{"id":54661,"date":"2014-07-23T06:42:59","date_gmt":"2014-07-23T10:42:59","guid":{"rendered":"http:\/\/countingpips.com\/?p=54661"},"modified":"2014-07-23T06:42:59","modified_gmt":"2014-07-23T10:42:59","slug":"the-truth-about-chinas-massive-gold-hoard","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/07\/the-truth-about-chinas-massive-gold-hoard\/","title":{"rendered":"The TRUTH about China\u2019s Massive Gold Hoard"},"content":{"rendered":"<div id=\"inves-2637374580\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 23, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><h4><span style=\"font-size: small;\">By Jeff Clark, Senior Precious Metals Analyst, Casey Research<br \/>\n<\/span><\/h4>\n<p>I don\u2019t want to say that mainstream analysts are\u00a0<em>stupid<\/em>\u00a0when it comes to China\u2019s gold habits, but I did look up how to say that word in Chinese\u2026 <iframe loading=\"lazy\" src=\"http:\/\/trk.caseyresearch.com\/f\/?content_id=929&amp;code=PIP&amp;editorial=the-truth-about-chinas-massive-gold-hoard\" width=\"1\" height=\"1\" frameborder=\"0\"><\/iframe><\/p>\n<p>One report claims, for example, that gold demand in China is down because the yuan has fallen and made the metal more expensive in the country. Sounds reasonable, and it has a grain of truth to it. But as you\u2019ll see below, it completely misses the bigger picture, because it overlooks a major development with how the country now imports precious metals.<\/p>\n<p>I\u2019ve seen so many misleading headlines over the last couple months that I thought it time to correct some of the misconceptions. I\u2019ll let you decide if mainstream North American analysts are stupid or not.<\/p>\n<p>The basis for the misunderstanding starts with the fact that the Chinese\u00a0<em>think <\/em>differently about gold. They view gold in the context of its role throughout history and dismiss the Western economist who arrogantly declares it an outdated relic. They buy in preparation for a new monetary order\u2014not as a trade they hope earns them a profit.<\/p>\n<p>Combine gold\u2019s historical role with current events, and we would all do well to view our holdings in a slightly more \u201cChinese\u201d light, one that will give us a more accurate indication of whether we have enough, of what purpose it will actually serve in our portfolio, and maybe even when we should sell (or not).<\/p>\n<p>The horizon is full of flashing indicators that signal the Chinese view of gold is more prudent for what lies ahead. Gold will be less about \u201cmaking money\u201d and more about preparing for a new international monetary system that will come with historic consequences to our way of life.<\/p><div id=\"inves-4227893046\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>With that context in mind, let\u2019s contrast some recent Western headlines with what\u2019s really happening on the ground in China. Consider the big picture message behind these developments and see how well your portfolio is geared for a \u201cChinese\u201d future\u2026<\/p>\n<p><strong>Gold Demand in China Is Falling<\/strong><\/p>\n<p>This headline comes from mainstream claims that China is buying less gold this year than last. The\u00a0<em>International Business Times<\/em>\u00a0cites a 30% drop in demand during the \u201cGolden Week\u201d holiday period in May. Many articles point to lower net imports through Hong Kong in the second quarter of the year. \u201cThe buying frenzy, triggered by a price slump last April, has not been repeated this year,\u201d reports Kitco.<\/p>\n<p>However, these articles overlook the fact that\u00a0<em>the Chinese government now accepts gold imports directly into Beijing<\/em>.<\/p>\n<p>In other words, some of the gold that normally went through Hong Kong is instead shipped to the capital. Bypassing the normal trade routes means these shipments are essentially done in secret. This makes the Western headline misleading at best, and at worst could lead investors to make incorrect decisions about gold\u2019s future.<\/p>\n<p>China may have made this move specifically so its import figures can\u2019t be tracked. It allows Beijing to continue accumulating physical gold without the rest of us knowing the amounts. This move doesn\u2019t imply demand is falling\u2014just the opposite.<\/p>\n<p>And don\u2019t forget that China is already the largest gold producer in the world. It is now reported to have the second largest in-ground gold resource in the world. China does not export gold in any meaningful amount. So even if it were true that recorded imports are falling, it would not necessarily mean that Chinese demand has fallen, nor that China has stopped accumulating gold.<\/p>\n<p><strong>China Didn\u2019t Announce an Increase in Reserves as Expected<\/strong><\/p>\n<p>A number of analysts (and gold bugs) expected China to announce an update on their gold reserves in April. That\u2019s because it\u2019s widely believed China reports every five years, and the last report was in April 2009. This is not only inaccurate, it misses a crucial point.<\/p>\n<p>First, Beijing publicly reported their gold reserve amounts in the following years:<\/p>\n<ul>\n<li>500 tonnes at the end of 2001<\/li>\n<li>600 tonnes at the end of 2002<\/li>\n<li>1,054 tonnes in April 2009.<\/li>\n<\/ul>\n<p>Prior to this, China didn\u2019t report any change for over 20 years; it reported 395 tonnes from 1980 to 2001.<\/p>\n<p>There is no five-year schedule. There is no schedule at all. They\u2019ll report whenever they want, and\u2014this is the crucial point\u2014<em>probably not until it is politically expedient to do so<\/em>.<\/p>\n<p>Depending on the amount, the news could be a major catalyst for the gold market. Why would the Chinese want to say anything that might drive gold prices upwards, if they are still buying?<\/p>\n<p><strong>Even with All Their Buying, China\u2019s Gold Reserve Ratio Is Still Low<\/strong><\/p>\n<p>Almost every report you\u2019ll read about gold reserves measures them in relation to their\u00a0<em>total<\/em>\u00a0reserves. The US, for example, has 73% of its reserves in gold, while China officially has just 1.3%. Even the World Gold Council reports it this way.<\/p>\n<p>But this calculation is misleading. The US has minimal foreign currency reserves\u2014and China has over $4 trillion. The denominators are vastly different.<\/p>\n<p>A more practical measure is to compare gold reserves to GDP. This would tell us how much gold would be available to support the economy in the event of a global currency crisis, a major reason for having foreign reserves in the first place and something Chinese leaders are clearly preparing for.<\/p>\n<p>The following table shows the top six holders of gold in GDP terms. (Eurozone countries are combined into one.) Notice what happens to China\u2019s gold-to-GDP ratio when their holdings move from the last-reported 1,054-tonne figure to an estimated 4,500 tonnes (a reasonable figure based on import data).<\/p>\n<div align=\"center\">\n<table style=\"border-bottom: 3px solid #F17C14; font-family: Arial; font-size: 13px; line-height: 15px;\" border=\"0\" width=\"504\" cellspacing=\"1\" cellpadding=\"4\">\n<tbody>\n<tr style=\"color: #666;\">\n<td style=\"color: #fff; border-bottom: 3px solid #F17C14; font-size: 16px; line-height: 17px;\" align=\"center\" valign=\"bottom\" bgcolor=\"#F17C14\" width=\"104\"><strong>Country<\/strong><\/td>\n<td align=\"center\" width=\"87\"><strong>Gold<br \/>\n(Tonnes)<\/strong><\/td>\n<td align=\"center\" width=\"100\"><strong>Value US$ B<br \/>\n($1300 gold)<\/strong><\/td>\n<td align=\"center\" width=\"91\"><strong>GDP US$ B<br \/>\n(2013)<\/strong><\/td>\n<td align=\"center\" width=\"100\"><strong>Gold<br \/>\nPercent<br \/>\nof GDP<\/strong><\/td>\n<\/tr>\n<tr bgcolor=\"#F2F2F2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>Eurozone*<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\">10,786.3<\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\">$450.8<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\">12,716.30<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\">3.5%<\/td>\n<\/tr>\n<tr bgcolor=\"#E2E2E2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>US<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\">8,133.5<\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\">$339.9<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\">16,799.70<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\">2.0%<\/td>\n<\/tr>\n<tr bgcolor=\"#F2F2F2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>China**<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\"><strong>4,500.0<\/strong><\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\"><strong>$188.1<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\"><strong>9,181.38<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\"><strong>2.0%<\/strong><\/td>\n<\/tr>\n<tr bgcolor=\"#E2E2E2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>Russia<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\">1,068.4<\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\">$44.7<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\">2,118.01<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\">2.1%<\/td>\n<\/tr>\n<tr bgcolor=\"#F2F2F2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>India<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\">557.7<\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\">$23.3<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\">1,870.65<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\">1.2%<\/td>\n<\/tr>\n<tr bgcolor=\"#E2E2E2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>Japan<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\">765.2<\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\">$32.0<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\">4,901.53<\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\">0.7%<\/td>\n<\/tr>\n<tr bgcolor=\"#F2F2F2\">\n<td nowrap=\"nowrap\" width=\"104\"><strong>China<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"87\"><strong>1,054.1<\/strong><\/td>\n<td align=\"center\" valign=\"bottom\" nowrap=\"nowrap\" width=\"123\"><strong>$44.1<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"91\"><strong>9,181.38<\/strong><\/td>\n<td align=\"center\" nowrap=\"nowrap\" width=\"100\"><strong>0.5%<\/strong><\/td>\n<\/tr>\n<tr bgcolor=\"#E2E2E2\">\n<td colspan=\"5\" nowrap=\"nowrap\" width=\"191\"><span style=\"font-size: xx-small;\"><em>*including 503.2 tonnes held by ECB<\/em><\/span><\/td>\n<\/tr>\n<tr bgcolor=\"#E2E2E2\">\n<td colspan=\"5\" nowrap=\"nowrap\" width=\"104\"><span style=\"font-size: xx-small;\"><em>**Projection <\/em><\/span><\/td>\n<\/tr>\n<tr bgcolor=\"#E2E2E2\">\n<td colspan=\"5\" nowrap=\"nowrap\" width=\"404\"><span style=\"font-size: xx-small;\"><em>Sources: World Gold Council, IMF, Casey Research proprietary calculations<\/em><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>At 4,500 tonnes, the ratio shows China would be on par with the top gold holders in the world. In fact, they would hold more gold than every country except the US (assuming the US and EU have all the gold they say they have). This is probably a more realistic gauge of how they determine if they\u2019re closing in on their goals.<\/p>\n<p>This line of thinking assumes China\u2019s leaders have a set goal for how much gold they want to accumulate, which may or may not be the case. My estimate of 4,500 tonnes of current gold reserves might be high, but it may also be much less than whatever may ultimately satisfy China\u2019s ambitions. Sooner or later, though, they\u2019ll tell us what they have, but as above, that will be when it works to China\u2019s benefit.<\/p>\n<p><strong>The Gold Price Is Weak Because Chinese GDP Growth Is Slowing<\/strong><\/p>\n<p>Most mainstream analysts point to the slowing pace of China\u2019s economic growth as one big reason the gold price hasn\u2019t broken out of its trading range. China is the world\u2019s largest gold consumer, so on the surface this would seem to make sense. But is there a direct connection between China\u2019s GDP and the gold price?<\/p>\n<p>Over the last six years, there has been a very slight\u00a0<em>inverse<\/em>\u00a0correlation (-0.07) between Chinese GDP and the gold price, meaning they act differently slightly more often than they act the same. Thus, the Western belief characterized above is inaccurate. The data signal that, if China\u2019s economy were to slow, gold demand won\u2019t necessarily decline.<\/p>\n<p>The fact is that demand is projected to grow for reasons largely unrelated to whether their GDP ticks up or down. The World Gold Council estimates that China\u2019s middle class is expected to grow by 200 million people, to 500 million, within six years. (The entire population of the US is only 316 million.) They thus project that private sector demand for gold will increase 25% by 2017, due to rising incomes, bigger savings accounts, and continued rapid urbanization. (170 cities now have over one million inhabitants.) Throw in China\u2019s deep-seated cultural affinity for gold and a supportive government, and the overall trend for gold demand in China is up.<\/p>\n<p><strong>The Gold Price Is Determined at the Comex, Not in China<\/strong><\/p>\n<p>One lament from gold bugs is that the price of gold\u2014regardless of how much people pay for physical metal around the world\u2014is largely a function of what happens at the Comex in New York.<\/p>\n<p>One reason this is true is that the West trades in gold derivatives, while the Shanghai Gold Exchange (SGE) primarily trades in physical metal. The Comex can thus have an outsized impact on the price, compared to the amount of metal physically changing hands. Further, volume at the SGE is thin, compared to the Comex.<\/p>\n<p>But a shift is underway\u2026<\/p>\n<p>In May, China approached foreign bullion banks and gold producers to participate in a\u00a0<em>global<\/em>\u00a0gold exchange in Shanghai, because as one analyst put it, \u201cThe world\u2019s top producer and importer of the metal seeks greater influence over pricing.\u201d<\/p>\n<p>The invited bullion banks include HSBC, Standard Bank, Standard Chartered, Bank of Nova Scotia, and the Australia and New Zealand Banking Group (ANZ). They\u2019ve also asked producing companies, foreign institutions, and private investors to participate.<\/p>\n<p>The global trading platform was launched in the city\u2019s \u201cpilot free-trade zone,\u201d which could eventually challenge the dominance of New York and London.<\/p>\n<p>This is not a proposal; it is already underway.<\/p>\n<p>Further, the enormous amount of bullion China continues to buy reduces trading volume in North America. The Chinese don\u2019t sell, so that metal won\u2019t come back into the market anytime soon, if ever. This concern has already been publicly voiced by some on Wall Street, which gives you an idea of how real this trend is.<\/p>\n<p>There are other related events, but the point is that going forward, China will have increasing sway over the gold price (as will other countries: the Dubai Gold and Commodities Exchange is to begin a spot gold contract within three months).<\/p>\n<p>And that\u2019s a good thing, in our view.<\/p>\n<p><strong>Don\u2019t Be Ridiculous; the US Dollar Isn\u2019t Going to Collapse<\/strong><\/p>\n<p>In spite of all the warning signs, the US dollar is still the backbone of global trading. \u201cIt\u2019s the go-to currency everywhere in the world,\u201d say government economists. When a gold bug (or anyone else) claims the dollar is doomed, they laugh.<\/p>\n<p>But who will get the last laugh?<\/p>\n<p>You may have read about the historic energy deal recently made between Chinese President Xi Jinping and Russian President Vladimir Putin. Over the next 30 years, about $400 billion of natural gas from Siberia will be exported to China. Roughly 25% of China\u2019s energy needs will be met by 2018 from this one deal. The construction project will be one of the largest in the world. The contract allows for further increases, and it opens Russian access to other Asian countries as well. This is big.<\/p>\n<p>The twist is that\u00a0<em>transactions will not be in US dollars, but in yuan and rubles<\/em>. This is a serious blow to the petrodollar.<\/p>\n<p>While this is a major geopolitical shift, it is part of a larger trend already in motion:<\/p>\n<ul>\n<li>President Jinping proposed a brand-new security system at the recent Asian Cooperation Conference that is to include all of Asia, along with Russia and Iran,\u00a0<em>and exclude the US and EU<\/em>.<\/li>\n<li>Gazprom has signed agreements with consumers to switch from dollars to euros for payments. The head of the company said that nine of ten consumers have agreed to switch to euros.<\/li>\n<li>Putin told foreign journalists at the St. Petersburg International Economic Forum that \u201cChina and Russia will consider further steps to shift to the use of national currencies in bilateral transactions.\u201d In fact,<em>a yuan-ruble swap facility that excludes the greenback has already been set up<\/em>.<\/li>\n<li>Beijing and Moscow have created a joint ratings agency and are now \u201cready for transactions\u2026 in rubles and yuan,\u201d said the Russian Finance Minister Anton Siluanov.\u00a0Many Russian companies have already switched contracts to yuan, partly to escape Western sanctions.<\/li>\n<li>Beijing already has in place numerous agreements with major trading partners, such as Brazil and the Eurozone, that bypass the dollar.<\/li>\n<li>Brazil, Russia, India, China, and South Africa (the BRICS countries) announced last week that they are \u201c<em>seeking alternatives to the existing world order<\/em>.\u201d The five countries unveiled a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.<\/li>\n<\/ul>\n<p>You don\u2019t need a crystal ball to see the future for the US dollar; the trend is clearly moving against it. An increasing amount of global trade will be done in other currencies, including the yuan, which will steadily weaken the demand for dollars.<\/p>\n<p>The shift will be chaotic at times. Transitions this big come with complications, and not one of them will be good for the dollar. And there will be consequences for every dollar-based investment. US-dollar holders can only hope this process will be gradual. If it happens suddenly, all US-dollar based assets will suffer catastrophic consequences. In his new book,\u00a0<em>The Death of Money<\/em>, Jim Rickards says he believes this is exactly what will happen.<\/p>\n<p>The clearest result for all US citizens will be high inflation, perhaps at runaway levels\u2014and much higher gold prices.<\/p>\n<p><strong>Gold Is More Important than a Profit Statement<\/strong><\/p>\n<p>Only a deflationary bust could keep the gold price from going higher at some point. That is still entirely possible, yet even in that scenario, gold could \u201cwin\u201d as most other assets crash. Otherwise, I\u2019m convinced a mid-four-figure price of gold is in the cards.<\/p>\n<p>But remember: It\u2019s not about the price. It\u2019s about the role gold will serve protecting wealth during a major currency upheaval that will severely impact everyone\u2019s finances, investments, and standard of living.<\/p>\n<p>Most advisors who look out to the horizon and see the same future China sees believe you should hold 20% of your investable assets in physical gold bullion. I agree. Anything less will probably not provide the kind of asset and lifestyle protection you\u2019ll need.<\/p>\n<p>In the meantime, don\u2019t worry about the gold price. China\u2019s got your back.<\/p>\n<p>You don\u2019t have to worry about silver, either, which we think holds even greater potential for investors. In the July issue of my newsletter,\u00a0<em>BIG GOLD<\/em>, we show why we\u2019re so bullish on gold\u2019s little cousin.<\/p>\n<p>And we provide two silver bullion discounts exclusively for subscribers, and name our top silver pick of the year.<\/p>\n<p>Of course, we also have all our best buys in the gold mining sector as well.<\/p>\n<p>&nbsp;<\/p>\n<p>Click here to <a href=\"http:\/\/www.caseyresearch.com\/go\/v96f6-2\/PIP\" target=\"_blank\">get it all with a 90-day risk-free trial to our inexpensive\u00a0<em>BIG GOLD\u00a0<\/em>newsletter<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"xvMdV95u77zU\" style=\"clear: both;\">The article <a href=\"http:\/\/www.caseyresearch.com\/go\/v9627-2\/PIP\" rel=\"permalink\">The TRUTH about China\u2019s Massive Gold Hoard<\/a> was originally published at <a href=\"http:\/\/www.caseyresearch.com\/go\/v9658-2\/PIP\">caseyresearch.com<\/a>.<\/div>\n<div style=\"clear: both;\"><\/div>\n<div style=\"clear: both;\"><\/div>\n<div style=\"clear: both;\"><\/div>\n<div style=\"clear: both;\"><\/div>\n<div style=\"clear: both;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Jeff Clark, Senior Precious Metals Analyst, Casey Research I don\u2019t want to say that mainstream analysts are\u00a0stupid\u00a0when it comes to China\u2019s gold habits, but I did look up how to say that word in Chinese\u2026 One report claims, for example, that gold demand in China is down because the yuan has fallen and made [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-54661","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/54661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=54661"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/54661\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=54661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=54661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=54661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}