Barry Stuppler

South Korea’s fashionably late to a party started over a decade ago

Central banks in emerging markets have decided that it’s not too late to join gold’s party.

South Korea and Mexico are among the nations whose central banks have been ramping up gold holdings lately — and they’re willing to pay the highest-ever prices for an ounce of gold to do it, even though gold’s latest rally began more than a decade ago.

Admittedly, it’s not new trend for all central banks, but one that’s speeding up as the world loses faith in the U.S. dollar and global markets.

This week by President Obama and Congress to “cure” the problem of the federal government borrowing up to the authorized debt ceiling guarantees that the U.S. dollar will deteriorate from hyperinflation.

In theory, it originally looked like the parties were headed toward a compromise that would be a bipartisan agreement to “temporarily” raise the debt limit by $1 trillion, impose virtually no spending cuts and would not increase taxes.

The actual compromise reached was much worse for Americans...