Wednesday, 30 December 2009

UN to Produce Bullion Coins as World Currency

The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.

In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.

There is not going to be a sustained economic recovery in 2010. I think these people at the UN have realised the problem and are taking steps to set a new standard for when the US dollar falls to an unacceptable level of value. We know the US government has utterly bankrupted itself. The current recovery is based upon more debt.

Expect to see a rush to investing in Gold and Silver producers in the stock market. You can bet all the big banks will look to invest in that direction as things go bad. Furthermore, look to see other countries pegging their currencies to a gold standard in line with the UN moves here.

[Posted at the SpookyWeather blog, December 30th, 2009.]

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