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Gold/Mining/Energy : Precious and Base Metal Investing

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To: LLCF who wrote (34124)	1/30/2005 12:49:40 PM
From: seventh_son	Read Replies (1) of 39344

> Still a great question IMO... a complete meltdown of the US economy is still a distinct possibility. I posted the following statistics on Loantech's gold stock thread. All I can say is that the US dollar as the world's reserve currency is a barbarous relic of a time when the US was fiscally prudent and acted multilaterally with western democracies, rather than unilaterally and antagonistically to the entire world. Gold has much to gain as the pillar of the US dollar starts to crumble and what has become a Ponzi scheme starts to unravel. $9.5 trillion US M3 (1) $7.6 trillion Total US government debt (Jan 29, 2005) (2) $2.25 trillion value all world gold (150,000 tonnes est) (7) $1.2 trillion US treasury holdings by foreigners (Sept '04)(3) $122 billion US official gold reserves (5) $720 billion Bank of Japan holdings of US treasuries (4) $11.5 billion Japanese official gold reserves (5) $175 billion Bank of China holdings of US treasuries (4) $9 billion Chinese official gold reserves (5) $138 billion Berkshire Hathaway market cap (Jan 29) (6) $46.6 billion Bill Gates net worth (8) $30 billion Warren Buffet net worth (8) $5.8 billion Russian official gold reserves (5) $5.4 billion Indian official gold reserves (5) In general terms, the world's currencies are currently overwhelmingly backed by US dollar based securities, and only 10% by gold. The US dollar is backed by official reserves that are just over 60% gold (5). US government official gold reserves ($122 billion) amount to 1.6% of current US government debt ($7.6 trillion). (1) sharelynx.com (2) publicdebt.treas.gov (3) sharelynx.com (4) mises.org (5) gold.org -- Jan 2005 statistics $425 gold, 1 tonne = 35270 ounces (6) quote.bloomberg.com (7) money.canoe.ca -- take $425 for gold price (8) Message 20995656

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