Paul Joseph Watson
Prison Planet
In light of gold hitting a new all time record high today, Omnis senior managing director James Rickards’ forecast that the precious metal will soar to anything up to $11,000 in the aftermath of a dollar collapse makes the current $1,300 level look tame in comparison.
Gold bullion’s climb to just below the $1300 an ounce psychological barrier has precious metal investors giddy, but the story behind gold’s continued rise is more about dollar weakness than anything else.
Gold spot hit a fresh all time high of $1,294.95 in London today with $1,302 the next major target, while silver leapt above the $21 an ounce level for the first time in 30 months
However, paralleling gold’s rise has been the crumbling dollar, which has hit a 6 month low when measured against a basket of other currencies. The greenback was at $1.19 against the euro just a few months ago but has since sunk to around the $1.33/$1.34 level.
The Yen recently hit a 15 year high against the dollar, a rise that was only subdued by deliberate Bank of Japan currency manipulation, and the Chinese Yuan also recently hit a new record high against the greenback.
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