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Every single day the dollar loses more<br />
and more of its buying power and<br />
intelligent nations need to look for<br />
alternative hedges that they can use to<br />
secure their wealth. Throughout history,<br />
records have proven time and time again<br />
that the safest way to shield your wealth<br />
(both as individuals and as nations) is by<br />
investing in commodities. You only need<br />
to look at what has happened to the price<br />
of commodities such as Gold, Silver,<br />
Copper, Iron ore and so forth in the last 3<br />
years. Today Gold is trading at $1311 an<br />
ounce and it is projected to rise to well<br />
over $5000 over the next 3-5 years<br />
because of what is happening to the<br />
dollar.<br />
Why is the $dollar so central to the<br />
global economy? It is because it is the<br />
currency of international trade and all<br />
global business transactions are quoted<br />
and traded in US Dollars, so if the dollar<br />
should collapse, the global economy will<br />
follow suit, and the impact will hit<br />
nations who have not managed to move<br />
their $dollar reserves into commodities<br />
mostly. America’s national debt has<br />
reached $20 Trillion dollars. How can one<br />
single country have so much debt? And<br />
just in case you don’t understand the<br />
magnitude of this, let me quote it in<br />
Naira. America’s debt in Naira is 3200<br />
Trillion Naira (in words: Three thousand<br />
two hundred Trillion Naira). It is<br />
economically impossible for America to<br />
ever clear this debt and to compound the<br />
problem even more, they’re printing<br />
$billions of dollars and dumping it into<br />
their economy in an attempt to kick start<br />
it, and all it is doing is devaluing their<br />
5<br />
currency.<br />
It is basic economics, the more of<br />
“something” you have in circulation, the<br />
less valuable it becomes. The reason why<br />
Gold is so valuable is because there isn’t<br />
a lot of it in the world, it’s a rare<br />
commodity. Nigeria must intensify its<br />
mining operations and rapidly build up<br />
its reserve of Gold and other precious<br />
metals.<br />
As a nation, we need to start building up<br />
our mineral reserves, and because we are<br />
already immensely endowed with so<br />
much mineral deposits, we do not need to<br />
purchase them, we simply need to<br />
exponentially increase our mining<br />
output because the $dollar does not have<br />
long to go before it finally collapses.<br />
China is the biggest buyer of<br />
minerals, they have the largest<br />
deposit of Gold in the world and<br />
they mine and store it. The Chinese<br />
do not sell their minerals because<br />
they know that in the coming fiscal<br />
tsunami that will soon hit the<br />
world, paper <strong>money</strong> will have no<br />
value and the only thing which<br />
nations will be able to trade with is<br />
minerals. We need to secure the<br />
economic future of this nation and<br />
see to it that we do not fall victim to<br />
the fiscal incompetence of the<br />
western democracies.