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A Man of Wealth and Taste
 
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We Are Right On Schedule

Yesterday it was mentioned on World Wide Exchange on CNBC (their early morning show covering Asian and European markets) that a number of Central Banks have been buying Gold for the past year (179 tons) so as they don't have to hold USD's as a Reserve Currency. So what one can conclude is that not only is the USD in danger of losing Reserve currency status the prognosis is that those foreigners no longer trust America and or think we are going down.

This buying by the Central Banks is the reason why the price of Gold has been steadily been increasing and not just some wahoo speculators driving the price. One might say that these banks buying Gold is their way of decoupling from the USD and saving themselves if the USA does sink into the oblivion of a Third World Banana Republic.

This morning the USD is hitting NEW LOWS as the USD index is at 73.65, which is a marked decline over the past week. Gold this morning has hit a new high of $1624 an OZ and is currently trading at about 1622 an OZ. Yesterday a Gold Trader said Gold will be $2000 an oz by the end of the year and $4000 to $5000 an oz in 4 to 5 years.
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Old 07-27-2011, 05:55 AM
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179 tons is about $9billion US. I understand the drive to diversify out of the US dollar, but 9 billion is peanuts.
Old 07-27-2011, 09:45 AM
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Still, intersting to know that some banks are buying at these price levels..
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Old 07-27-2011, 09:52 AM
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and still those, with lots O' gold, advertise (spend money) encouraging all to trade them USD for a piece of gold . . ."a peace of mind"
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Old 07-27-2011, 09:57 AM
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Old 07-27-2011, 09:57 AM
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