by John Rubino, Dollar Collapse:
China, India and Russia are accumulating a lot of gold, but they’re virtually alone. Traditional money managers, for a variety of reasons, view the metal as neither a viable investment (because it doesn’t pay interest) nor a substitute for cash (because they don’t understand monetary history).
But what if they changed their minds? From Chapter 21 of The Money Bubble: What To Do Before It Pops:
The fact that the East stands ready to buy all their gold at late-2013 exchange rates presents developed-world central banks with a dilemma: They can continue their manipulation, in which case they will soon run out of metal. Or they can step back – like they did when the London Gold Pool collapsed in 1968 – and let market forces choose an exchange rate, which will almost certainly be far higher than at present.
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