Europe & China Turn to Gold?

The 220 kg Gold brick displayed in Chinkuashi Gold Museum, Taiwan


The following news item was of interest:

Gold May Regain Luster for World’s Central Banks

Wall Street Journal – Sept 22, 2008

Central banks may be starting to turn to one of the few assets in which they can invest: gold.

Turbulence in the financial markets and recent U.S. dollar weakness are helping the precious metal claw back its reputation as the central monetary anchor within the international monetary framework, industry participants say.

This is a marked change from a decade ago, when 14 European central banks decided to reduce their gold holdings in an orderly fashion. They signed a pact to sell no more than an agreed sum between them each year…

But the amount sold has been dwindling of late, and banks are now far more likely to be holders of gold, analysts note. Nonsignatories — and especially Asian banks — are seen as keen buyers.

“I’d be surprised if the Chinese hadn’t been nibbling at the gold market when prices were lower,” said Mark O’Byrne, Dublin-based director of Gold & Silver Investments Ltd.

Chinese officials have already said they view gold as a strategic asset and would like to diversify their foreign-exchange reserves away from the dollar. China holds just 1% of its reserves in gold, World Gold Council data show, equivalent to roughly 600 metric tons. Even so, it is the ninth-largest official holder of gold.

The U.S. is at the top of the list of official holders. It holds 78.2% of its reserves in gold, which is about 8,133.5 tons of gold...

The Austrian central bank said in a recent report that the surge in gold prices and “the concomitant depreciation of the U.S. dollar over the past few years have shown clearly how important gold is as an instrument for portfolio diversification for a central bank.”

Germany’s Bundesbank, the world’s second-largest official holder of gold with 3,417.4 tons, or 66.3% of its reserves, has indicated it is more willing to hold or buy gold than before.

With financial instability facing the world, having the future King of the North (a European power) acquire gold stocks now, later when it invades the Anglo-American powers (which have the most gold currently), and when it invades the future King of the South (a most probable part of which is becoming a major supplier of gold now), these ultimately massive gold stocks will help show the world that the European Empire is the economic powerhouse of the world at the end times.

Perhaps I should mention that while the Bible shows that gold will have value into the time of the Great Tribulation (cf. Daniel 11:31;39-43; Matthew 24:15-21), it will not save the rich from the end-time problems (James 5:1-3), and it will eventually be worthless (Ezekiel 7:19).

Several articles of possibly related interest may include:

Is There A Future King of the South? Some no longer believe there needs to be. Might Egypt, Islam, Iran, Arabs, or Ethiopia be involved? What does the Bible say?
The Arab World In the Bible, History, and Prophecy The Bible discusses the origins of the Arab world and discusses the Middle East in prophecy. What is ahead for the Middle East and those who follow Islam?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States?
Asia in Prophecy What is Ahead for China? Is it a “King of the East”? What will happen to nearly all the Chinese, Russians, and others of Asia? China in prophecy, where?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”?

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