Tags: gold | currency

War Fears Continue to Boost This Hard Currency

By    |   Monday, 14 Jun 2010 10:22 AM

Wars and rumors of wars these days might remind you of Chapter 24 of Matthew in the Bible or maybe even the book of Revelation. What am I referring to?

Israel and Iran are closer and closer to going to war as the United Nations puts new sanctions on Iran, and Israel continues its recent war-training exercises.

Meanwhile, the U.S.S. Washington has arrived in South Korea to do some training with that country’s military even as a possible war looms with North Korea. What’s the big deal there? I mean it’s just in the Koreas, right? Well, the big deal is that the United States backs South Korea, and China backs North Korea (at least up until this point).

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If the tension between the Koreas continues to escalate, it could thrust China and the United States into a war against each other.

But back to Israel ... in the past, the Unites States always has been a friend of Israel and has protected it at times and even helped train some of the country’s military. But this administration is not nearly as Israel-friendly as most other administrations have been in the past. So who knows what would happen there when push comes to shove.

After all, it seems that Obama sides with the Palestinians over the Flotilla issue.

As if all of that weren’t enough, al-Qaida attacked the Iraqi central bank on Sunday. At least 15 were killed and 50 wounded before the Iraqi military regained control.

So with all of this craziness and uncertainty going on, is it any wonder that the price of this hard currency (gold) continues to rise?

Sure there are still the problems in Europe, and the economic slowdown in China and the slumping retail sales in the United States all aid the price of gold in going higher. But I think the added uncertainty of war is likely to keep the price of this hard currency headed even higher.

So while gold could experience a pullback here and there (and even a very sizable one), I don’t think this bull run in gold is anywhere near being over.

Therefore, while you’re diversifying into other foreign currencies, don’t forget about this hard currency either.

About the Author: Sean Hyman
Sean Hyman is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of Money Matrix Insider. Discover more by Clicking Here Now.

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Wars and rumors of wars these days might remind you of Chapter 24 of Matthew in the Bible or maybe even the book of Revelation. What am I referring to?Israel and Iran are closer and closer to going to war as the United Nations puts new sanctions on Iran, and Israel...
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2010-22-14
Monday, 14 Jun 2010 10:22 AM
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