Spot Gold Falls To A 3-Month Low
Arizona gold nugget
As I write this post, spot gold is down over $46 per once!
Worries over the debt struggles of euro-zone countries Greece, Portugal and Spain fueled a flight from stocks to the safe-haven dollar, which hurt commodity prices denominated in the greenback.
Peter Hillyard, head of metal sales at ANZ Banking Group, said: “The chart reveals a yawning chasm that could take prices back to $1,010…. it may start slowly but gain momentum as it comes lower, I think it will fall on the cumulative effect of stops being triggered.”
Keep in mind, many believe any “slide” in gold, silver or platinum prices is a great opportunity to pick more up at a bargain.
Think about what the President is doing with fiscal policy and remember that you can’t print gold bars or silver bullion.
So I’m confused! Is the price of gold going UP or DOWN?! If gold can’t go through the roof during a ‘global fiat currency’ freakout, or credit crunch, debt bubble burst, whatever, then when? My sense is that the deflation demon will finally take out gold (‘goes up on an escalator and comes down in an elevator’!)
I also agree with whomever said gold was a good hedge against inflation NOT recession. The hysterical chatter about an inflation time bomb going off is exactly that… I’d say gold has a greater chance of going down to $500 then does of hitting $2K.
Crystalline gold
My wife gets an article of jewelry every once in a while, either gold or white gold (as a silver lookalike). She gives me a gold ring once in a while, preferably with Gold Coral in the mount, 18ct. is the ideal.
She likes the Jewelry aspect, I like the investment aspect.
Silver coin