Courtesy of Conscience Sociale blog:
You might already know that China aims for Official Gold Reserves at 8500 tonnes.
But you surely not know about the golden treasure embedded in the original opinion editorial by Song Xin, General Manager of the China National Gold Group Corporation, Party Secretary and President of the China Gold Association, 07/30/2014.
He spoke about the strategic role of gold, and new institutions needed for gold circulation, precisely in the logic based on New Austrian Economics that I’m using in my articles on Conscience Sociale and elsewhere since 2011. [articles in english ; en français].
His sentences about the GOLD BANK is truly one of strong evidence of what I called the ‘Grande Renaissance’ which will transform the whole world in the following decades (another one is the growing interest in Agile Democracy).
Chosen excerpts of Xin’s editorial [Translation by BullionStar], with emphasis mine :
“For China, the strategic mission of gold lies in the support of RMB internationalization, and so let China become a world economic power and make sure that the “China Dream” is realized.
Gold is the only thing carrying the dual mantels of a commodity as well as a monetary substance. It’s both a very ‘honest’ asset and forms the very material basis for modern fiat currencies. Historically, gold has played an irreplaceable role in responses to financial crises and wars as it comes to protecting a country’s economic security. Because of this, gold carries with it an honored and divine-given strategic mission in the ascend of the Chinese people and the pursuit of the “China Dream”.
The Important Function Of Gold.
Gold is the world’s only monetary asset that has no counter party risk, and is the only cross-nation, cross-language, cross-ethnicity, cross-religion and cross-culture globally recognized monetary asset. Gold is the last protection for a country’s economic security; it safeguards a nations sovereignty in times of crises. […] Continue reading