Kazakhstan now has the world’s 23rd largest holdings, just behind the Philippines which has 194.4 tonnes of gold reserves.
Currency Wars: Bye, Bye Petrodollar – Buy, Buy Gold
Argentina has now taken the US to The Hague for blocking the country’s 2005 settlement with the bulk of its creditors. The issue underscores the need for an international mechanism for nations to go bankrupt. Better yet would be a sustainable global monetary scheme that avoids the need for sovereign bankruptcy.
Argentina was the richest country in Latin America before decades of neoliberal and IMF-imposed economic policies drowned it in debt. A severe crisis in 2001 plunged it into the largest sovereign debt default in history. In 2005, it renegotiated its debt with most of its creditors at a 70% “haircut.” But the opportunist “vulture funds,” which had bought Argentine debt at distressed prices, held out for 100 cents on the dollar. (more…)
In our chart you can see the RMI is at an ear splitting 90.567.
“People think they know what the future holds… and what Central banks are up to.. they don’t… I will never sell my gold and I buy more every month… I would not be short gold,” Faber said. Faber adopts the prudent strategy of dollar cost averaging or gradually accumulating a position over time rather than investing a large lump sum at once. (more…)
New research from the Portola Group shows that currency debasement by the U.S., China, Japan and the Eurozone has increased the yearly money supply by a whopping $50 trillion in one year.