Spot Gold Moves Up
Crystalline gold nugget
Gold is currently trading at $954.30/oz and has broken though resistance of $939 and $942 very quickly. Fresh interest in the metal as an inflationary hedge surfaced on Friday on the back of a weaker dollar and higher oil prices. The interest has continued into Asian trading overnight.
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Despite the wobbly recovery, there’s little appetite in Congress to enact a major new stimulus package. Senate Republicans in particular have balked at spending more when the government is already saddled with record high budget deficits.
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.
Arizona silver
To see the ‘live’ spot NY gold price and some museum size gold nuggets I suggest you visit a great site I found a few months ago. I purchased a few nuggets from them just about a month ago, and not only are they beautiful to look at but in just the last few weeks they have really moved up in value!
I’m actually saving to purchase others!
The site is: http://www.california-gold-rush-miner.us
Crystalline gold leaf