Balance of trade also needs consideration but to some extent UK and definitely USA is worse off. Click pic for more detail
Either way I see gold in a bull market and recent gains inline long term. Italy is worlds 3rd largest holder of gold bullion http://www.telegraph.co.uk/finance/commodities/8858493/Central-banks-top-up-gold-reserves.html
http://en.wikipedia.org/wiki/Gold_reserve#Officially_reported_gold_holdings
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