Spot Gold Price Jumps to Record High
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India’s purchase of 200 tonnes of gold from the International Monetary Fund pushed the spot gold price up $25.90 to $1,085.50 an once. Gold’s sharp rally in spite of a dollar rise today, showed that strong demand will continue support gold.
The chief executive of the industry-backed World Gold Council, noted that only 0.4 per cent of global assets under management were held in gold. This could “easily” rise to 1-2 per cent, as few pension funds currently held gold as part of their portfolios.
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Don’t worry about gold or silver, or even platinum and palladium. They will thrive when the economy stops thrashing around so much in its death throes.
Silver coin
This financial mess has me spooked. In spite of the too late hodge-podge and piece meal actions of the Fed and Treasury, equities are death. Anyone in their right mind would be getting out of all paper assets and closing their bank accounts. I’m out of equities and I’ve closed all but one bank account leaving only enough cash to pay next month’s bills.
Gold and silver are the best bets now.
Metal Detectors