Chris Powell of GATA recently published this important insight:
- Arabian Gulf Oil Principalities Will Stick with Dollar Until They Achieve Monetary Union in 2010
- Dubai Group Announces Gold ETF Operating on Islamic Financial Principles
- IMF Announces Plan to Sell 403 Tonnes of Gold
If one puts today’s news together …
… it may be hard not to wonder if the oil states have not made a deal with the United States to continue for another two or three years their cooperation with the U.S. scheme of rigging the currency and gold markets in exchange for whatever gold is to be unloaded in the name of making the IMF solvent — hard not to wonder whether this is not all part of an orderly hedging of the oil world’s dollar exposure.
— Chris Powell, Gold Anti-Trust Action Committee, Inc.
Read the full article at GATA’s web site:
Is Gold Going East to Keep Oil Principalities in Line?
Bad money drives out the good, or something like that.
Sure, why not. This tells me the almighty $ is going to get devalued even further, yeah, this will keep the Saudis off our back n’ buyin treasuires for a while.