September 16, 2009

Gold passed $1020, Silver at $17, & Platinum $1340

Last summer was by far remembered as the peak of the price of precious metals when gold reached a record level together with silver and platinum. A year after the collapse of Lehman Brothers, it seem that the prediction made of Peter Schiff that gold may reached $2000 is still around the corner.

Gold climb again to $1020 level and gained at least 16$ in 24 hours as silver surpassed $17 after falling to less than $10 at the beginning of the year. Rumors about China buying the all the gold it could purchase after its government has allowed its companies to walk away from their obligation from US companies. China has been reported to have stockpiled 1000 tonnes of gold due to the suppression of the price of gold for last year.

Analyst and author of the famous book "Crashproof", Peter Schiff otherwise believe that the recession in the United States has not yet ended and the beleaguered superpower is facing a much tougher future due to the massive debt, expenditures, and bailouts it did.

Ben Bernanke was even cautious when he announced today that the recession has finally ended but retracted the optimism by adding that the repercussions would still be experienced.

The weak dollar and several discreet trade agreements between the major global players of the world aggravate the rumor that the fate of the dollar has already been sealed. "The USD would soon be replaced by basket of currencies, and the monopoly of the USD would soon be over." one analyst commented.

Meantime, supply of coins minted out of precious metals continue to decline which simply proves that most holders are already anticipating that the fruit of their patience may soon be realized by another huge climb.

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