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Archive for the ‘GOLD’ Category

Buy Gold, But Don’t Store It In The US Because ‘The Fed Will Take It Away From You One Day’

September 18, 2012 Comments off

businessinsider

Today’s AM fix was USD 1,767.25, EUR 1,349.36 and GBP 1,089.42 per ounce.
Friday’s AM fix was USD 1,772.50, EUR 1,359.70 and GBP 1,093.53 per ounce.

Silver is trading at $34.52/oz, €26.44/oz and £21.36/oz. Platinum is trading at $1,699.00/oz, palladium at $685.50/oz and rhodium at $1,050/oz.

Gold rose $5.30 or 0.3% in New York and closed at $1,771.60. Silver climbed to $34.91 then dropped before bouncing back higher, and finished with a loss of 0.06%. Gold was up 2.02% for the week and silver another 3% for the week.

Gold is slightly weaker today but hovering near a 7 month high, as the US Fed’s announcement of QE3 has led to some investors diversifying into bullion as a hedge against inflation risk.

The yellow metal rose as high as $1,777.51 on Friday, a high not seen since February 2012 when it hit this year’s peak.  Last September 2011, it reached a nominal high of nearly $1,920/oz.

QE3 will allow the Fed to print dollars to buy Read more…

Categories: GOLD, GOVERNMENT Tags: , ,

Why is Putin stockpiling gold?

September 7, 2012 Comments off

Russia is bulking up its gold reserve

By Brett Arends

I can’t imagine it means anything cheerful that Vladimir Putin, the Russian czar, is stockpiling gold as fast as he can get his hands on it.

According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. Putin has taken advantage of the financial crisis to build the world’s fifth-biggest gold pile in a handful of years, and is buying about half a billion dollars’ worth every month.

It emerged last month that financial gurus George Soros and John Paulson had also increased their bullion exposure, but it’s Putin that’s really caught my eye.

No one else in the world plays global power politics as ruthlessly as Russia’s chilling strongman, the man who effectively stole a Super Bowl ring from Bob Kraft, the owner of the New England Patriots, when they met in Russia some years ago.

Putin’s moves may matter to your finances, because there are two ways to look at gold.

On the one hand, it’s an investment that by most modern standards seems to make no sense. It generates no cash flow and serves no practical purpose. Warren Buffett has pointed out that we Read more…

Silver prices jump, playing catch-up to gold

February 29, 2012 1 comment

star-telegram.com

Silver prices shot up 4.5 percent Tuesday, playing catch-up to gold.
Silver is both a precious and an industrial metal. Traders can buy it to hedge against a volatile stock market, as they do with gold. But it can also be used to make products like computer chips, meaning prices can rise when traders expect demand from manufacturers to go up.
In March contracts, silver rose $1.616 to $37.14 per ounce. It’s up roughly 10 percent from where it was a year ago.
Sterling Smith, senior market analyst at Country Hedging in St. Paul, Minn., said part of the reason silver is surging is that traders believe it’s Read more…

Higher Gold Prices Seen For Next Week As Iran Tensions Lend Support

February 24, 2012 Comments off

kitco.com

(Kitco News) – Higher gold prices are possible next week as tensions with Iran continue to escalate, market watchers said.
Prices were lower on Friday, but up on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,776.40 an ounce, up 2.9% on the week. March silver settled at $35.338 an ounce, up 6.4% on the week.
In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, 19 see prices up, while three see prices down, and two are neutral on prices. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts.
Gold and crude oil prices rose this week, supported by concerns that Read more…

Categories: GOLD, Iran Tags: , ,

Key Players Buying More Gold Now

February 20, 2012 Comments off

wealthcycles.com

Investor appetite for gold is heating up, in part because of signals from hedge fund guru John Paulson, the guy who saw the real estate meltdown coming in 2007 and became a billionaire as a result.

The Paulson & Co. founder “told investors it’s time to buy the metal as protection against inflation caused by government spending,” Bloomberg reported today.

“By the time inflation becomes evident, gold will probably have moved, which implies that now is the time to build a position in gold,” New-York based Paulson said in a letter to investors obtained by Bloomberg. Armel Leslie, a spokesman for Paulson, declined to comment.

Bloomberg reported that 12 of 22 companies surveyed had a buy on gold, with five surveyed neutral.

Paulson & Co., the largest owner of the SPDR Gold Trust Exchange Traded Fund, which trades in gold futures, cut its position in 2011, Bloomberg reported earlier, probably to cover losses in securities.

Paulson held 17.3 million shares in the exchange-traded fund as of Dec. 31, 15 percent less than the 20.3 million on Sept. 30, Securities and Exchange Commission filings showed. His holdings fell 45 percent from end-June, the first reduction in more than two years. He is still the biggest stakeholder.

A Feb. 14 SEC filing showed Paulson & Co. with $2.9 billion worth of SPDR shares, according to Bloomberg’s latest report.

Meanwhile, central banks—even as they act to inflate Read more…

China Could Soon Overtake India As The Biggest Gold Market In The World

February 16, 2012 Comments off

businessinsider.com

HONG KONG (AP) — China is poised to overtake India to become the world’s biggest gold market this year as rising incomes fuel demand for the precious metal and a weak rupee diminishes Indian purchases, an industry group said Thursday.The amount of gold bought in China rose 20 percent in 2011 over the year before to 770 metric tons, the World Gold Council said in its annual report. That put China behind only first-place India, where 933 metric tons were bought.

Worldwide, the amount of gold purchased rose 0.4 percent to 4,0671 metric tons worth $205.5 billion.

The council said it’s “likely that China will emerge” as the world’s largest gold market for the first time in 2012.

Rising incomes in China, which is the world’s No. 2 economy, have resulted in a surge in demand for gold jewelry and other luxury goods. China became the world’s largest market for gold jewelry in the second half of 2011 as demand rose in every quarter, the report said.

Gold bars, coins and other gold-backed products are also popular because of a lack of Read more…

Proponents of Gold Standard May Be Violent Extremists; Report ALL Suspicious Activity To the FBI

February 8, 2012 Comments off

shtfplan.com

If you support returning the United States monetary system to sound money backed by the gold standard and believe that our country is bankrupt as a consequence of out-of-control spending and fiat money printing, then you may soon receive a visit from your local DHS/FBI office.

This morning your family, friends and neighbors were alerted by representatives of the Federal Bureau of Investigation that you and those who share similar ideas as you are potentially dangerous extremists that could threaten the national security of the United States:

Anti-government extremists opposed to taxes and regulations pose a growing threat to local law enforcement officers in the United States, the FBI warned on Monday.

These extremists, sometimes known as Read more…