What a week it was for gold. The price of the precious metal reached $1,300.07 during trading at the London bullion market, before dipping back.? It has been on a tear, reaching new highs every day this week. It is up $57 (4.6%) this month and $303.30 (30.52%) in the last year in US dollar terms.
This rise might seem like it’s reaching enormous heights. But it’s got nothing on this guy, whose job is to free climb up a 1,768 foot gilded tower!
However, it should be stated, that gold has not reached new highs and in many cases, is significantly off its highs in terms of many currencies.
Here is a one month chart of gold in USD:
But here it is in Euros:
And in Australian Dollars:
So, as you can see, what we are witnessing is not a major breakout in gold so much as it is a major breakdown in the US Dollar.
But, hey, we’ll take it. Especially considering we are “Dollar Vigilantes”… those who have chosen to get rid of their dollars in favor of assets with value before the Dollar goes to zero. Which appears to be happening at an accelerating pace.
If you haven’t gotten serious yet about getting your financial assets out of the western financial system and into hard assets and in jurisdictions out of the reach of the most bankrupt governments, including the US, much of Europe and Japan, time is running out. Subscribe to our newsletter to keep on top of the best way to protect your assets as well as profiting from the coming collapse.
In the meantime, here is a good documentary on some of the issues of the ongoing crisis. They don’t get it all right, but a lot of it is well done. Notice how documentaries such as these aren’t on your local television stations? Imagine what would happen if the public were actually given real information about the state of the current economic system? Why, they might actually hang Bernanke from the nearest telephone pole.
Have a great weekend! If you are a TDV subscriber take yourself out for a nice meal to enjoy your profits! And if you still haven’t spent the $25/month to subscribe to TDV to change and possibly save your life, we still hope you have a nice weekend.
Our next full issue comes out next weekend on October 1st.