Gold on the Rise!!

[alexisfree]

http://www.bloomberg.com/apps/news?pid=10000086&sid=al5LxeLgBsRY&refer=latin_america

Gold May Rise for 9th Week in 10 as Dollar Falls, Survey Shows
Dec. 20 (Bloomberg) -- Gold prices may rise for a ninth week in 10 on expectations a drop in the value of the dollar will boost the appeal of the precious metal as an alternative to U.S. stocks and bonds, a Bloomberg survey showed.

Gold reached a 16-year high of $458.70 on Dec. 2 as the dollar fell to a record against the euro. The U.S. currency has slumped as a deficit in the nation's current account``Gold is the ultimate currency,''

Gold futures for December delivery rose 1.7 percent last week on the Comex division of the New York Mercantile Exchange to $442.90 an ounce at the close of floor trading Dec. 17, the biggest weekly gain in almost a month. Prices are up 19 percent since gold reached a six-month low of $371.30 on May 10.

Gold may reach $510 to $520 next year, said McEwen, who correctly forecast in an Oct. 21 interview that gold will rise to $450 before the end of this year. He has forecast bullion will reach $850 over the next six years.

Some investors buy gold in times of inflation, which erodes the value of fixed-income assets, such as bonds.

[SariesNightly]

1. Pork

Looking at how Dubayah is cracking the proverbial debt ceiling even before his innauguaration, I am not surprised at all.