Gold Surges Through $1,700 as Global Monetary System Falters

JOHANNESBURG – As gold powers through the $1700 an ounce level, and after years of being warned, people are only now beginning to concede the fact that the current fiat system of money is faltering and that gold plays an integral part in the world’s monetary system. Why else would central banks hold it in its reserves? As the issue of sovereign debt plagues bankers and politicians in the Eurozone sending them scurrying back and forth trying to throw water over what has the potential to be an enormous fire, things in the USA don’t look any better. While I have no idea how this problem is going to be resolved, and I hope that this is not the beginning of Armageddon, what I believe is that things are going to get a lot worse before they get any better. And, as the global monetary system continues to falter, gold will continue to fulfill one of its traditional roles as a hedge against the declining values of paper currencies and remain the ultimate preserver of wealth as it has been time and time again.

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