Wikinvest Wire

U.S. dollar reaches new low for the year

Wednesday, September 09, 2009

The greenback is on its back, now probing the 77 mark on the U.S. Dollar Index as shown below, currency traders around the world apparently not taking kindly to American style profligacy of late and continuing to bid prices higher for "riskier" assets.
IMAGE September is the second worst month of the year for the U.S. currency (only in December does the dollar tend to decline even more) and, not surprisingly, these are two of the very best months for the gold price.

On that subject, former Fed chairman Alan Greenspan explained (hat tip NG) the recent move toward $1,000 an ounce for the yellow metal as "an indication of a very early stage of an endeavor to move away from paper currencies".

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