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Barrick chairman speculates China will dump dollars for gold

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posted on Jan, 29 2009 @ 06:40 PM
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Barrick chairman speculates China will dump dollars for gold


www.goldnewswire.net

DAVOS, Switzerland — Gold is likely to hit new record highs, spurred by serious concern about the U.S. currency and doubt about the state of the world economy, the chairman of Barrick Gold Corp. said Thursday.

There was even a possibility, although not a probability, central banks, including China’s, might start to switch from dollar holdings to gold, which could cause the metal’s price to treble or more.
(visit the link for the full news article)


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posted on Jan, 29 2009 @ 06:40 PM
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This is what some very savvy analysts warned people about. The Chinese will no longer hold or buy our debt. There will be a very swift devaluation of the US Dollar.

The Federal Reserve has been devaluing the US currency by printing endless amounts of money. This printing of fiat currency is a secret tax on the American public. The Government needs to tax the public so that the bankers can walk away with all the money they stole.

People think that money just vanishes, but nothing could be further from the truth. Money changes hands. If the money's no longer in your hands than it's in someone else's.

www.goldnewswire.net
(visit the link for the full news article)



posted on Jan, 29 2009 @ 06:46 PM
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They have two ways of doing it. Either slowly and in secret, as they have done in the last 2 years or so, and doing it fast and in one day... if they are already prepared to see their exportations fall by 15% (exports to the USA).

And the source is BARRICK... in the GOLD business... so saying gold is gonna go high is in their interest. But I agree that overall, gold is gonna go much higher in the next years. Probably over 3000$.



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