15
September
Gold Rally Signals Move Away From Currencies, Greenspan Says
15 September 2009 Bloomberg.com
Gold prices that jumped above $1,000 an ounce this week are signaling that investors are buying metals to hedge against declines in currencies, former Federal Reserve Chairman Alan Greenspan said.
The gains are “strictly a monetary phenomenon,” Greenspan said today at an investment conference in New York. Rising prices of precious metals and other commodities are “an indication of a very early stage of an endeavor to move away from paper currencies,” he said.
http://www.bloomberg.com/apps/news?pid=20601083&sid=acrGvxBXPDfk
