--> Last week the price of gold made another record high hitting $1475 an ounce.
The break above $1440 an ounce indicates that the price of gold could be targeting $1480 and then $1500 an ounce.
Fears of rampant inflation, further weakening of the dollar, the Eurozone debt crisis and general uncertainty around the world all helped push the price of gold to a record high last week.
On Friday the gold market ended on a high note a new fresh all time high of $1475 an ounce.
Last week in an event that has gone practically unnoticed, billionaire, George Soros organized a major economic conference with the purpose of discussing ways to "establish new international rules" and "reform the currency system." The event sponsored and funded to the tune of some $50 million by Soros' Institute for New Economic Thinking (INET), brought together more than 200 academic, business and government policy leaders.
The four-day conference which began on Friday April 08 took place at the Omni Mount Washington Resort, Bretton Woods, New Hampshire. The hotel was the scene of a historic conference in 1944 that laid the groundwork for the International Monetary Fund and the World Bank.
According to Soros, the current international monetary system cannot survive in its present form. Soros argues that it could and should be revamped so that American leadership would be "re-established…in a more acceptable form." It should also "engage the larger European Union, as well as the emerging economies of Eastern Europe, Latin America, and Asia."
The list of famous attendees included ex-Fed Chairman Paul Volcker, former British Prime Minister Gordon Brown and World Bank executive and Nobel Prize winner in economics Joseph Stiglitz.
(In 1999 the then UK Chancellor of the Exchequer, Gordon Brown decided to sell off more than half of the country's centuries-old gold reserves. The decision to sell the gold is now regarded as one of the Treasury's worst financial mistakes and has cost taxpayers almost £14 billion.)
Just to remember George Soros acquired 5 million shares in the iShares Gold Trust valued at $64 million for its fund.
Are we going to break this triangle by the top ?
GLD SPDR ETF:
USDX Index:
--> The US Dollar Index is falling to its 2009 low.
