Honest Money

Gold is Wealth Hiding in Oil

  • Subscribe

  • Alert

    Freegold Summit, Shanghai, China, July 20-23, 2012

    Posted by Ivo Cerckel on December 16th, 2011

    Austrian Economics Summit/
    ISIL Asia Regional Conference

    organized by http://www.isil.org

    at the Shanghai Hilton DoubleTree Hotel,

    running from evening Friday July 20th through Sunday the 22nd, with checkout on the 23rd, plus post-conference tour options.

    The goal of the 2012 Shanghai conference is to expound on free-market ideas to a Chinese audience and to learn what free-marke economists are doing in China. There will be three groups in attendance: 1) international attendees who are interested in both free markets and China; 2) Chinese academic and research economists who are interested in free-market ideas; and 3) university students who want to learn about free-market principles that are not taught in China.

    The Speakers
    Doug Bandow (USA)
    Richard Ebeling (USA)
    Xingyuan Feng (China)
    Jose Fernandez (Costa Rica)
    Fred Foldvary (USA)
    Rainer Heufers (Germany)
    Peter Klein (USA)
    Cris Lingle (USA/Guatemala)
    Christian Michel (UK)
    Barun Mitra (India)
    Ken Schoolland (USA)
    Josef Sima (Czech Republic)
    Robert Sirico (USA)
    Mark Skousen (USA)
    Lobo Tiggre (USA)
    David Veksler (USA/Ukraine)
    Haijiu Zhu (China)

    With Chinese FreeGold from a reserve currency to a world standard
    Posted by Ivo Cerckel on September 11th, 2009
    Nothing prevents the rest of the planet from copying what the Chinese are doing and keep gold (the Mona Lisa) in the strong rooms (the Louvres) of its central banks and mark it to market (MTM) price
    (not to the model of 44 dollar an ounce or so like the Fed, the US central bank)
    on a regular basis.
    Every individual of the planet would then be free to copy the concept of FreeGold.
    In that case, every increase in the price of gold, would lead to an increase in the value (of the reserves) of the central bank and/or the individual.
    Just like it would never enter the mind [of the] owner of the Mona Lisa daily to organise a “test-auction” to establish what today’s value of his wealth is, neither do the Chinese organise test auctions. Once FreeGold will have arisen, gold will continuously be auctioned … freely and on a global basis.

    Ivo Cerckel

    6 Responses to “Freegold Summit, Shanghai, China, July 20-23, 2012”

    1. Top Sites like Fiverr Says:

      I understand it is an aged post, but I wish to mention thanks for publishing this.

    2. Ivo Cerckel Says:

      China clamps down on gold trading frenzy
      BEIJING | Tue Dec 27, 2011 5:03am EST
      (Reuters) – Gold exchanges in China outside of two in Shanghai are to be banned, authorities said in a statement released on Tuesday.
      Gold exchanges have mushroomed across China, from the northern port city of Tianjin to Guangxi bordering Vietnam, as spot prices in the precious metal have soared to record highs and speculation has boomed.
      “No local authority, institution or individual is allowed to set up gold exchanges,” said the notice dated December 20 and jointly issued by the People’s Bank of China, the Ministry of Public Security and other regulators.

    3. Ivo Cerckel Says:

      Isil.org clarifies

      through its E-mail bulletin
      ISIL Update – December 29, 2011
      [to subscribe, go to the bottom of http://www.isil.org/ ]

      that it is not organising
      but co-sponsoring

      this free-market conference in Shanghai July 20-23, 2012

    4. Ivo Cerckel Says:


      the Shanghai Freegold Summit is definitely taking place at the Hilton DoubleTree Hotel in Huaqiao/Kunshan from 20 to 23 July 2012;

      The Summit is indeed being organised by the International Society for Individual Liberty
      which page now announces the event;

      I will be a speaker there – booooooo, boooooo, boooooo;

      My paper will still be my euro paper of 2003
      (an early version of that paper was published in early February 2000 – that’s 12 years ago – in what was then known as the Belgian newspaper “De Financieel Economische Tijd”):

      “With Chinese Freegold from a reserve currency to a world standard”
      by Ivo Cerckel
      Tuesday, 2 September 2003
      replace “derivates” in the text with “derivatives”;

      Here’s the latest:

      Tuesday February 14, 2012
      Shanghai eyes OTC gold trading
      SHANGHAI: The Shanghai Gold Exchange plans to launch over-the-counter gold trading and is in talks with the China Foreign Exchange Trade System to conduct these trades via the interbank market, according to an official from the exchange.
      The exchange also has plans to start exchange-traded-funds for gold to tap rising demand in China. It was also considering rolling out palladium contracts. – Reuters

      I know also:
      Chinese “gold rush”: country diversifying assets
      Published: 01 February, 2012, 13:58
      China is the world’s fifth-largest holder of gold and seems to be in the market for more. Analysts believe Beijing snapped up around 500 tons of gold in 2011, double what it bought in 2010.

      and I know this:
      China gold imports from HK surged in 2011
      Last updated: February 7, 2012 4:15 pm
      By Leslie Hook in Beijing
      China’s gold imports from Hong Kong more than trebled in 2011 from the year before, hitting a record 428 tonnes as savers flocked to the yellow metal as a hedge against inflation.
      China is expected to overtake India soon as the world’s largest gold consumer, and the figures, which are considered a proxy for China’s overall gold imports, underscore the country’s growing appetite for the metal.
      FT will be angry because I quote.
      They should first send me their weekly “Best of Lex” and then their daily etc.

      But what’s really happening here?
      Welcome to SGE
      Shanghai Gold exchange
      Shanghai Gold exchange (SGE thereafter), approved by the State Council and founded by the People’s Bank of China, performs the regulated functions stipulated by Management Rules of Gold Exchange and organizes gold transactions with the principle of openness, fairness, justness and honesty.

      Yes, this was part of the answer:
      Tuesday February 14, 2012
      Shanghai eyes OTC gold trading

      But does the People’s Bank of China also proceed to the marking to market of its gold reserves at the Shanghai Gold exchange?
      Seems improbable? I don’t know.

      I must therefore confess that I still have more questions than answers about the gold policy of the People’s Bank of China which policy is I think similar to that of the European System of Central Banks and (thus) of the ECB;

      I hope to provoke some answers next July in Shanghai.


      Ad nauseam:
      The euro is the first currency that has not only severed its link to gold, but also its link to the nation-state.
      (International Charlemagne Prize of Aachen for 2002
      Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002

      Freegold means that the euro has a gold component and a paper component, and puts a “firewall” between both so that gold’s valuation as a wealth-preserving asset cannot be pulled lower by the inevitable inflation of the paper component of circulating currencies. It is the (quarterly) marking to market (MTM) of the gold reserves of the Eurosystem, not to the model of $42.2 like the USA central bank (originally $35), by the Eurosystem which provides that wall.

      Gold is an item not related to euro monetary policy operations.

      Let gold trade freely behind the real firewall – like it did for the Ancients,
      a wealth asset that stands beside money,
      yet has no modern label or official connection to money.

    5. Ivo Cerckel Says:

      That organisers ask me to clarify that

      the Shanghai July-20-23, 2012 Summit
      at the Hilton DoubleTree Hotel
      in Huaqiao/Kunshan, China

      is NOT a Freegold Summit

      but that it is the Austrian Economics Summit
      and thus encompasses a much broader range of issues.

    6. i havetheflu Says:

      i havetheflu…

      […]Honest Money » Blog Archive » Freegold Summit, Shanghai, China, July 20-23, 2012[…]…

    Leave a Reply

    XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>