New World Currency To Replace The Dollar Would Slay The Gold Bull MarketSubmitted by Jefferson2 on Tue, 11/23/2010 - 01:22
Poster's note: I was wondering what the PM bugs thought of this article. Does anyone know who this guy is, or if he has any credibility? Seems like the goal is a new reserve currency. I am curious as to how you think this will play out with PM's.
Nov. 10 2010 - 5:36 pm
QE2 will be followed by QE3 until we see “the end of the U.S. dollar standard,” a leading gold enthusiast and emerging markets expert, declared yesterday. No one can predict the timing, but the signal to sell all your gold will be an emergency economic meeting to create a new global currency, says Asia-based investment analyst Christopher Wood, who has been recommending gold as an investment since 2002.
Wood is on record as predicting that gold will sell over $3,000 an ounce some day. His portfolio allocation for U.S. pension funds includes 25% gold bullion and 15% gold mining shares.
Another signal that gold is in danger of big price slippage is when Ben Bernanke raises interest rates by 1/4 of 1%, but he sees no reasonable chance that would happen anytime in the near future– and certainly not unless there is inflationary growth in the U.S. economy.