Euro Breaks $1.30

After hitting a high of $1.51 just six months ago, the euro broke the $1.30 level and is currently trading at $1.28. Greece’s inability to repay its debts has dragged down the euro and proposed austerity measures have led to rioting.

 euro-vs-dollar-may2010

After European Union eventually bails out Spain, Portugal, Ireland and Italy the euro might trade on parity with the dollar!

I wish I hadn’t been so quick to close my long position on the EUO May $21 calls last week!

With the financial crisis and currency devaluation, the long term prospects for gold are still looking good too.

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