Citigroup (NYSE:C) Recommends Buying Euro when it Drops, Poised to Climb

Saying the euro will roar back to levels it maintained in January 2010, Citigroup (NYSE:C) recommends for investors to buy the currency whenever it falls.

The euro has continued to be under pressure because of the ongoing sovereign debt crisis in Europe, which has never went away, and continues to be under-reported on by the media, as it's largely swept under the rug as to its threat.

Ireland is of course the latest member of the EU to be in danger, and they are being pressed to take a bailout package; something they deny but is assuredly being negotiated behind the scenes.

Greece has also announced their deficit is larger than they projected, and Portugal is also close to seeking aid to pay for its deficits.

This is all an outrage, as the socialist, entitlement culture of Europe is unsustainable, and calls to tax the productive continue to go forth even in light of the total failure of socialist economics.

So far it's the socialist who have demonstrated because they don't believe they should have to be productive and actually work to generate wealth. They want it from some other place. The problem is there is no other place, as there is only so far you can go before you run out of other people's money, as Margaret Thatcher has said in the past.

EU leaders are saying if the Euro fails so will the EU. But who cares? There was Europe far before there was a EU, and they can just start doing business again as sovereign countries rather than the ridiculous unit they've become where most nations break the economic rules and parameters at the expense of the others.

In practice, there is already a failed European Union, and why should the productive, hard-working people of Germany, and a couple of others, have to pay for the entitlement culture of the socialist states and people who believe they are owed these things?

Lately the euro has been getting hammered for these very reasons, but if all the bailouts indeed come, that could reverse the direction of the euro, which is again suffering a confidence crisis.

The member nations of the EU either have to comply with the economic parameters or there's no reason to continue the already flawed experiment.

Citigroup believes the euro will rebound to about $1.45 against the U.S. dollar in 2011.

For gold, this will offer up more support for its ongoing increase in price, although things will be choppy for awhile.