Perhaps...But hey, we've been printing American Greenbacks at a super-duper-incredible rate for a long time now. I do believe gold will go up. I believe it is a sound investment. But when and how much are yet to be determined. There were people saying that gold would top 2G's and maybe even 2.5G's in 2011.
Fed been printing money a whole lot past couple of years but they are not circulating and just sitting around because banks as beneficiaries of the print won't lend them out. Until the print start circulating inflation won't bust out super great.
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