Take a moment to examine how gold and silver crushed their paper currency competition in 2010.
In US dollar terms gold was up 29.6% on the year. Beginning the year at $1097, gold showed a steady pace reaching $1421 to close out the year.
Silver absolutely dominated the field with a flurrying finish rounding out an 83% gain for the year. Amazing!
Silver lapped four fiat currencies of the more than 75 we tracked in 2010.
The white metal also threatened to lap seventeen other paper notes with above a 90% appreciation against such names as the euro, the Denmark kroner, and the Vietnamese dong... to name a few.
The Venezuelan bolivar was the ultimate loser against the price of gold and silver with much of this due to the country's double currency devaluation within a year's time! It seems dollars are hard to find in Venezuela and they are currently fetching upwards of 8 bolivar per dollar in the black market (almost twice the official rate of 4.3 bolivars per dollar).
So what happens when the dollar begins to have its upcoming currency crisis? If the reserve currency of the world suffers devaulations, what then is the world's monetary flight to safety?
That's right, 5000 years running, gold and silver have been mankind's ultimate money and safe haven. 2010 was no exception to this rule...
Read more:
http://beforeitsnews.com/story/340/816/Worldwide_Fiat_Currency_Race_to_Debase.html
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