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Friday, March 26, 2010

Gold Prices Up on Sovereign Debt Issues in Europe

Gold Prices Up

Even though European leaders got behind a proposal from Germany and France to back up Greece, most onlookers believe the sovereign debt issue in Europe is far from over, and in fact could be just beginning. Gold prices rose on that assumption up $1103.10 as of this writing. That's the highest gold has reached in a week.

The situation in Greece is only looked upon as a temporary fix, and the euro looks extremely weak going forward, with little that can be seen which can sustain it.

With many banks who were buying euros have been pulling back and buying some of the U.S. dollar, but are now hesitant to increase their positions there, making gold the only safe choice left for them.

Government debt should continue expanding the midst of all this, which is a plus for not only gold, but precious metals in general.

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