price of gold
As it stands, there are more reasons for gold prices to go higher than there are for the yellow metal to decline.The mainstream is focused on just two factors; they argue there isn’t any inflation and that the U.S. economy is performing well enough. Remember: there’s more to gold prices than just these two phenomena.Think of gold as a global currency; it’s not just limited to the U.S.. Read More
Gold bullion imports from Hong Kong into mainland China increased 600% in May 2012 when compared to May 2011! (Source: Bloomberg, July 9, 2012.)China is set to take the lead from India as the largest purchaser of gold bullion in 2012. The World Gold Council estimates that China will buy at least 870 tons of gold bullion in 2012.Just to give an idea of how large these purchases. Read More
In the classic nursery tale “Goldilocks and the Three Bears,” first put in written form by British author Robert Southey, Goldilocks ran when she came face to face with the bears. On the price charts, gold is also now facing a bear market; but will gold also run away and tank?Looking at the chart of the June gold, the picture is extremely bearish following the recent break below $1,600. Read More
The New York-based Conference Board’s household sentiment index has slumped to the lowest level since March of 2009… But hold on…don’t dismiss it as more bad news! It’s actually good news. Sure the U.S. unemployment rate has held at about nine percent for about 30 months now. Sure, 8.75 million jobs were lost in the recession that ended in June 2009. And, with only about two million jobs created since the recession ended, the unemployment picture is not looking good. How can consumer confidence not be taking a beating?
The precious yellow metal continues to hold up well on the price chart, as traders shift capital from the higher-risk equities to the safe-haven sanctuary of gold.