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The US bought gold hand over fist in the 1930's after FDR nearly doubled the price. This gold pile became the bedrock of the universal acceptability of the dollar. If the govt got religion and acknowledged that the reported 271 million ounces of gold in our reserves did not exist what would that do to the value of the dollar?
Jun 05 12:17 pm
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All Comments by secmaven »'Gold as Money' Means a Potentially Massive Rise in Valuation [View article]
China is not stupid. They will accumulate gold, as will Russia, from domestic mines if not at the London fixing. When China can announce that they own 271 Million ounces of gold the yuan/rembini will become the reserve currency of the world. The standard of living in the US will go down the crapper.