Gold News

Currency warnings good news for gold?

The prevalence of the US dollar as the global reserve currency could soon be at an end, according to financier George Soros.

Speaking at the World Economic Forum this week, Mr Soros warned that the current uncertainty plaguing the economy could lead to the dollar's fall from grace becoming even more emphasised.

The weakening of the dollar has seen gold bullion come to the fore as the top choice for investors seeking a safe investment.

Now, those investing in gold could find themselves in an even stronger position should Mr Soros' warnings turn into reality.

"The current crisis is not only the bust that follows the housing boom," he stated.

"It's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency."

With this week also bringing news of major gold mines in South Africa being forced to shut down due to ongoing power problems - thus placing further pressure on gold output - it is perhaps no surprise that the yellow metal has surged to new record highs in recent days.

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