Peter Schiff, Hyperinflation, Dollar Collapse, Warren Buffett / Capital Account

7 of 10 Asian Countries abandon U.S. dollar for Chinese Yuan now!!!

A "renminbi bloc" has been formed in East Asia, as nations in the region abandon the US dollarand peg their currency to the Chinese yuan — a major signal of China's successful bid tointernationalize its currency, a research report has said.

The Peterson Institute for International Economics, or PIIE, said in its latest research that Chinahas moved closer to its long-term goal for the renminbi to become a global reserve currency.

Click Here To Read More At ChinaDaily.Com

Chinese Gold Imports Surge In September, YTD Total Surpasses Official Indian Holdings!!

From Zero Hedge

Anyone who may have been concerned by the slowdown in Chinese gold imports in August, when the country imported "only" 53.5 tons of gold from Hong Kong (down from 75.8 in July), can breathe a sigh of relief. According to the Hong Kong Census Bureau, in September Chinese gross imports soared by 30% reverting to the long-term trendline of 65 tons in gross imports per month, and rising to a total of 69.7 tons. Net imports were 40% less, although that excludes organic Chinese gold mining and recirculation, which is why for all intents and purposes the gross number is the apples to apples one. And using that, Year-To-Date China has now imported a whopping 582 tons of gold, more than the official holdings of India at 558 tons, and which through November has certainly surpassed the holdings of the Netherlands, and make China's gross imports in just 2012 nominally the equivalent of Top 10 largest sovereign holder of gold.

This way at least we know where China is recycling all that vast trade surplus, which incidentally in October just printed, goalseeked or not, at the highest level - $32 billion - since January of 2009. Too bad China no longer recycles all those excess reserves into US Treasury paper (as we showed previously here).

YTD China gross imports from Hong Kong:

Where does this put China:

And in historical perspective: the recent surge in demand for gold is quite unmistakeable:

Food Stamp Nation: What a Modern Day Bread Line Looks Like (Infographic)

With digital technology being used for all manner of government distributions, it’s difficult to overtly distinguish between the severity of the Great Depression of the 1930′s and today’s economic crisis.

But just because we don’t see thousands of hungry people lined up for hours at a time at their local soup kitchen today doesn’t mean the lines don’t exist.

Today bread lines have been removed with the help of technology; EBT cards are filled with Government money for Food Stamp participants to purchase food at local retailers.

Click here to read more and see the graphic at 24hgold.com

LBMA Chairman: Chinese Gold Reserves Can Only Go One Direction: UP!

Chairman of the LBMA David Gornall told the conference, “When comparing China to the U.S., it would seem that in China, gold asset allocation can only go in one direction.  The country has only 2% of its reserves in the form of gold compared with the U.S. at 75%.” The People’s Bank of China hasn’t disclosed any changes to its gold holdings since 2009, when it said they had risen a whopping 76% to 1,054 metric tons. While the U.S., Germany, Italy and France keep more than 70% of reserves in gold, China’s share is less than 2%.

Click here to read more at Goldcore.com