Video: Rep. Mark Kirk says China may be purchasing $80 billion in gold bullion to increase reserves

July 12, 2009 by · Leave a Comment
Filed under: Videos 

Editor’s Note: Admittedly, Fox News is not my favorite news organization.  This video of an interview on Fox is pretty good and Republican Representative Mark Kirk from Illinois gives a pretty solid perspective of some of the debate that are happening in Washington and globally about the U.S. dollar and China as our largest creditor.   The omission that China is going to buy $80 billion in gold bullion says a lot about their inflation expectations in itself.  To put that into perspective, if you purchased that amount a current price ($920.00/oz.), that would equal 2,717 tonnes of gold bullion.  According to the World Gold Council, that would outstrip an entire years mining production for the entire globe.  If that is not some indication about our current situation and what is expected for inflation, than what else do we need?  Enjoy the video.

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