Gold Benefits As Currency War Rages - Valenti International

Gold Benefits As Currency War Rages - Valenti International

"Valenti International" have told clients that gold is "very much doing its job by preserving wealth" as the world's reserve currencies remain locked in a race "to the bottom of the barrel".

The firm reiterated its confidence in the integrity of the bull market in gold in an unscheduled client email after the precious metal topped $1350 an ounce.

The US dollar has weakened significantly in recent weeks as the US Federal Reserve dangles the carrot of quantitative easing part II in front of the markets in what "Valenti International" believes is a deliberate attempt to up the ante in its increasingly belligerent attempts to persuade China to let its currency, the renminbi, appreciate against the greenback.

The early united front presented to world by the G20 nations during the global financial collapse in 2008 seems to have unraveled now that Japan has waded into the fray by cutting its interest rate to zero from 0.1% and announcing that it intends to begin its own QE program which will buy $60bn of assets including corporate bonds and even ETFs (exchange-traded funds). Brazil is actively selling its own currency, the real, into the forex markets as is South Korea with the won.

"It is our firm belief that, although there will inevitably be interim pullbacks in the price of gold, the trend remains most definitely upward", said Alex Schepanski senior vice president at "Valenti International".

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