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Gold rises as U.S. debt impasse continues
TOKYO (MarketWatch) — Gold futures continued to rise Wednesday as a prolonged standoff in Washington over hiking the U.S. debt ceiling continued.
Gold for August delivery /quotes/zigman/700181 GC1Q +0.42% , the contract with the most volume, rose $5.30, or 0.3% to $1,622.00 an ounce in electronic trading.
The December contract /quotes/zigman/661658 GC1Z +0.41% , which has the most open interest, was at $1,623.90 an ounce, up $4.50, or 0.3%, after earlier rising to a fresh peak of $1,626.90.
On Tuesday, August gold added $4.60, or 0.3%, to end at $1,616.80 an ounce on the Comex division of the New York Mercantile Exchange. The December gold contract added Read more…
The Global Physical Gold & Silver Reserves Race is the New Nuclear Arms Race
The old Cold War USA-USSR nuclear arms race has been replaced by the new East-West Central Bank battle to accumulate physical gold and physical silver reserves. While Western Central Banks and their puppet bullion banks have distracted and goaded private citizens with the invention of fraudulent bogus paper gold and paper silver derivative products, including ETFs more recently, and paper futures contracts for a much longer period of time, they themselves have been making sure to avoid the very fraudulent paper products they have invented and have been diving headfirst into real physical precious metals.
As Central Banks continue to significantly devalue all major global currencies through excessive creation of new supply out of thin air in a digital world where “new money” is never even printed into paper/cotton form but only is created as digital bytes that are sent across international borders, the private families that are the majority shareholders in the world’s most powerful Central Banks have engaged in heavy buying of Read more…
As The Dollar And The Euro Continue To Collapse, How High Is That Going To Push The Price Of Gold?
Right now, the global financial system is facing a crisis that is really unprecedented. The reserve currency of the world (the U.S. dollar) is collapsing and the second most powerful currency on the planet (the euro) is also collapsing. As the major paper currencies of the globe crumble, the hunger that investors around the world have for gold continues to grow. Today, the price of gold hit an all-time record of $1607.90 an ounce. But that record surely will not live for long. The truth is that gold has been steadily climbing for quite some time now. A year ago, the price of gold was hovering around $1200 an ounce and and many “mainstream economists” scoffed at the idea that the price of gold could go significantly higher. Well, nobody is laughing now. As colossal debt loads continue to crush both Europe and the United States, the euro and the dollar are Read more…
$5,000 Gold Later This Decade?
Gold bullion may reach $5,000 per ounce later this decade, bolstered by rising demand from India and China and slowing production growth, according to Standard Chartered Plc.
Yan Chen, head of metals and mining for the firm, stated that “We are looking for the gold price to reach about $2,000 by 2014,” in a Bloomberg television interview. ”There’s a chance that the gold price can be as high as $5,000 by 2020,” as income growth in China and India fuel demand for the yellow metal.
Chen’s comments came in the wake of yet another new all-time record high for gold prices, which this morning reached $1,603.80 per ounce. Gold has been supported of late by the ongoing sovereign debt crisis in Europe, the uncertainty over the debt ceiling in the United States, and the prospects of a third round of quantitative easing (QE3) by the Federal Reserve.
The Standard Chartered strategist went on to say that “The gold market will be in deficit in the next couple of years. The central banks are now back buying gold massively, turning from net seller of gold into net buyer.”
Poor Man’s Gold is Breaking Out — Sell Your House and Buy Silver?
Investors have pushed silver above the recent channel high at around $39 or so per ounce and I fully expect a retest of $50 if any more talk is given about QE3 — Silver rises because of the rising digital money supply, not from speculation. Owning cash is speculative whereas owning metals is conservative or a safe haven at current prices.
Many people will tell you that silver and gold are in a bubble but the fact is that commodities in general are one of the only asset classes that work here because the consolidated banking system is holding our economy hostage and Bernanke is solely focused on saving the banks. Right now, shorting European banks and going long silver and gold looks to be about as good of a “trade” as possible — investors are essentially betting that Europe will face massive credit problems because of the obvious insolvency of Greece, Italy, Portugal, Spain, and Ireland.
The next shoe to drop is the US… We are facing the exact same issues as Read more…
Silver shines bright, to climb steadily in second half
SINGAPORE/MUMBAI: Silver prices, deeply dented but unbroken by a rout in May, will climb steadily through the second half of the year as investors buy the metal as an alternative to expensive gold.
Despite a swoon following a 60 percent rally to a peak in April, silver continues to lead the precious metals complex with a gain of 24 percent so far this year, outstripping gold’s rise of 11 percent, and retains allure for inflation-wary investors.
Silver , notorious for its price volatility, stung many investors with a drop of 33 percent over six sessions in early May from a record of $49.51 an ounce on April 28.
Silver prices have held above $32 since mid-May, and are set to move higher in Read more…
Gold hits record high near $1,580 an ounce
The price of gold reached $1,578.73 an ounce at 1130 GMT on the London Bullion Market (AFP/File, Sebastian Derungs)LONDON — The price of gold surged to a record close to $1,580 an ounce here on Wednesday, as investors switched into the metal for safety from the eurozone debt crisis, traders said.
The price of gold reached $1,578.72 an ounce by mid-day on the London Bullion Market, beating the previous record of $1,577.57 set on May 1. It later stood at $1,573 an ounce in afternoon London trade.
“Gold hit a new all-time high today as investors continue to fret over the European sovereign debt situation,” said analyst Ian O’Sullivan at trading firm Spread Co, noting that the metal has risen for eight days in a row..
“With Italy, Spain, Ireland and Portugal worries intensifying and now the Fed minutes suggesting some members were thinking about the need for additional easing, investors have just hit the panic buy buttons this week.
“We think that gold ma Read more…
If Central Banks Believe in Paper Money Why Are They Loading Up On Gold?
I’ve been warning for years that an inflationary storm was coming. I’ve recently tailored my forecast to allow for a resurgence in deflation based on QE 2 ending and the economy diving, but my long-term forecast remains the same: inflation WILL be exploding in the years to come.
Indeed, even the biggest proponents of paper money (central banks) have begun to realize that their grand experiment is coming to an end. Central banks officially became net buyers of Gold last year. And we now find that they have acquired the most Gold in over a decade.
The Financial Times reports:
Central banks have pulled 635 tonnes of gold from the Bank for International Settlements in the past year, the largest withdrawal in more than a decade.
The move, disclosed in the BIS’s annual report, marks a sharp reversal from the previous year, when central banks added to deposits of gold at the Read more…
Paper Markets Are A Joke: Prepare for Bullion Prices to Go Supernova
“I think that the prices will continue higher. I mean the amount of money printing is unbelievable. I just think you have to take that initial stand in terms of buying it. I use the James Turk analogy: just keep dollar averaging. We have gone up eleven years in a row, this year it looks like it will be no exception; I would certainly think next year will be no exception. If we ever have QE3 announced, I think gold and silver will just go absolutely bonkers here. And so I just think you have got to step in there and own it; we’ve had these fears all the way along. You know, $400, and $500 and $700 and $800 dollar gold, everyone was afraid it was a one-time thing. I don’t think it is a one-time thing, I think it is Read more…
Gold treasure at India temple could be the largest in the world
NEW DELHI (Commodity Online) : The value of treasure consisting of thousands of kilos of gold, diamonds, gems and Silver ornaments, found concealed in different cellars at Sree Padmanabha swamy temple in Thiruvananthapuram, capital of South Indian state of Kerala, is estimated to cross over a mind-blowing Rs 1,00,000 crore ($10 billion).
As per expert accounts, this could be the largest treasure of Gold found anywhere in India and possibly in the world. Two more cellars are to be opened on Monday which could add more value to the already whopping amount.
Analysts said the estimated amount is nearly three times the annual budget size of Kerala. Experts are yet to find out the antique value of the rare Read more…
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