US Is 'Practically Owned' by China: Analyst

09-30-2010 • CNBC

Another "Dog Bites Man" story of the blindingly obvious. The US supremacy as the top world economy will end sooner than many people believe, so gold is a better investment than the dollar despite it hitting a new record, Tom Winnifrith, CEO at financial services firm Rivington Street Holdings, told CNBC.com Monday. Gold [XAU=X 1308.5 -0.30 (-0.02%) ] hit a new record high Monday and silver [XAG=X 21.7 -0.17 (-0.78%) ] rose to another 30-year peak as investors were worried about the dollar weakening further after the Federal Reserve hinted at more quantitative easing last week. The US trade deficit and debt continue to grow and the authorities are reluctant to address the problem, preferring to print money, Winnifrith said. "America is practically owned by China," he said.