1oz of Gold - Spot: US$ 2684.55

Last updated: 11/9/2024

Live Currency Rates

US$1 buys Japan Yen152.64
US$1 buys Canada C$1.39
1UK £ buys US$1.29
1€ Euro buys US$1.07
1US$ buys Russian Ruble97.58

Perspective

Thursday, October 24, 2024 5:44 AM

The dollar has been falling against major currencies adding to US inflation and increased raw material cost for American industry that require non-dollar denominated imports.

Gold has been appreciating in value over the last 9 months to the tune of 30% and continues on this path indicating little confidence in US foreign policy to wanting to resolve current conflicts peacefully.

Europe and NATO countries potentially escalating conflicts and preparing for World War III will further reduce the value of the Euro especially against gold-based and natural-resource based currencies.

The only conclusion can be that US (US$34 trillion), Europe (€14 trillion) and UK (US$2.9 trillion) are so hopelessly in debt that the only way they believe they can consolidate themselves is to take it from other nations like Russia, India, Africa and China rather than curbing their unsustainable exuberance.