On April 26, 2013 the price of gold gained $38.30, or 2.7%, to $1,465 an ounce in New York, building on recent gains and retracing 50% of its dramatic fall just 10 days ago.
Gold suffered a $200-plus decline that began on Friday 13 April and accellerated into Monday when the metal dropped to multi-year lows of $1,326 an ounce.
Thursday's push higher breached important technical levels around $1,440 an ounce and the 50% recovery of recent losses is also a bullish signal for the gold market.
Gold's resurgence also comes after an unexpected upbeat view by a closely followed bullion market strategist.
Société Générale's global strategist Albert Edwards says in a new report that he is sticking to his recent prediction that gold is on its way to $10,000.
The French investment and London bullion bank's Global Strategy team's forecast is also in stark contrast to that of its commodities researchers who predicted "The End of the Gold Era" and an end-2013 gold price of $1,375 per ounce. That call was made at the beginning of April when gold was trading above $1,550:
"We repeat our key forecasts of the S&P Composite to bottom around 450, accompanied by sub-1% US 10-year [bond] yields and gold above $10,000."
Edwards' new report acknowledges that forecast [of the SocGen commodities team], calling it "prescient" and a "rare exception" to the financial community's usual tendency to stick with the consensus view.
"In that [same] vein," writes SocGen's global strategist – and with gold price 10% below the level when Patrick Legland and Michael Haigh's report was issued – "holding gold is a bet against central banks' competency.
"Given their track record, that's certainly a bet I'd be happy to still take."
Is petroleum ever going to be less? No. Neither will precious metals and gems never be less... but can you afford to hold them until world market vales your items at the same value as you perceive them to be? Not likely - world markets are controlled by "big" money. Big money controls the values. As a private person, all you can do is work smarter to ensure that in a crisis you have what will support and sustain your family. Gold and silver will always be accepted as 'currency' to barter for goods and services. If you have your paper money in a 'bank' you really do not have your money - the bank has it. History tells us that Government requires money to continue in power - its only source of money is from the people - they have taken those funds in the past - and we know history repeats itself - prepare alternative strategies to deal with what history has taught us - otherwise accept the cards you are dealt from a powerful dealer. Prepare the basics of survival: shelter, food & water, protection and whatever your particular needs dictate. NOW is the time to take action - small steps forward - non back... Good luck!
ReplyDeleteDid you know that Gold and Silver is NOT legal tender in the USA? Time to get back to basics.
ReplyDeleteSee: http://news.coinupdate.com/ron-pauls-free-competition-in-currency-act-lives-on-1795/
Thanks
Doug
We the people...
ReplyDeleteThe first three words in the Constitution are the most powerful: We the People. They declare that the Constitution derives its power not from a king or a Congress, but from the people themselves. This concept of popular sovereignty—power to the people—is the foundation upon which the entire Constitution depends.
The framers of the Constitution designed a system of government in 1787 that distributed power among three branches—legislative, executive, and judicial. Having just overthrown a king, the framers did not want to concentrate power in one ruler, whether a president or a Congress. Therefore, they established checks and balances for each branch over the other two. Some modern critics argue that this system creates gridlock and is ill-suited to the demands of the 21st century, where global electronic networks can collapse financial markets and national governments in milliseconds. They advocate creation of a new constitution.
But even the framers themselves did not think the Constitution was perfect. That's why they included an amendment process in Article V, so the people could make changes to the Constitution as they saw fit. Over the past 225 years, the people have added 27 amendments; the most common theme has been expanding the right to vote. In the end, each generation strives to create a “more perfect union” for those yet to come. The Constitution begins and ends with We the People.
We the People content written by Linda R. Monk, Constitutional scholar
More information: http://www.pbs.org/tpt/constitution-usa-peter-sagal/home/