-by-step description of exercise
Together with a representative of his principal bank, the investor creates the transaction and sends it to the principal bank’s custodian with the relevant process data described above. The custodian in turn instructs its custodian, stipulating all process-relevant data, until a bank which is a customer of Clearstream Banking is authorised.
The customer may use the attached exercise form to instruct the designated sponsor (here Deutsche Bank AG, Frankfurt) to deliver a specified number of gold bars to the point of delivery. The process is similar to that for the delivery of physical certificates.
The customer should send the original exercise form to the following address:
Deutsche Bank AG
“Ausübung Xetra-Gold” CIB-Global Banking
Trust & Securities Services
Grosse Gallusstrasse 10 – 14
60311 Frankfurt am Main
Germany
To transfer the required amount of Xetra-Gold units to the blocked account of Deutsche Börse Commodities, the customer should also place an FoP instruction via CASCADE or File Transfer/SWIFT.
Delivery will be initiated if Deutsche Bank receives the securities and the application form by 10:00 CET. As a rule it takes one to two weeks to deliver retail gold bars and four days for London Good Delivery gold bars from date of ordering. As soon as the delivered gold arrives at the point of delivery, the Xetra-Gold® units are removed and recovered from the “Ausübungskonto DBCo” (DBCo exercise account).
Due to the provisions of the Money Laundering Act (Geldwäschegesetz) only the branch of a bank may be used as point of delivery. Investors expecting a large delivery of gold should contact their principal bank to discuss the transfer of the gold to the point of delivery.
The article goes on to note that it was not clear whether the exercise and physical delivery at other banks is actually still possible. Baron said that Deutsche Borse Commodities advised to transfer the Xetra-Gold shares in a cooperative/Raiffeisenbank since physical delivery is allegedly still possible here. The Deutsche Borse also announced that it is currently working on the “possibility of delivery regardless of bank branch.” However, since this process was not described in the prospectus of Xetra-Gold, it would have to be legally tested, which could take considerable time.
The article’s conclusion: anyone who wants to easily convert their Xetra-Gold holdings into physical gold – at least for clients of Deutsche Bank - can do so only by selling their shares, and then buying gold coins or bars directly elsewhere. Which leads the author to the logical question: what is the worth of the Xetra-Gold service, which certifies the right to redeem physical gold, if said delivery is no longer possible?
In other words, what was supposedly an ETC which promised physical delivery upon demand, is nothing more than yet another “paper only” play.
We, on the other hand, have a more focused question: is the inability to deliver physical gold an incipient issue with Xetra-Gold, or with the company’s “designated sponor” Deutsche Bank, and if the latter is suddenly unable to satisfy even the smallest of delivery requests by retail clients, just how unprecedented is the global physical gold shortage?
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IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:
Dr. Jim Willie: We Are on the Brink of World War; Americans Totally Clueless (Audio) – Pt. 1
Dr. Jim Willie: We Are on the Brink of World War; Americans Totally Clueless (Audio) – Pt. 2
Peter Schiff: Don’t Believe the Hype! The Real Economic Fallout From Brexit (Video)
How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold? (Video)
Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold? (Video)
Dr. Jim Willie Reveals 2nd Death Threat From U.S. Government (Video)
What Exactly Does Global Economic Collapse Coming May 2016 Mean?
Dr. Willie and Peter Schiff Together: Total Currency Collapse and Reset Coming
Economic Implosion Will Lead to Stock Market at 5,000 by 2017 Forecaster Says
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the dollar is funny money but the whole world uses it……for now.