EU Bails Out Ireland; Pressure on U.S. Dollar Resumes
Ireland agreed to terms for a bailout over the weekend. And while the U.S. dollar rallied today against the euro, investors should expect that trend to reverse in the near future with the dollar continuing its long term slide against major world currencies.
The European Union's willingness to support indebted member nations is bullish for the euro. Also, the Fed's QE2 will continue to weigh on the U.S. dollar.
With the U.S. dollar poised to retreat, and buyers stepping in to buy gold at an important support point, investors are increasingly looking to renew the rally for precious metals.
Investors should take note that silver prices have outperformed gold prices this by approximately 35% this year.
One top silver mining stock is as much as 50% undervalued, as earnings are expected to double in 2011.
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