Quote:
Originally Posted by wig
Isn't the price of gold going up against a lot of other currencies as well?
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Yes, the price of gold expressed in USD, EUR, GBP, AUD etc is going up... One of the reasons here is the fact that today's monetary systems are very much interlinked. Both the USD and the EUR are being widely used as a reserve currency. The second reason is the worldwide reach of the banking crisis of 08 (again, what happens to the USD will affect most of the worlds currencies here).
There's no doubt in my mind that both the USD and the EUR are going to crash (*). It will be interesting to see which one will go first. If one of them goes, it will take the other one down with it.
(*) Most Europeans seem to be oblivious of this, but it only took the ECB tens years to do what the Fed needed 100 years for.