by: Marc Courtenay posted on: July 20, 2008 | about stocks: You'll be happy you own gold and silver once you read this, compliments of our associates at Stansberry Research and the S&A Digest: "Sovereign wealth funds," foreign government investment pools, are dumping the dollar. One big fund in the Persian Gulf has cut its dollar-denominated holdings from more than 80% a year ago to less than 60%. China's State Administration of Foreign Exchange [SAFE] is working out deals with European private-equity funds to diversify away from the dollar. SAFE holds the majority of China's $1.6 trillion in foreign currency reserves in U.S. dollars. Foreigners also hold roughly $1.5 trillion in Fannie and Freddie AAA-rated debt. Merrill Lynch warned that the U.S. could face a foreign "financing crisis" within months as Fannie and Freddie...
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