CG Top Poster Club
- Nov 9, 2008
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According to Wolfgang Seybold, director of AXINO Investment GmbH and an expert in the precious metals market, the price of gold traded in major world currencies has now reached a record peak.
Many central banks are actively buying precious metals for their reserves in order to reduce their dependence on the US currency.
According to Seybold, it is not the yellow metal that has increased in price, but the traditional currencies have depreciated in relation to it.
The expert is certain that with such depreciation, gold should cost much more, about $5000 per ounce. However, this is impossible, because it is contrary to the modern banking system.