Gold Hits a Record High of $1200! Countries Build Reserves!

Gold sets a record high at $1200 an ounce as the U.S. dollar declined and Barrick Gold Corporation, the world’s largest gold miner eliminated its gold hedges.

The only certain thing in an uncertain international economic crisis is that countries are increasing their gold reserves. Most notably China has been moving away from a weakening U.S dollar in order to defend itself from further falling victim of a deepening crisis. Gold will continue to surge as long as the Federal Reserve keeps interest rates near zero and neglects to support the dollar.

Will gold become the new world currency? If that’s the case, whoever has the most reserves will have greatest advantage! Only time will tell…

WORLD OFFICIAL GOLD HOLDINGS (June 2009*)

Click for table

Reference http://www.usgold.com/world-gold-holdings

Share on Facebook

Tags: Gold

This entry was posted on December 2, 2009 at December 2, 2009 and is filed under Commodities. You can follow any responses to this entry through the RSS 2.0 feed.