Gold has just broken through the previous intraday record and touched $1,043 per ounce. It’s currently trading
around $1,038.

This spike in gold prices may have been caused by a news report that appeared in the Independent earlier today. It states that the Arab countries in the Gulf have made secret plans with Russia, China, France and Brazil to stop using the US dollar for oil trading by 2018.

Is this the beginning of the end for the US Dollar? I hope not, but the actions of our current administration are definitely not helping the dollar. On the contrary we are spending more money than ever and printing money like there’s no tomorrow.  In the mean time let’s wait and see if there is any official confirmation of this news.

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