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We Are Already On A Global Financial Collapse - Warns Respected Economist
Russian Gold-Oil Peg, Strategic Petroleum Reserve
Russian economist Sergei Glazyev has proposed pegging one gram of gold to one barrel of oil to undermine the U.S. dollar. Credit Suisse analyst Zoltan Pozar suggests this could drive gold prices to $3,600 an ounce. This move is particularly threatening because the U.S. Strategic Petroleum Reserve is depleted, and China has amassed an estimated 30,000 tons of gold to back a new global currency.