The new global economic order that the world seems hell bent on creating continues to weaken to the dollar. And with America contributing just as heartily to that fate by increasing our deficit spending, printing unbacked dollars as quickly as ink can meet paper and monetizing our debt, the dollar really has no chance in the world. Countries are quickly backing away from the dollar and the International Monetary Fund has been playing for months with the idea of creating a basket of currencies for nations to use as backing. The one item that seems to be gaining ground in this currency turmoil is gold. Gold has been setting records for weeks and has now reached an all time high.
Today gold prices hit a record above 1,100 dollars. The reason is because ministers at this weekend’s G20 meeting pledged to continue the fiscal stimulus measures similar to what we have been doing in America. This is just more easy money, which will eventually collapse under the weight of being propped up by nothing other than the hot air of world economic leaders.
In morning trading, gold struck an all-time peak of 1,109.50 dollars an ounce as the euro rose to 1.50 dollars for the first time in two weeks. So obviously, if you can get gold get some. The dollar’s death knell is tolling.