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*)

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

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