“You can’t reset the gold price. It’s global. No one nation can do that,” says Dr. Nomi Prins, international economist and investigative journalist.
In an interview with Daniela Cambone, Prins unpacks the myths behind recent headlines claiming China is resetting the gold price. She clarifies that while China isn’t resetting the price, it is making structural moves to reduce its reliance on the U.S. dollar and elevate gold’s role in trade and settlement.
“What China is doing is accumulating more gold in its reserves while it is selling US Treasury bonds,” she explains.
Addressing the upcoming July 1 Basel III deadline, Prins notes that gold is already classified as a Tier 1 asset under current rules. However, it is not yet recognized as a High-Quality Liquid Asset (HQLA) in the U.S. banking system.
“The July 1st date matters, but the attribution to the date that’s out there is mostly inaccurate,” she says, emphasizing that the Fed’s decision remains uncertain.
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Chapters:
00:00 — Is China Resetting the Gold Price?
06:02 — The Role of Gold and the Yuan
09:08 — Can Any Country Control the Gold Price?
10:43 — What Happens on July 1 Under Basel III?
16:08 — Ray Dalio’s Warning on Debt
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36 Comments
They should and not London
😢 this did not clear up the paper gold situation relative to Basil 3 it only clouded it to a point of ridiculousness. I'm talking about the deficit is like is taking a kindergarten reader I make it sound like it's really really something fantastic it's not. What would be important is what is the United States in the west going to do about this situation I haven't heard that yet. This is not brilliant.
The Chinese are very smart businessmen… 🙄🙄🙄
there are no secrets in any markets…
The gold price is set by the market not governments
LMFAO… It talk all you FOOLS Long enough to Figure it out that Physical Gold and Silver and all commodities is better to hold then any BS Fiat Currency…. Figure this one out… Why doesnt any one country just print more of their own Fiat and just buy up all the worlds Gold ? Answer that and You found out why this Garbage we call money has lasted this long… Fiat is DEAD MAN WALKING…. Slow and steady and then like a Tsunami its going to hit all at once . World Fiat Collapse.
Good stuff!
Until China owns every gold mine, they don't control gold. Fear, fear, fear! Fear sells, whose buying!
the fed is the problem an we do print money and it will continu forever as we donot have a choice, Nieither does any other counttry in the worlld have a choice.
Stop buying 'Made in China' before the CCP enslaves the whole world.
Wow!!- Amazing interview!! A bag full of jewels packed in this interview!!❤
❤❤❤ yes
I don't have money troubles. The people I owe have money trouble and there all…………. Fraudulent, criminal trash.
10 countries with the lowest Debt to GDP ratio as of a couple of years ago
10. Estonia
Debt to GDP ratio: 18.4
Having one of the lowest debt levels in the European Union, Estonia’s debt accounts for 18.4% of GDP. The fall in debt levels can largely be attributed to GDP growth and support of fiscal policy in the country. Growth in the Estonian economy has been coming from real estate, information and communication, construction, storage activities, and transportation.
9. Russia
Debt to GDP ratio: 18.2
In order to keep itself insulated from global capital markets, Russia has had its debt levels kept to a bare minimum. Conservative foreign policies have helped the country achieve this goal. GDP, as of 2021, was valued at $1775.88 billion, with the oil and gas industry accounting for 15% of GDP. Meanwhile, external debt stood at $100.4 billion in early 2023.
8. Burundi
Debt to GDP ratio: 17.2
Due to continued recovery in agriculture and public investments, Burundi’s growth rate for 2023 is projected to be 4.6%. However, the country has been facing severe economic shocks in the past due to the pandemic and other macroeconomic imbalances. Increased import prices have further aggravated inflation, widened fiscal deficits, and also worsened current account pressures.
7. Congo
Debt to GDP ratio: 14.6
The Democratic Republic of Congo is a poor country, with almost 70% of the population living in extreme poverty. Its economy experienced a growth of 6.1%, primarily due to mining sector exports and investments. Despite a low debt-to-GDP ratio, it is classified as having debt distress due to its high arrears. Numerous political conflicts have taken place within the country throughout the years as well.
6. Azerbaijan
Debt to GDP ratio: 11.7
As of December 2021, external debt for Azerbaijan stood at $8.1 billion, while nominal GDP was reported to be $20.4 billion in September 2022. The country has a comfortable cushion against rising public debt due to adequate gross official reserves. This cushion is also complemented by foreign assets held by the State Oil Fund of Azerbaijan (SOFAZ), estimated to be $50 billion.
5. Turkmenistan
Debt to GDP ratio: 8
Turkmenistan lies in a strategic position between China, Russia, and Europe. The country holds the fourth-largest natural gas reserves in the world. It has healthy public accounts and an overall low level of debt. 2023 is expected to be a period of growth for the country. However, the country is highly dependent on hydrocarbons, accounting for 60% of exports in 2021.
4. Afghanistan
Debt to GDP ratio: 7.4
Afghanistan’s debt to GDP is deceptively low, although it is at a high risk of external debt distress. The country is facing not only a fragile security situation but also domestic revenue shortfalls, an uncertain political situation, and a rapid exchange rate depreciation. The country’s debt sustainability is largely dependent on a continuous inflow of donor grants against considerable fiscal and external deficits.
3. Kuwait
Debt to GDP ratio: 7.1
Kuwait has a large public sector with a generous welfare state. Expenditures on salaries, transfers, and subsidies are huge, which is why development and project spending remains restricted. The country holds an estimated 6% of the world’s oil reserves which account for more than half of its GDP. Slow external demand in 2023, coupled with oil production cuts, means growth will be slower. Therefore, GDP is expected to increase by 2.6%.
2. Hong Kong
Debt to GDP ratio: 3
IMF has reported that Hong Kong’s debt-to-GDP ratio stands at 3%, with GDP amounting to $368.14 billion as of 2021. Due to its prudent financial policy of not relying on deficit financing, it has managed to keep its debt levels low. The country holds substantial capital and liquidity buffers, and its overall financial sector is top-notch. Economic growth continues forward, with revenues coming in mainly from domestic economic activity and tourism services.
1. Brunei
Debt to GDP ratio: 1.9
Brunei is one of the rare few countries with virtually no external debt. It is a small and wealthy country which exports crude oil and natural gas. The revenues coming in from the petroleum sector roughly account for half of their total GDP. The country can largely fund its economy through lending by its own banks.
Is Chinese gold different than US Gold?? Or is all gold, gold?
I can't believe that the Republicans want to intentionally increase the debt. It is like the people in charge of the bank rob it.
China sits pretty on a mountain of gold
how big will China's payday be when gold is properly priced and they are then the leading seller?
Cong hoa xa hoi chu nghia viet doc lap tu do hanh phuc ngay 16 /6/2005 giay to ho so mat phim tai lieu lich su chien tranh thua 99 tai nha trang trung quoc nhat han trung am duong tren duoi trong ngoai giay to ho so mat vang bac da dc dong dau nghiem phong toan cau het co phan co phieu tai viet nam the gioi da doi quan tai ccho con chau di chet tai viet nam the gioi tai nha trang viet nam the gioi am duong tren duoi trong ngoai giao lai cho hoang xuan hô huyen than mat troi niuton vo hoang thinkha con hoang xuan khoi vo hoang thi kha con am 4 dua con hoang xuan thao vo hoang thi nha khanh con hoang xuan anh dung tai xom dinh xa nghi thiet huyen nghj loc tinh nghe an viet nam the gioi gia dinh dong y ky giay to ho so mat tai nha trang ben nha rong tai nha nuoc quoc gia viet nam the gioi dong dau gia to ho so mat ra anh sang sinh tu tai viet nam the gioi am duong tren duoi trong ngoai ding 50 cuoi xong co bau sinh tai anh sang viet nam the gioi neu dong giua hai ben dong dau ra anh sang tai viet nam the gioi het vk hoangvxuan hô huyen than mat troi niuton vo hoang thi kha con hoang xuan khoi vo hoang thi kha con am 4 đua con hoang xuan thao vo hoang thi nha khanh con hoang xuan anh dung tai xom dinh xa nghi thiet huyen nghj loc tinh nghe an viet nam the gioi het
The main reason china is stocking up on gold just the same as all countries in brics ..its clear too see and known as theve all made it clear they will pay in gold as the dollar is just toilet paper .
Well if they dont usa will so no difference whatsoever does it
No dude, We're "publicly" dumping sh1t Dollar.
It is just amazing how people could be so naive… Unbelievable naive. Nobody is using brains. Ok, people, just one simple question. What happens next to the day when one country like China or USA declares something like "gold price is now USD 10000 per tr oz"? No idea? Make small efort to think a bit longer than never :). All the rest holders of gold (including countries, companies, individuals) will immediately sell their gold inventories accimulated at prices less than USD 3500 to that crazy country (China, USA or any other). This will be lasting approximately till the price is back to USD 3500. Because IT IS MARKET PRICE. In real life there are NO WAYS to move the gold price from 3500 to 10000 overnight. As no ways to solve USA debt problem talking of these ways 🙂
So, when a bank goes bust in the US, where does the physical gold end up? Has there been missing gold at any bankrupt banks to date?
I'm not okay with China telling the world what gold is going to be worth, and did they speak to America? Maybe America has their own ideas about what gold is going to be worth in America. China is out of line unless it's really higher than there is going to be a war on whose gold is worth more. This is going to be fun, and it could get really higher than ever expected
I’m recovering gold from the ground right now at a “good wages” rate. It’s gaining value every day.
Makes sense to me.
The US needs a gold backed currency by august this year or they go bankrupt. It IS happening.
The U.S. Government needs to keep buying gold with money created out of thin air until the new price of gold owned by the U.S. government backs all the dollars that have ever been created. That would end our fiat currency for at least a few days.
Great rhetorical speculations….howeverno one addresses a simple question …if I choose to invest in physical gold or silver. And would want to sell it in the future where does one sell said metals besides a coin dealer or individual. Both who. From my personal investigation seem unpredictable or shady at best ???
I appreciate your work and also that you're a great role model for young women – something that is very had to find today. As a Father to a young girl I appreciate that. Keep up the good work.
I'm by no means a feminist, but those two ladies are worth listening to.
If you think you own gold, think again. It all belongs to God, and you will die with nothing. "The silver is Mine, and the gold is Mine,’ says the Lord of hosts." (Haggai 2:8)
Lets say china has a lot of gold theres no way to determine the value of all that gold because globally gold is traded in us dollars so until that stops being the norm it doesnt matter how much gold they have its still valued in dollars so you cant use it to back another currency while its still being used by another currency for the exchange of what you're trying to back youre entire monetary system on
My Personal Summary of Events. The US Weaponized the Dollar. The world saw it. China, with support of BRICS, will weaponize gold against the Dollar. They will dominate the metals market and use the wealth of nations to break the Dollar dominance. It will work. The US is already in a precarious position, and this will lead to economic disaster domestically, worse than the Depression… and longer. In longer term plans, I believe China has eyes of Expanding the Empire. The sudden change to a 3-child policy is ENTIRELY inconsistent with any other explanation other than breeding a war-time generation. By 2040, if the Dollar decline has weakened American influence and power, I believe they will unleash a plan to take Australia… a land full of resources with no defenses. America will be too weak to respond. The rest of the western world will have suffered the same FIAT collapse as America and be in the same position. Australia is VULNERABLE… and it may be too late to stop it.
All these "experts" yet look where we are! All useless!
Nice one