Wednesday, April 20, 2011

Gold sets price record amid dollar woes

The gold price rises as the dollar index is steadily falling down

Source: Press TV

Gold prices have hit an all-time high, standing at above USD 1,500 an ounce, amid growing concerns over the deepening economic crisis in the United States affecting the dollar.

New York investors rose gold prices to over USD 1,500 an ounce on Tuesday, which later settled at USD 1,495.10 an ounce on Wednesday, Reuters reported.

Only a week before the massive price hike, Gold was dealt at USD 1,476.21 an ounce in New York.

Also, silver surged to a 31-year high for the fifth consecutive session, and closed at USD 44.25 an ounce.

Gold has climbed 32 percent in price during the past year, while silver prices have more than doubled.

The increase in gold and silver prices comes as the dollar index is steadily falling down, motivating investors to find an alternative in order to evade a falling currency.

The global distrust in dollar indicates that the US economy is edging closer to collapse.

On Monday, the rating agency Standard & Poor's (S&P) warned that America is on the verge of losing its triple-A credit rating.

The blunt warning by S&P's is among the first signs of a "sudden and violent crack in dollar," said Rodney Shakespeare, London-based professor of Binary Economics.

He noted that "a great collapse of the American economy" is expected in the near future.

This is while Washington grapples with a massive budget deficit, rising unemployment rates and a debt crisis, which have jeopardized the US economy.

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