Wednesday, August 3, 2011

Gold Hits Record High on US Economic Woes

Are you invested in gold? Should you be?  If not, is it too late to get in?

Your comments below.
Gold hit a second successive record high on Wednesday, driven by deepening fears over the spread of the European debt crisis and its impact on regional growth, while data showed a number of central banks including Thailand bought gold in June.

The United States managed to avert an unprecedented debt default on Tuesday after lawmakers agreed to raise the country's borrowing limit. But, the focus turned to credit ratings agencies, which have warned the country could lose its top-notch rating as its finances remain fragile.

The nervousness over the U.S. economy was compounded by the latest developments in Europe, where Italian bond yields rose to their highest in over a decade above 6 percent, a level widely viewed as unsustainable, adding to the lure of gold as a safe-haven investment.

PRECIOUS-Gold hits record as debt worries mount, Thailand buys | Reuters

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Breaking US Dollar Collapse News

What's Behind the Decline of the US Dollar?

This is one the of the best and simplest explanations we have seen:
The U.S. dollar's downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency. - Wall Street Journal, April 23, 2011
Interestingly, the Federal Reserve is responsible for, or an active participant in all three of these factors.