The IMF’s International Financial Statistics show the US holding the lion’s share of global gold reserves:
(Source: Zero Hedge)
Wow. The US is holding a huge hedge against fiat currency. This exhibit doesn’t really say much about their faith in people’s faith in paper (or, the Fed’s ability to manage that paper properly).
This chart also says a few more things:
1) At these levels, the world would have to be clinically insane to accept any move where gold represents a global currency;
2) That pile of rock merely pays off a portion of the US Debts;
3) Like paper, gold is just another derivative (i.e., symbol) of reality which does not reflect true value of value added to society; and,
4) Now I’m sure Cash4Gold is a US corporation.
I would also add that if there is a raging river of inflation waiting to break past bank vault dams, gold prices will fly much higher …
Readers who liked this also enjoyed these posts:
Gold: Bernanke Says “The Trend is Your Friend”
Exclusive Interview: Jim Rogers on Gold, Bubbles, Commodites, Equities, and Roubini
Loading ...
