There seems to be a lack of coverage of the major players and countries buying vast reserves of gold. According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. China, another major world player, bought North Korea Gold Reserve while South Korea increased gold reserves by 30%. Vastly increasing gold reserves is not only the current motto of foreign countries, wealthy American businessmen are doing the same thing. Billionaires George Soros and John Paulson are now in the gold market.
With the American dollar continuing its decline, what does the future hold for this country? There seems to be little discussion of the devaluing of the dollar. The price of gold has skyrocketed over the years with prices over $1,600 per ounce. With the never-ending printing of American money out of thin air, expect the value of the dollar to plummet even further and gold to continue its historic high.
The International Monetary Fund calculates the United States is on track to lose its status as the world's biggest economy when measured in purchasing terms to China by the year 2017. Until there is real discussion about the dollar crisis, do not expect the "economy" to be improved. As long as critical decisions are made while the American public is left in the dark, expect things to get a whole lot worse.
Christopher Erdman
Muncy
Submitted by Virtual Newsroom
