![\"Gold](\"http:\/\/www.prisonplanet.com\/..\/images\/march2010\/040310top2.jpg\" "\\"Gold")
<\/p>\nPrecious metal hits record against Sterling and Euro as continuing financial crisis eviscerates value of paper money<\/p>\n
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Prison Planet<\/a>.com<\/a> Gold<\/a> bullion looks set to continue to soar against depreciating currencies as central banks around the world struggle with massive debt burdens amidst fears of a looming double-dip recession.<\/p>\n Gold<\/a> recently hit a 6 week high in dollar terms and has surged to all time records against both the plummeting Euro and Sterling.<\/p>\n The fact that the dollar has been very strong against both Sterling and the Euro recently but has failed to peg back the price of gold<\/a> proves that the precious metal is the only store of wealth that continues to preserve its value. The dollar and gold<\/a> normally have an inverse relationship \u2013 when the dollar rises, gold<\/a> falls, but despite the greenback\u2019s recent superiority over other currencies, gold<\/a> has refused to budge.<\/p>\n Investment experts like Marc Faber have confidently predicted that currencies will continue to depreciate <\/a>against gold<\/a> as governments struggle with huge debt obligations and are forced to print more money as the so-called economic recovery proves to be another false dawn.<\/p>\n \u201cAll paper currencies will continue to lose their purchasing power as they have over the last 100 years or so,\u201d Faber told the Financial Times<\/a>.<\/p>\n \u201cI suggest that people accumulate gold<\/a>. They shouldn\u2019t market-time the Gold<\/a> Price, because we\u2019re going to have volatility\u2026But I will not sell my gold<\/a>, not for as long as [the current US<\/a> administration] is structuring fiscal, monetary and foreign policies.\u201d<\/p>\n \u201cIn the US<\/a>, I don\u2019t think we will have real [positive] interest rates at any time in the next 10 years.\u201d<\/p>\n<\/blockquote>\n Faber\u2019s bullishness on gold<\/a> is echoed by billionaire investor George Soros<\/a>, who last month doubled his fund\u2019s holding in the biggest gold<\/a> exchange-traded fund (GLD) in the fourth quarter of 2009.<\/p>\n The Sprott Physical Bullion Trust also recently purchased<\/a> nearly 9 tonnes of gold<\/a> bullion and now holds 286,870 ounces of gold<\/a>, with a market value of $327,003,510.<\/p>\n Gold<\/a> buying in India, which remains the largest market ahead of China, rose to 28 tonnes in February, some 40% above the same month last year, according to the Bombay Bullion Association<\/a>.<\/p>\n \u201cWe continue to see a steady flow of physical buying interest,\u201d reports Standard Bank, and \u201cThe fact that gold<\/a> is pushing higher in most currencies is a clear indication of good physical buying.<\/p>\n We were laughed at for urging people to buy gold<\/a> to protect their savings when it was at a mere $300 and the world was drunk on the illusion that the stock market bubble would continue to inflate without a crash. Whereas the Dow Jones has returned to its level of a decade ago at just above 10,000, gold<\/a> has quadrupled in value in that same period.<\/p>\n With currencies being attacked from every angle as the financial recovery grinds to a halt, we continue to invite people to take a positive step in countering the continuous assault on their wealth by the central banks by repositioning a sensible portion of their savings into physical gold<\/a> bullion.<\/p>\n
\nThursday, March 4, 2010<\/p>\n\n