Tuesday, May 17, 2011

Gold is now the world's reserve currency - up 8% and rising

Though gold stocks are down 10%, the precious metal is up 8% and rising.

Analysts agree it's a good time to buy.

“The U.S. Mint sold 85,000 ounces of American Eagle coins since May 1 as the Standard & Poor's GSCI Index of 24 raw materials fell 9.9 percent. The last time sales reached that level, bullion rose 21 percent in the next year. Gold will advance 17 percent to a record $1,750 an ounce by Dec. 31 and keep gaining in 2012, the median estimate in a Bloomberg survey of 31 analysts, traders and investors shows,” according to “The Daily Crux.”

In March, gold hit $1,000 per ounce for the first time ever. It is now trading for $1,500 per ounce. According to Eric Sprott, gold is now the world's reserve currency, replacing the U.S. Dollar as the preferred method of payment in any transaction anywhere, any time.

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