Gold prices have dropped today after a 10-day rally drove the price up to over $1600 an ounce. This was the longest rally for gold since January 1980, and it comes at a time when investors are becoming more and more wary of the European and American economies.
This rally represents the growing discontent over the ever-weakening dollar, and a euro in crisis mode as a result of the debt plague ravaging the continent. Silver also dropped below $40 today as well While the rally may have ended, and metals prices appear to be cooling off, there is still some good news for gold and silver junkies out there. Yes, the prices dropped a bit today, but as long as we have a Federal Reserve talking about quantitative easing, those prices will rebound soon enough. Granted, we are not rooting for our national currency to become worth less than the paper it is printed on, it’s a real travesty that the dollar can be so easy devalued by a small handful of bureaucrats and bankers, but if you want something to believe in, the dollar clearly isn’t it. Originally published at www.silverunderground.com.Published in