Is abuzz like I've never seen it before... all of Deira is talking about this latest spike with great excitement (remember Dubai is often called the 'city of gold'.) I just arrived here this week on business and was shocked at how many conversations revolved around the gold price and precious metals as a safe investment in a country who have pegged the Dirham against the USD.

Now... just jumping in logic here, but the UAE have a sovereign fund in Abu Dhabi (no slouches in judging international finance trends, unlike Dubai) which is worth approx. 1 trillion USD... whats the hedge on that in Gold/Silver oz.? :)

This is also the first time I was here and heard a number of conversations around the silver price, there were a few guys here noting that the last time Gold was over 1,000 silver was up at 20... many folks here see that as 'silver is where the opportunity is'. Let's just hope they buy in as well. All bodes well for our little stash under the ground...