Friday, December 14, 2012

Argentinians Flocking to Dollar not Gold - Chicago Gold and Silver ...

At about 25% a year, Argentina has one of the highest inlfation rates in the world. With such large uncertainty in Argentine currency, Argentinians are fleeing their peso and sekking alternatives. At this point, you would think gold or silver would be a great alternative. Instead, Argentinians are seeking the US dollar. The US dollar is in high demand in Argentina because they know it will hold its value. Also, with large government intervention, high taxes, and rising inflation people are resorting to the black market. They know that the black market is undocumented formally to the government. So that means, the government cannot collect their taxes.

Why am I mentioning Argentina in this post. Because the situation Argentina could be a preview of what is to come in the United States.

For more on the Dollar demand in Argetina read Dollar Fever.

Source: http://neilski.typepad.com/chicago_gold_and_silver_i/2012/12/argentinians-flocking-to-dollar-not-gold.html

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