After a record breaking price run in 2010, gold was one of the most watched commodities coming into 2011. Analysts were keen to make predictions as to whether the metal would continue its rally, or if prices would see a steep correction.
Gold prices hit a record of $1,814.95 an ounce on Thursday but slipped as investors liquidated their long positions on the back of the CME Group’s announcement that it was raising margins on COMEX gold futures.
Warren Buffett, the world famous investor and Chairman of Berkshire Hathaway noted that “Fiscally, we are in uncharted territory. Because of this gigantic deficit, our country’s ‘net debt’ is mushrooming… no one can know the precise level of net debt to GDP at which the United States will lose its reputation for financial integrity.”
Reuters reports that Shares of gold and silver companies are having their best day since November 10.
Goldalert reports that Gold ETFs dipped Thursday, with the SPDR Gold Trust (GLD) falling $0.68, or 0.5%, to $134.02 in morning trading.
The fall is quickly approaching and Tuesday’s price action gave investors a slight tease of what the traditionally gold-friendly season has in store this year. The usual suspects—fear-induced investment demand and gold-hungry Asia—are still driving the gold bus home for the metal’s fans.
ABC News reported two hot stories developing in the gold coin biz this week including the launch of an investigation by California authorities into Glenn Beck-backed Goldline International and a lesser known dealer, Superior Gold Group, and outrage amongst gold coin sellers over a new tax law amendment that includes coin and bullion transactions.
By Kishori Krishnan Exclusive To Gold Investing News Every gold bug would cringe at this. Fraudulent games have expanded in the gold market. There are toxic bonds and phony gold bars. What does one rely on? Several conspiracy theories abound about the massive gold-fraud orchestrated by central banks, and the fact that the US Federal [...]
By Kishori Krishnan Exclusive To Gold Investing News The price of gold slipped below $920 an ounce in Europe on Wednesday, as a firmer greenback hit demand for the metal, It did remain in a relatively tight range though. “As long as we stay between $915-940, gold is more or less stuck in a range [...]
By Kishori Krishnan Exclusive To Gold Investing News The recent rally in American and Canadian equity markets is soon to give way to a gut-wrenching collapse that will push equities to shocking new lows, with gold prices reacting by rallying to new highs. After having correctly anticipated the timing and extent of the March 9th [...]
Monday, August 29, 2011