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Gold Sets New Record as QE2 Devalues Fiat Currencies
Posted By kurtnimmo On November 9, 2010 @ 10:04 am In Featured Stories | Comments Disabled
November 9, 2010
|Gold is a safe haven in times of inflation.|
Last night gold hit a new record in response to the Federal Reserve’s QE2 madness and word by the World Bank it wants an international gold standard. Gold soared from Monday’s finish of $1,390.00 to $1,391.00. It opened at $1,405.50 to $1,406.50 an ounce.
The corporate media is abuzz today with news that since the Fed announced its intention to print hundreds of billions of dollars in funny money and spend it on Treasury bonds in a supposed attempt to kick-start the economy, investors have flocked to the precious metals market for shelter. “Traders are buying up gold as the Federal Reserve’s $600bn stimulus deal last Wednesday was seen by many as liable to aggravate inflation. Gold is considered a safe haven in times of inflation,” reports the Telegraph today.
The price was also nudged higher on speculation that members of the G20 to be held in in Seoul, South Korea, will discuss currency markets.
The World Bank statement by Robert Zoellick of the World Bank indicates that the internationalists believe that fiat currencies need some backing in gold to restore confidence, especially as the U.S. dollar’s status as the world’s reserve currency erodes.
“Gold is an international currency phenomenon. Around the world, people are turning disdainful of their own currencies and everyone else’s. So, where do they turn? They turn to the gold market,” Dennis Gartman, a hedge fund manager and publisher of the Gartman Letter, told Reuters.
Kitco News reports that gold’s remarkable showing has prompted new trading momentum. There’s a “rush to be hedged against inflation as many key commodities also were making highs,” George Gero, vice president, Global Futures, RBC Capital Markets, told Kitco. “The rollover in gold could be the largest in many years and those who wish to maintain long positions will be buyers of February or other out months and sell December,” he added.
“Because we are in a world of quantitative easing in the developed economies, and as QE is almost synonymous with competitive devaluation … gold and the precious metals (are) taking on the function of an alternative currency,” said Ashok Shah, chief investment officer at London and Capital.
Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.
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