Tuesday, March 22, 2011

Gaddafi's Gold

Gold is often used as an alternative investment, as a hedge against inflation, or, as in the past, as a means to back up paper currencies with something of real value. Thanks to Colonel Gaddafi, the despot ruling the Great Socialist People's Libyan Arab Jamahiriya - otherwise known as just Libya, there is now another use.


According to the Financial Times, Gaddafi has 143.8 metric tons of gold at his disposal with which to pay for his army of mercenaries. In dollar terms with gold at $1,444 a troy ounce, this converts to $6,676,012,459. While that might not support the American military for a long time, it certainly can pay for a lot of mercenaries willing to fight to preserve Gaddafi's position.

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