By Jason Whitney
In an article published in the October 6, 2009 edition of The Independent, columnist Robert Fisk wrote that Arab states have launched secret moves with China, Russia and France to stop using the U.S. dollar for oil trading. With the decline in value of the dollar, and the well-documented resentment of the US’ long-term exertion of influence on world markets and other countries’ cultural evolution, what once was deemed impossible has suddenly become a lot more plausible. In the wake of this implication of the dollar’s imminent demise, its value has tumbled even more.
I’m not prone to buying into conspiracy theories, even those that are as seemingly viable as the current one. But it’s becoming increasingly difficult to ignore the fact that the well-being of the American economy – and with it, the value of the dollar – is not nearly as sacrosanct as it once was. And even if there is no actual conspiracy taking place against the dollar, the mere discussion about it, along with the well-known motives of the players and their ability to pull it off, is further driving the rush for gold, which has historically risen in value whenever the dollar declined.
Many investors around the world are looking to gold as a hedge against a dollar that might not have the clout it once had. I know, because we hear from a lot of them every day, and our sales are going through the roof as a result.
Jason Whitney is the CEO & Founder of First Fidelity Reserve, a leading authority in the precious metals and rare coin market.
For more information, see First Fidelity Reserve’s web site at First Fidelity Reserve, or call them at 1-800-336-1630.