Spot Gold Price Tops $977 oz
Australian Gold Nugget
Weakness in the dollar today caused spot gold to hit a new three-month high above $977. The U.S. dollar extended losses against the euro and yen after GDP data showed the U.S. economy contracted by less than initially estimated in the first quarter. The dollar hit five-month lows against a basket of currencies amid fears over the impact of aggressive stimulus spending on U.S. government debt.
Brian Hicks, co-manager of the global resources fund at U.S. Global Investors said:
“We think it’s going to be difficult for the Fed to sterilize all that money in the system and take it out of the system and that is going to be quite bullish for gold. We’ll retest the $1,000 mark and more than likely breach that level in the near term.”
Remember when all you heard was realestate never goes down so “invest in realestate” Now the dollar “is the safe haven” it can’t go down either! Wake up! Anything can happen! Realestate has not hit bottom “YET” when it does it will be 20 years or longer to recover what has been lost in realestate values in the last few years. People have to go back to work,rebuild their credit and banks have to heal and start making sound loans based on facts, not estimates.It won’t happen in a year or two, even Obama says things may get worse before it gets better! Good Luck! God Bless!
Australian Nugget Specimens
Gold is the one currency that you can’t print too much of and can’t devalue with a formal statement, so people will always tend towards buying gold when money is suspect. Money is suspect now, and while gold has dropped recently – because of dollar buying – longer term, and I mean from now (fundamentally and technically {according to my reading of the charts}), gold is starting an uptrend. I took my profit on short gold today and now I’m long, through ETF,
Get ready for super inflation and be strongly prepared to have your standard of living not only reduced but maybe cut in half.
Gold prospecting