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article imageMax Keiser: India, China and Germany to buy large amounts of gold

By Andrew Moran     Dec 5, 2009 in Business
Independent financial analyst and owner of Karma Bank, Max Keiser, sat down with Russia Today this week and said three nations will announce the purchase of large quantities of gold bullion: India, China and Germany.
Last month the central bank of India bought $7 billion worth of gold and made $800 million in profit. It was later announced that India may purchase 203 tons more of gold from the International Monetary Fund.
Gold hit record highs this week by going up to $1,220 before contracting back down to just under $1,180 on Friday, while the United States Dollar index rose very little to 75.8 points, which Keiser states, “The dollar reaction rally at the moment does not appear to have much oomph behind it.”
Max Keiser, independent financial analyst and co-inventor of the Hollywood Stock Exchange, sat down with Russia Today, this week to discuss the debt crisis in Dubai, the trend in Washington and three future central bank announcements of gold bullion purchases.
Keiser discusses how the US Dollar is not a defensive currency as it has been in years past and more governments are going to question the value of the dollar by realizing that eventually the dollar is going to be replaced as the global reserve currency and “they as we know are continuing to buy gold bullion.”
Keiser, who called the Iceland and Dubai crises, continued, “India is going to announce another huge bullion purchase, China will announce another big bullion purchase, my contacts in Germany at the Bundes Bank tell me that Germany is going to announce big bullion purchase. So these central governments are buying gold after decades of selling gold” and concluded on the point, “the Dollar is the currency that is going to suffer the most going forward, it may have little uptakes here and there because there is still a legacy of it being a safe haven currency but that status is being challenged with every month going by.”
Financial investors such as Jim Rogers, Chairman of Rogers Holdings, and Peter Schiff, President of Euro Pacific Capital, have stated repeatedly prior to the global financial crisis that gold is going to hit record highs between $2,000 and $5,000. Some financial experts, such as the founder of Gold and Silver Inc. Michael Maloney, believe gold will go up to $15,000 if the world loses faith in the US Dollar.
The Obama administration, says Keiser, has been awful in allowing the Treasury Secretary Timothy Geithner, Director of the White House’s National Economic Council for the President Larry Summers and many officials from the Bush administration “to rape and pillage on Wall Street with impunity and just decimate the US.”
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