Gold Gains on Dollar’s Drop; Palladium Soars to Highest Level Since 2001

Bloomberg.com reports that, because of the drop in the dollar, investors are seeking alternative investments in precious metals, effectively pushing the price of palladium to a nine-year- high.

The story is quoted as saying:

“The Fed has put the world on notice that the dollar can no longer be viewed as a safe-haven currency,” Michael Pento, a senior economist at Euro Pacific Capital in New York, said in a report. “During the next crisis, investors should seek the safer harbor that is derived from owning commodities and precious metals.”

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