Gold and Silver … Higher From Here?
gold detector
Gold and silver have pulled back in the last two weeks. Many reasons can be given, such as a stronger dollar, weak economic recovery, and moving in tandem with the equity market.
There are many reasons, both logical and silly, why gold should rise from here. The consensus fundamental driver for a sustained higher gold price continues to be China, the world’s biggest gold mining nation, and is replacing India as the world’s largest consumer. It is seeking to boost gold output to 290-tons this year, but this will not meet its growing consumer demand. This supply gap, combined with Chinese desires to move its savings reserves away from the U.S. dollar, could push the yellow metal above the important psychological $1,000 in coming months.
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Gold has done very well, and it never needed a government bailout to support it prices. Can a Wall Street firm, salivating at the prospect of receiving welfare money from the taxpayer, make that claim?
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