From my pal in Australia, backed up from a friend in California and their thoughts on gold, where is it going, up-down-sideways? We can guarantee it will never be worth nothing:
Think back to mid-July 2008, when gold was pushing higher and was again within spitting distance of $1,000. How did you feel? Were you optimistic? Excited? Of course, and so was I. But what did that optimism have to do with the reasons for gold’s rise? Nothing! You were happy and tingling because gold was moving your way – yet it was rising because inflation was climbing, the dollar had a long-term illness, the government was printing money, banks were failing, falling house prices were threatening the solvency of more lenders, long-term oil supply was dwindling, and the economy was faltering.
Don’t wait for me to ask. Ask yourself: which of those factors have changed in the last 30 days? NONE! None! none!
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From the CBO, their forecast:
ReplyDeleteOn March 20, 2009, the bipartisan Congressional Budget Office (CBO) released its latest forecast in an effort to take into account the impact of the recently released Obama budget. The verdict? A whopping $1.8 trillion deficit for 2009, approximately four times larger than the all-time record established in 2008 ($455 billion).
This covers the printing money part! Next unemployment.
There is a gold and silver rush of sorts going on in Utah these days.
ReplyDeleteWorries over the future of the nation's economy and the looming possibility the federal government's trillion-dollar deficits may ignite inflation has many Utahns fleeing to the perceived safety of gold and silver.
The result is a shortage of some of the more popular bullion coins throughout the state. Read the article here:
http://www.sltrib.com/business/ci_12066142
Sales in the United States of the one-ounce gold American Eagle coin, minted from gold bullion, soared more than 400 percent in 2008 over previous sales to 710,000 ounces."
ReplyDeleteFirst fact: Sales of Gold Eagles in 2008 were 710,000 ounces.
Second fact. This was 5 times greater than gold Eagle sales in 2007!
Top 10 mistakes people make when buying gold:
ReplyDeleteHaving possession of gold, the physical metal, offers the most safety and protection. Outside of that, you are at risk. When you purchase gold stocks, you do not own gold, and, therefore, you are at the mercy of management for the value of your investment. You have taken the safety and security of gold and thrown it out the window and have nothing but a piece of paper instead of a real asset. Do not be confused. Owning a derivative of gold (a side bet) does not bring you out of the rain. ETF or bank storage programs all make you dependent on Wall Street. In the words of Ronald Reagan "True freedom can only be obtain with financial independence, and financial independence can only be obtained through gold ownership." This was a statement made when signing Public Law 99-185 that authorized the mint to start producing gold and silver coins. Take control of your money and do not depend on a third party for protection from economic turmoil or political chaos. When choosing gold, your first priority should be physical possession.
Looks like our German friends wants their gold back now...
ReplyDelete" The story behind the scenes that captured my attention centered on German demands to return all their gold bullion held in custodial accounts on US soil. The deep source contact said something like, “the German demand is making the US bank nazis sweat bullets. Pressure on COMEX will get much worse.” Expect even more pressure on the June gold contract than was seen with the March gold contract, as far as delivery default is concerned. Deutsche Bank saved the COMEX bacon with a last minute 850,000 ounce delivery, courtesy of the Euro Central Bank at the eleventh hour. Such are the games not told on national financial networks, but which are central to Hat Trick Letter analysis.
The quote below comes from The World Gold Organisation:
ReplyDelete“Dollar demand for gold reached an all time quarterly record of US$32bn in the third quarter of 2008 as investors around the world sought refuge from the global financial meltdown, and jewellery buyers returned to the market in droves on a lower gold price. This figure was 45% higher than the previous record in Q2 2008.Tonnage demand was also 18% higher than a year earlier.”