DailySA: China Dumping U.S. Dollars for Gold – Forward Observer

DailySA: China Dumping U.S. Dollars for Gold

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Good morning. Here’s your Daily Situational Awareness for Friday, 25 November 2022.

CHINA DUMPING U.S. DOLLARS FOR GOLD: The People’s Bank of China (PBOC) continues to sell dollars and replace them with gold. According to the World Gold Council, from July-September of this year, the PBOC quadrupled gold purchases, adding 300 tons to its reserves. Since February of this year, China has sold over 121 billion in U.S. Treasuries and increased gold transactions 50 times the 2021 level.

GHANA ORDERS OIL PURCHASES WITH GOLD: The government of Ghana this week announced that they’ll be purchasing oil and gas products priced in gold instead of the U.S. dollar. In preparation, the government also directed the country’s major gold miners to sell 20% of their refined gold holdings to the central bank.

RUSSIAN STATE DUMA CREATES ANTI-WOKE POLICE STATE: Russia’s State Duma passed new civil laws targeting western “woke” agendas, including imposing a fine on those who disseminate LGBTQ propaganda narratives or commit public actions that create “non-traditional sexual attitudes,” encourage sex change operations or pedophilic behavior. The laws provide tiered penalties with levels based on offense and status of the offender, with increased penalties for Russian officials and legal entities. Penalties double if behaviors target children or are disseminated through the internet or media and quadruple if both criteria are met. Foreign offenders face administrative arrests for up to 15 days, automatic expulsion from Russia, and tiered fines between 50,000 and 800,000 rubles.

U.S. VP HARRIS AND PHILIPPINE PRESIDENT MARCOS CONSOLIDATE SECURITY ALLIANCE: During her recent three-day visit to the Philippines, U.S. Vice President Kamala Harris met with Philippine President Ferdinand Marcos Jr to discuss regional security and economic issues. Harris condemned China’s strong-arm actions in Philippine waters and promised to increase joint military coordination to help Manilla protect its natural resources from Chinese exploitation. Marcos responded by saying, “I do not see a future for the Philippines that does not include the United States.”

In today’s Early Warning, the team takes a look at the most recent indicators of potential fuel and food shortages, including some dire warnings from farmers in Oklahoma. Check out our Black Friday deals and get access to the team’s full report here: https://forwardobserver.com/subscribe

Mike Shelby is a former Intelligence NCO and contractor. He's now the CEO of Forward Observer.

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