Every time I go to Montreal I hear hear, see, read or even sense things happening. If one word had to be used to describe this it would be:
Did I spell that last word right? Nothing came up in the spell check. But let's move on, or back to Montreal.
This time I was at a cigar bar on the corner of Crescent and St. Katherine's streets near the famed Hard Rock Cafe. And not that I would ever listen in other's conversations as that wouldn't be right, on this particular night there was alot of conversation about the financial markets and much of it was at a global scale.
As all of you know the price of gold is tumbling. I'm reading that JP Morgan Chase analysts have stated that they think the price of gold will continue to head south to $1000.00 an ounce. I'm also reading that production costs are about $700.00 an ounce to mine and produce and prices might actually go beneath a $1000.00 an ounce.
Are you still with me?
So I'm not listening to other's conversations but the thread of these conversations is that mining companies in Quebec are having: "no problems finding buyers." regardless of what this mineral is selling for in the "states."
So who exactly is the buyer?, as I'm thinking, sipping and listening.
Here we go.....
China is planning on offering an "asset backed currency"in response to the global manipulation of all other currencies including the U.S. dollar. The Chinese currency could and will be redeemable in gold held by the Chinese Central Bank.
Won't this be just an interesting if intreguing development at a global scale.