In Tom Cloud’s precious metals update this week he discusses how a source in Europe, which he has known for more than 35 years, has told him that there is going be a surprise as China may announce they have more gold in their official reserves than the United States.
Tom Cloud continues by saying, this surprise announcement by the Chinese is not a fact or guarantee, but he states that this is a very good source he has used for over 35 years. It will be interesting to see what gold figure China announces as they will be apart of the IMF SDR- Special Drawing Rights as of October 1, 2016.
There has been a lot of speculation on the amount that China will release as the official gold holdings. Tom Cloud explains that the Special Drawing Rights when China gets them in the beginning of October will be weighted based upon the value of the other five currencies (Chinese Yuan, U.S. Dollar, English Pound, Euro & Japanese Yen).
Tom goes on to say that if his source is correct that China announces more official gold reserves than the United States, there will liekly be a liquidation of U.S. Treasuries worldwide.
Additionally, Tom says in his 40 years of business he has never had so many top money managers ($100 million to $1 billion in funds) call about how their client can get into owning physical gold as an investment.
Furthermore, Tom share more information about the his low cost precious metals storage program. He gives an example how he saved one client a lot of money switching over to the IDS Storage facilities which he uses for most of his clients.
Lastly, he describes how two banks purchased two orders of precious metals last week.
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