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Central Banks Begin Turning to Gold

By: Steve Johnson

4/27/2009 - 20 Comments

As predicted by the gold bears for many years, central bankers are turning to gold.

As more and more nations turn to printing money or increasing their supply of money, foreign central banks realize that the largest wave of inflation in history will surely follow and gold may be their only protection.

Last week China became the fifth largest holder of gold. Some have wondered if the price of gold was going to drop with the IMF planning to sell 500 tons, but that will be a drop in the bucket compared to the millions of tons that central banks will be looking to buy.

If the IMF does sell their gold, I predict that it will be the end of their influence in the world because the paper money they borrow today will become less and less valuable.  The gold they have is the only true value behind their influence.  I think they will soon realize this and reverse their plan from selling gold to buying gold. 

Gold is at the beginning of a multi-year climb because I think many central banks will turn to gold as the only true source of wealth protection, as the largest experiment in history of paper currency inflation gets under way.

It will soon be evident that the Obama team has led the world into a snake pit by convincing them to inflate their currencies and flood the global economy with cheap money (by lowering interest rates to near zero). 

Previous to this global inflation experiment, the world has only seen rapid inflation in isolated nations, which allowed those nations to turn to other currencies that were not inflating.  But, in this case all currencies are inflating so there is nothing to turn to but gold.

Now is the time to invest in gold before the herd pushes the price to $5000.

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What You Should Know About Inflation

This book presents the Austrian theory of money in the clearest possible terms, and contrasts it with the fallacies of government management. Hazlitt takes on not only the Keynesians but also the monetarists, as well as anyone who believes that government debt accumulation and manipulation of interest rates are harmless. Hazlitt touches on a wide variety of macroeconomic topics, including budget and trade issues, as well as the economic history of inflation.

Gold: The Once and Future Money

Governments and central bankers around the world today unanimously agree on the desirability of stable money, ever more so after some monetary disaster has reduced yet another economy to smoking ruins. Lewis shows how gold provides the stability needed to foster greater prosperity and productivity throughout the world. He offers an insightful look at money in all its forms, from the seventh century B.C. to the present day, explaining in straightforward layman’s terms the effects of inflation, deflation, and floating currencies along with their effect on prices, wages, taxes, and debt.

The Coming Economic Earth Quake

Larry Burkett explains how the financial troubles in America started back in the 1930s. Larry explains the economics of huge goverment and public deficits and how it leads to hyper-inflation. We may be headed for another great depression.

The Hyperinflation Survival Guide: Strategies for American Businesses

The Hyperinflation Survival Guide offers strategies for business managers to keep their enterprise afloat in the midst of runaway inflation. Within this succinct little book are a plethora of sensible business strategies for American businesses. If businesses are to survive they must effectively counter and minimize the ill effects of rampant inflation and/or hyperinflation. The utmost prudence is required in managing accounts receivable, inventory, and production at such a time. A sudden inflationary economic downturn may very well bring a business to its knees leading to insolvency.