Black holes and time speeding up.

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groom03
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I read somewhere that for something near a black hole time slows down. What could cause this? and why is it that time slows down near to huge gravity fields, and time speeds up for an object traveling close to the speed of light?

also i just realized i got the name for this thread wrong.
 
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I read somewhere that for something near a black hole time slows down.
The slowing down is not for the object itself near the black hole, but it appears to slow down as seen by a distance observer.