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When the US was downgraded to a AA credit rating from AAA, Warren Buffett said he thought we should be AAA or even AAAA. His reasoning was that we owed our debts in dollars and we could pay our debts in dollars so......WE COULD JUST PRINT MORE DOLLARS! He followed that up by saying , “Now if you're talking about inflation, that's a different question”.

Here is the article. http://seekingalpha.com/article/285546-warren-buffett-s-drum...

His comment on the credit rating received WAY more attention than his follow-up comment on inflation. But it seems to me, if we do have inflation that there is no where for the price of gold to go but up.

So for me, I would not short gold. I have about 12% of my portfolio in gold.

Jeb
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