Spot Gold Price Higher in 2011
Nevada gold nuggets
I think most of the bulls and bugs on gold would tell you it is a lot more than psychology driving up silver and gold prices.
Retail investors are looking for something safe after watching their life savings evaporate in two brutal stock market crashes in 10 years and the first decline in the national housing market ever.
Gold will never go to zero or near zero like ENRON, AIG, GM, Fannie Mae, Freddie Mac, MCI Worldcom, Bear-Stearns, Lehman Brothers, etc.
Central Banks Ready to Drive Gold Price Lower?
Arizona gold nugget
A few years ago, Alan Greenspan testified twice before Congress saying ‘Central banks stand ready to lease gold in increasing quantities should the price rise.’ Central banks carry gold in the vault and gold out on loan as the same line item; in effect they report cash and accounts receivables as the same thing. As a result, central banks have only 1/2 to 1/3 of the physical gold as reported on their balance sheets. This means they hold not 30,000 tons but more like 8-15,000 tons of physical metal. All of this has been thoroughly documented by publicly available documents.
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Era of Peak Gold Prices?
silver nugget
We don’t know where it will go. I only know that I never contemplated such high numbers before 2007, and now,a few years later, no number surprises me.
Yesterday I read that we could be in an era of peak gold, because the mature large gold mines are already 13,000 feet deep (S. Africa). Less production, higher costs and lots of junior miners not yet in production, coupled with high world wide demand add another element to the gold picture. Only time will tell.
silver nuggets
Peter Schiff On The U.S. Economy & Gold Prices
Peter Schiff talks about the current state of the U.S. economy, the dollar and gold prices:
