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Gold Price Takes Huge Jump


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A rumor is spreading that the major oil producing countries are considering pricing oil in a basket of currencies vs the current dollar pricing. This is due to peculation that inflation will accelerate and erode the value of the dollar. This should boost the appeal of precious metals for investors seeking to preserve their wealth. To view the full post, visit; California gold nugget prospector

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The Saudi and others are talking about basing oil on other currencies.

The dollar is going to take a crap.

You ain't seen nothing yet.

I wish I had some to hold about now.

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The gold spot price seems to be holding.

The main driving factor was not the rumor on oil, but the huge decline of the dollar.

Here is part of what I posted on 10-2-09: The U.S. dollar has lost 89% of its purchasing power over the past 59 years.

The $10,000 life insurance policy held by the World War II veteran on his return home represented a significant amount of money in the 1940s.

Now, that policy would barely cover the cost of a burial plot and funeral for a war hero.

Sure there will be pull-backs in the price of gold, but to me at least, it seems certain that over the next year, gold may provide a much better return vs stocks.

If you are interested in opinions & facts on the direction of the spot gold price, I would suggest a free subscription to the California gold nugget prospector

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