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Gold hits staggering $1,050.

Gold soars as US dollar falls.


Gold held near a record, extending this week’s rally, as the dollar’s slump boosted demand for the metal as a store of value. Silver climbed to the highest price since July 2008.Gold futures reached $1,059.60 an ounce, the highest ever. Before today, the metal gained 18 percent this year, heading for the ninth straight annual gain, while the dollar is down 6.3 percent against a basket of six major currencies. The metal will probably top $2,000 in the next decade, investor Jim Rogers said yesterday in an interview on Bloomberg Television.

“People are interested in gold now,” said Ron Goodis, a director of retail trading at Equidex Brokerage Group Inc. in Closter, New Jersey. “They see the government print money, they’re concerned about the dollar’s value and they’re anticipating inflation. Gold is driving higher on this wall of worry.”

Max Keiser tells Russian media that major nations are ganging up to dump the dollar as a reserve currency.

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Major nations plot replacing the dollar as a reserve currency by 2018 says Robert Fisk.

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