25.5 trillion
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25.5 bilion thats round 9 days worth of the current Q.E money printing
7000 tons of gold x 32,000 -224,000 x $1270oz =224 billion USD round a quarter of a trillion ...
25.5 trillion or $25,000 billion is what the USD debt level could top by the end of the century with a small rise in interest rates
you can start to see why some guys predict crazy high Gold prices when you put the above numbers into prospective i.e trying to back M3 (stopped letting us know about that number)
Yes, but gold is not necessary when you have credit cards and paper money, might be to the goldbugs but not in the real world. The total US gold wouldn't pay the US military budget for a year, gold's an anachronism.
Well we are lead to believe Gold's an anchronism ......But Gold is a monetary metal even today just not for common man but for Nations
If it wasn't then the USA would have followed Brown and sold all of the US Gold reserve long ago and Germany would have been happy to take USD instead of wanting their Gold back>>> As the old saying goes as Good as Gold aka.. USD
When banknotes (known as bills in the USA and some other countries) were first introduced they weren't considered to be money in the sense we now think of them, but were promissory notes or IOUs. Gold or silver was real money as it had intrinsic value, whereas notes were just promises to pay in coin. UK banknotes, like those of many other countries, still include messages such as this, signed by the Chief Cashier of the Bank of England: 'I promise to pay the bearer on demand the sum of ten pounds'.
Here's the Skol forecast:
Booms follow busts, the next boom is on its way, and it'll be a big one after 6 years of recession.
Agricultural commodities and farmland will benefit, hugely.They already have.
Metals like copper, iron ore, lead and zinc will gain.
Gold and silver will become largely irrelevant, probably facing years in the wilderness. Like old soldiers, they'll just fade away.
China will go into recession and may face political and economic chaos. I wouldn't rule out a Yugoslavia-style implosion.
The USA will boom and pull the world out of recession.
Europe will drag the chain, some, like the UK will advance more than others.
Stockmarkets worldwide will continue to gain.
The Middle East will remain messy with its usual combination of religious fanaticism, royal families and dictators, but that's a foregone conclusion.
The terrorists will face increasing headwinds, countries like Iran will have no option but to return to the international fold or face isolation and poverty.
There could be a property correction, but it won't be huge.
The oil price will fall as more technological advances make it easier to extract and Iranian oil is tapped.
Interest rates will increase, but the goldbug dream of hyperinflation won't happen.
The USD will remain the reserve currency in our lifetimes, China's military may look impressive but couldn't pull the skin off a rice pudding.
'Mad Max' Keiser and harebrained Stacey Herbert will run off together and hopefully disappear from my TV screen forever.
As I would expect from you Skol you do understand Silver bullion /medals etc only make up round 10% of Silver demand per year
leaving a much larger demand from Industry ...Doesn't make sense the likes of copper,zinc goes up but Silver goes down does it ...
USA boom well it could happen Mr Obama just needs to send out million dollar cheques to the population
Gold and silver have been the objects of much unwarranted speculation, they'll find their correct level, but it will be lower than the current price.
Much lower.
Looks as if the goldbugs are getting a bit of pineapple treatment at the moment.
The market has already factored in a deal.
There's a lot more upside for Gold if one is not quickly struck than downside if one is.
Very few people expect Republicans to send the US into a default, least of all Obama who knows that he doesn't need to negotiate a compromise since politically he's sure its a win-win: if Republican's don't give him the increased debt cap then Americans will blame them for any default; if they do it will be on his terms - i.e. giving nothing away re ObamaCare, Entitlements, etc.
Don't be surpised if this sudden lift in the POG ($35 in just under 8 hrs) holds above the new support level of 1275, which is higher than what it was through ASX trading yesterday. ASX gold digger stocks will rise today - it's just a question of by how much and whether or not they will hold that lift through the rest of this week once the Debt cap deal is confirmed (assuming it is).
BC