The dollar affects the entire world; when the dollar has a cold, the entire world runs the risk of getting sick… except right now, the dollar does not have a cold… it has cancer! The video will explain...
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Over the past few years, a dramatic change has taken place in the precious metals market: the world’s central banks have shifted from being net sellers of gold to net purchasers of significant quantities of gold—and that’s only those nations who accurately report central bank transactions.
On this video blog, Michael Maloney uses the 2008 and 2009 CPM Gold Yearbooks to illustrate this market-rocking effect. As recently as 2009, central banks were projected to sell some 4 million ounces of gold; instead, when the 2009 real numbers came in, they had purchased 15 million ounces. “I can’t tell you what an enormous shift in this bull market that is,” Mike says.
“That means that governments around the world are starting to distrust the dollar; they are starting to panic. When one country blinks, that’s when this whole thing is over with. This means the dollar is toast eventually.”
The 15 million in official transactions reported by CPM Yearbook reflects only the available data, Mike continues. “This is only 15 million ounces, and that doesn’t include suspected buying by Iran and China and several other countries that have been buying under the table. They don’t have the official numbers because they don’t report them to the World Bank and the IMF and so on.”
While projected central bank purchases for 2010 were about 9 million, Mike predicts that when the official numbers are released about three days from now, actual gold purchases will be near all-time highs or even off the chart. For example, a recent Financial Times report about Iran’s buying up gold reserves to reduce its exposure to the dollar is not reflected in official figures.
“This is the big game-changer,” Mike says. “I don’t know how much longer this bull market is going to go, but I do know it’s going to be the greatest bull market in history.”
Article taken from WealthCycles.com
Due Daniels
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