Gold Moves Up Another Rung on the Ladder

Source:

This past week has seen a stuttering in the price rise in the early part as the dollar showed a short-lived upwards movement against the Euro and other currencies. But the greenback returned to its downtrend Thursday and Friday and gold looked like ending the week over the $740 mark and, at the time of writing was at $743.

Little by little, gold is steadily moving up towards the next potential psychological price barrier of $750 an ounce.

This past week has seen a stuttering in the price rise in the early part as the dollar showed a short-lived upwards movement against the Euro and other currencies. But the greenback returned to its downtrend Thursday and Friday and gold looked like ending the week over the $740 mark and, at the time of writing was at $743.

This more than confirms that the increasing gold price is itself a sign of dollar depreciation, which in turn is effectively saying that gold is indeed currency, despite the monetary institutions' reluctance to admit this. The ‘Barbarous Relic' has proved time and time again to be both a dollar definer and a hedge against financial uncertainty whether the world's Central Bankers like it or not.

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