The G20 has injected steroids into gold investing
Posted by Adam King on November 15, 2010
November 15, 2010 – Hang on to your hats: the G20 has injected steroids into gold investing. What monumental action did the committee take to warrant that statement? Absolutely nothing. According to the Wall Street Journal, “leaders of the world’s largest economies . . . delayed until next year the contentious work of defining problems that threaten the global recovery.” In the same article Canadian Prime Minister Stephen Harper sums up the committee’s accomplishments: "But I think we’ve got everyone talking the same language, everyone understanding longer-term what has to be done."
For everybody concerned over the crisis in the currency exchange that is of little comfort. Although few were expecting a miracle, most were hoping for at least some resolution to the immediate threat of a global currency war. A few countries think that the G20 is taking a workable position and South Korea even predicts that the currency market will now soon stabilize. But that level of optimism is not shared by countries that, unlike South Korea, are mired in stagnant economies.
The IMF adamantly warns that unless nations start cooperating the G20 will be unable to spark the growth necessary to stabilize the global economy. The failure of the committee to even apply band aids to slow down the hemorrhaging threatens to push Europe’s sovereign debt crisis over the edge and ignite severe inflation in emerging economies.
So while Nehru fiddles, Rome burns. And investors are certain to take a cue from G20’s inaction and position themselves even more strongly in certified gold. When nations seem incapable of protecting the wealth of their citizens then the citizens will protect themselves with gold investments.
Stewart Lawson
Senior Staff Writer – Certified Gold Exchange
Categories:
US Gold Market
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