After years of being kept in the doldrums by orchestrated short selling described on this website by Roberts and Kranzler,gold has lately moved up sharply reaching$1,510 this morning.
在羅伯茨和克蘭茲勒在網站上描述的精心安排的賣空操作下，多年來黃金一直處於低迷狀態，今天早上，黃金價格急劇上漲，達到每盎司1510美元。
The gold price has continued to rise despite the continuing practice of dumping large volumes of naked contracts in the futures market.The gold price is driven down but quickly recovers and moves on up.I haven't an explanation at this time for the new force that is more powerful than the short-selling that has been used to control the price of gold.
儘管在期貨市場繼續存在大量無擔保合約的做法，但黃金價格仍繼續上漲。黃金價格下跌，但很快復甦，並繼續上漲。目前我還沒有一個解釋，為什麼這股新勢力比用於控制黃金價格的賣空交易更為強大。
Various central banks have been converting their dollar reserves into gold,which reduces the demand for dollars and increases the demand for gold.Existing stocks of gold available to fill orders are being drawn down,and new mining output is not keeping pace with the rise in demand.Perhaps this is the explanation for the rise in the price of gold.
各國央行紛紛將其美元儲備轉換為黃金，從而減少了對美元的需求，增加了對黃金的需求。現有的黃金庫存正在減少，新開採的黃金產量跟不上需求的增長。也許這就是黃金價格上漲的原因。
During the many years of Quantitative Easing the exchange value of the dollar was protected by the Japanese,British,and EU central banks also printing money to insure that their currencies did not rise in value relative to the dollar.The Federal Reserve needs to protect the dollar's exchange value so that it continues in its role as the world's reserve currency in which international transactions are conducted.
在多年的量化寬鬆政策中，美元的匯率受到日本、英國和歐盟央行的保護，這些央行也在印製鈔票，以確保它們的貨幣相對於美元不會升值。美國聯邦儲備委員會(Federal Reserve)需要保護美元的匯率，使其繼續作為國際交易的全球儲備貨幣。
If the dollar loses this role,the US will lose the ability to pay its bills by printing dollars.A dollar declining in value relative to other countries would cause flight from the dollar to the rising currencies.Catastrophe quickly occurs from increasing the supply of a currency that central banks are unwilling to hold.
如果美元失去這一角色，美國將失去通過印刷美元來償還債務的能力。美元相對於其他國家的貶值將導致資金從美元流向不斷升值的貨幣。如果增加央行不願持有的貨幣供應量，災難很快就會發生。
One problem remained.The dollar was depreciating relative to gold.Rigging the currency market was necessary but not sufficient to stabilize the dollar's value.The gold market also had to be rigged.
還有一個問題。美元相對於黃金貶值。操縱貨幣市場是必要的，但不足以穩定美元的價值。黃金市場也不得不受到操縱。
To stop the dollar's depreciation,naked short selling has been used to artificially increase the supply of paper gold in order to suppress the price.Unlike equities,gold shorts don't have to be covered.This turns the price-setting gold futures market into a paper market where contracts are settled primarily in cash and not by taking delivery of gold.
為了阻止美元貶值，裸賣空被用來人為地增加紙黃金的供應以壓低價格。與股票不同，黃金空頭不需要進行擔保。這將黃金期貨市場變成了一個紙面市場，合約主要以現金結算，而不是通過交割黃金來結算。
Therefore,participants can increase the supply of the paper gold traded in the futures market by printing new contracts.When large numbers of contracts are suddenly dumped in the market,the sudden increase in paper gold supply drives down the price.This has worked until now.
因此，參與者可以通過印刷新的合約來增加在期貨市場交易的紙黃金的供應。當大量合約突然在市場上被拋售時，紙黃金供應的突然增加推低了價格。直到現在，這種方法還是有效的。
If flight from the dollar is beginning,it will make it difficult for the Federal Reserve to accommodate the growing US budget deficit and continue its policy of lowering interest rates.With central banks moving their reserves from dollars(US Treasury bonds and bills)to gold,the demand for US government debt is not keeping up with supply.
如果資金開始逃離美元，美聯儲(fed)將難以適應美國不斷增長的預算赤字，並繼續實施降息政策。隨著各國央行將其外匯儲備從美元(美國國債和票據)轉向黃金，對美國國債的需求無法滿足供應。
The supply will be increasing due to the$1.5 trillion US budget deficit.The Federal Reserve will have to take up the gap between the amount of new debt that has to be issued and the amount that can be sold by purchasing the difference.
由於美國1.5萬億美元的預算赤字，供應將會增加。美聯儲將不得不承擔必须發行的新債務數額與可以通過購買差額出售的債務數額之間的差額。
In other words,the Fed will print more money with which to purchase the unsold portion of the new debt.
換句話說，美聯儲將印刷更多的錢來購買未售出的新債務。
The creation of more dollars when the dollar is experiencing pressure puts more downward pressure on the dollar.To protect the dollar,that is,to make it again attractive to investors and central banks,the Federal Reserve would have to raise interest rates substantially.
當美元面臨壓力時，創造更多的美元會給美元帶來更大的下行壓力。為了保護美元，也就是說，為了讓它再次對投資者和央行具有吸引力，美聯儲將不得不大幅提高利率。
If the US economy is in recession or moving toward recession,the cost of rising interest rates would be high in terms of unemployment.
如果美國經濟陷入衰退或走向衰退，就失業率而言，利率上升的代價將會很高。
With a rising price of gold,who would want to hold debt denominated in a rapidly depreciating currency when interest rates are low,zero,or negative?
隨著黃金價格的上漲，當利率處於低位、零利率或負值時，誰會願意持有以迅速貶值的貨幣計價的債券呢?
The Federal Reserve might have no awareness of the pending crisis that it has set up for itself.On the other hand,the Federal Reserve is responsive to the elite who want to rid themselves of Trump.Collapsing the economy on Trump's head is one way to prevent his reelection.
美國聯邦儲備委員會(fed，美聯儲)可能並不知道它為自己準備的這場迫在眉睫的危機。另一方面，美聯儲(fed)對那些希望擺脫特朗普的精英做出了回應。將經濟崩潰壓在特朗普頭上是阻止他連任的一種方法。
來源：http://humansarefree.com/2019/08/is-federal-reserve-losing-control-of.html
資料來源: https://www.pfcchina.org/xinwen/26308.html
轉貼自：http://russ999.pixnet.net/blog/post/302838365
沒有留言:
張貼留言