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Gold Bullion Advancing in All Currencies


Add it to your portfolio -- but only on pullbacks.

The gold price is not only making headway in US-dollar terms, but also in most major (and minor) currencies as illustrated by the table and graph below. Bullion veterans will recognize this phenomenon as a manifestation of solid investment demand.

The chart and the table tell the full story.

Illustrating the message even more vividly is the chart below of gold expressed in a basket of emerging-market currencies by dividing the dollar bullion price by the Wisdom Tree Dreyfus Emerging Currency ETF (CEW). Also note that the chart has again climbed back to above its 50-day moving-average line.

I remain bullish on gold in the medium term, especially as I believe the vast money-printing by central banks could set off strong inflation pressures down the road. I wouldn't be surprised to see bullion remaining in a secular uptrend for some time to come. Add bullion to your portfolios but, given the notorious volatility of the metal, only do so on pullbacks.
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