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Showing posts with label gold. Show all posts
Showing posts with label gold. Show all posts

Found at Counterpunch.

Is the Sky Really Falling?
Dollar Hysteria
By MIKE WHITNEY

Robert Fisk lit the fuse with his hyperventilating narrative which appears in Tuesday's UK Independent which went viral overnight spreading to every musty corner of the Internet and sending gold skyrocketing to $1,026 per oz. Now every doomsday website in cyber-world has headlined Fisk's "shocker" and the blogs are clogged with the frenzied commentary of bunker-dwelling survivalists and goldbugs who're certain that the world as we know it is about to end.

From Fisk's article:

"In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies

Record gold prices and higher oil prices caused the dollar to rise to it's highest levels in a year.