Friday, September 11, 2009

We're in the Money! Dollar slump continues as gold hits 18-month high

At least those who bought Gold!  

"The week's dollar sell-off continued Friday, with the greenback hitting a fresh 12-month low.The dollar has tumbled throughout the week, dropping nearly 2 percent against the euro. On Friday morning, the euro rose to $1.4600 from $1.4585 late Thursday, after earlier hitting a new 2009 high of $1.4634.The British pound, meanwhile, rose to $1.6699 from $1.6665, while the dollar fell to 90.32 Japanese yen from 91.74 yen, its lowest point since February.

The dollar index fell to a 12-month low against a basket of major currencies, as it has every day this week in American trading. It fell as low as 76.5 against six major world currencies that includes the euro, yen, Canadian dollar, British pound, Swedish krona and Swiss franc. That's its lowest level since last September.
Investors have been favoring foreign currencies as stock markets rose steadily since the Group of 20 finance officials pledged last weekend to maintain government spending, low interest rates and expansion of the money supply in order to buck up the global economy.
There are also statements of concern from certain central banks—China, Brazil, Russia—that are weighing on the dollar. Those countries efforts' to diversify their reserves away from the dollar are "much more verbal than action at the moment," said Strauss. But Ashraf Laidi, chief market strategist atCMC Markets in London, said the Chinese were buying up gold, a traditional hedge against inflation and a weak dollar, helping drive it to an 18-month high at $1,013.7 an ounce. Oil, another inflation hedge, rose past $72 a barrel on the New York Mercantile Exchange.

On Friday, meanwhile, investors favored riskier trading as the Chinese economy showed signs of strength. (Oh sure it did come on in suckers!) That way China has money to buy Gold since they have fallen in with the wrong gang they need to continue the charade for a bit until they can exit.

One must always remember when reading the Propaganda from the Main Stream Communist news to read between the lines.  Here is a little flashback "We're In The Money" (did anyone have parents or grandparents who spoke pig latin to try and confuse you?) I did but I never let on that I understood it right away for obvious reasons. They use it in this old clip I view the mainstream news as written in Pig Latin.  Enjoy the flashback...

Over at Zero Hedge they have a petition you should check out.

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