Gold is officially replacing the US dollar June 28th (when NDAA takes effect)

[No1butPaul]

What happens when I bump this thread July 15th?

I'm betting things are exactly as they are now. Any thoughts?

I see this as the beginning of the end. Today Ron Paul said it may be 5 years before we lose our reserve status. I used to wonder if they would eventually "let" Ron Paul win so we, the People, could feel like we had a victory against the Fed when, in actuality, they knew all along they were doomed with their house of cards. I also find it so ironic people in Greece are fighting over austerity measures and here in the U.S. we are fighting for Ron Paul so we can take the cuts, liquidate our debt, and get it over with. Rand Paul made that point to the GOP at CPAC, i.e., look, we know we are on an unsustainable path and need to make the cuts, Ron Paul makes it palatable to young people in a way nobody else could do. He was spot on.

[Zippyjuan]

Given that China has reduced their imports from Iran by about half of what they were a year ago, this is not a particularly significant story. http://www.chicagotribune.com/news/s...,3175534.story

BEIJING/SEOUL (Reuters) - China halved its Iranian crude imports in March compared with a year earlier due to disputes over contract terms, its deepest cut so far this year as Western sanctions complicate Tehran's oil exports.

South Korea cut its imports by 40 percent in March from a year earlier, official data showed, as it sought to secure an exemption from U.S. sanctions. Japan, which has secured a waiver, made steep cuts in April imports.

Iran traditionally sells most of its oil exports to Asia, where China, India, Japan and South Korea are the biggest buyers. Exports were 2.3 million barrels per day (bpd) in the Iranian year to March 19.

In the first quarter of this year, China's crude imports from Iran were a third lower at 346,183 bpd compared to a year earlier, customs data showed, mainly because the state-run China Petroleum & Chemical Corp (Sinopec) slashed purchases by 285,000 bpd, or just over half of the amount it imported daily in 2011.

350,000 barrels a day is a pretty small amount. For comarison, the US consumes about 21 million barrels a day.

And at this time it is just speculation that China MAY start to buy Iranian oil with gold. There has been no official announcement from either Iran or China that this will happen though Iran has said it would accept gold (and any other currency including US dollars) in payment for oil.

[Acala]

Really hard to say WHEN the dollar will fall. It is still pretty effective when it comes to buying stuff. But the collapse is inevitable.

[Bern]

Folks laughing at the OP didn't understand Sinclair's point. He isn't claiming that on June 28th, the dollar is instantly void. He's talking about a dynamic which is forcing large sovereigns to develop alternatives to the dollar being the death knell for it's priviliged status.

[ctiger2]

IMHO, paper is paper and gold is gold

Gold is money. Gold Stocks are investments. Avoid holding paper gold/money is the key. If you have extra money, buying Gold stocks isn't a bad idea at all.

[NoOneButPaul]

WOWOW... if China does this we are talking about the beginning of the end for the dollar and things can change very quickly...

[thequietkid10]

What happens when I bump this thread July 15th?

It will be yet ANOTHER example of Infowars/Ickle style fear mongreling which discredits the libertarian movement.

[seraphson]

[Jordan]

It will be yet ANOTHER example of Infowars/Ickle style fear mongreling which discredits the libertarian movement.

+1.

[idiom]

Time to stock up on Tungsten...