Skip to comments.Gold bottoms out of 3-month low
Posted on 10/14/2013 10:48:12 PM PDT by TexGrill
CHICAGO, Oct. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange bottomed out of a three-month low Monday.
The most active gold contract for December delivery increased 8. 4 dollars, or 0.66 percent, to settle at 1,276.6 dollars per ounce.
The weakening dollar against other major currencies as well as the rebound of the U.S. stock market Monday lent certain support to gold. Nevertheless, gold's growth was limited on news that President Barack Obama will meet with congressional leaders of both parties Monday afternoon. Over the weekend, talks in the Senate aiming to avoid a U.S. default failed to make progress.
Though gold market is shrouded in uncertainty as the U.S. government shutdown enters the 14th day, market analysts are certain that the sustainability of the U.S. economic recovery, the timing of the Federal Reserve's withdrawal of stimulus policy, and the strong gold demand from Asia will give gold market a boost in the mid-term.
Economists with Goldman Sachs warned that the government shutdown could cut around half of a percentage point from U.S. real gross domestic product in the fourth quarter.
(Excerpt) Read more at news.xinhuanet.com ...
Gold will come back. When it does, it will be huge and will be a harbinger of an economic crisis that makes the great recession seem like the good old days.
In which case, the Dollar’s only remaining flaw will be failure to disintegrate adequately in septic systems.
...it was the Q1 ETF outflows of 176.9 tonnes, equating to a 7% decline in total gold ETF holdings that obscured the strong rise in investment for gold bars and coins at the retail level. In the face of the huge 'paper' gold ETF outflows, 'physical' gold demand surged to its highest in 18 months....
When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, hes not just talking. Hes betting on it.
Not only has Putin made Russia the worlds largest oil producer, hes also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty.
Oh noes, let me rush out to the coin shop so I can give my gold away... like all the other suckers.
After all: China imported 510 tonnes through Hong Kong just in 2012. And those are just the official numbers of the HK route. Eric Sprott shows good cause that China is now importing about 100 tonnes a month.
To me, it sounds like China and Russia are preparing for a new global reserve currency backed by gold to replace the petrodollar system. I think that, given America’s popularity in the world (Think Edward Snowden), I’m not so sure that the majority of the G20 states would have our backs, especially if Putin made the right offer at the right time.
I agree - that is precisely what they are doing. I don’t blame them: there’s no sense in trading their oil and goods for Federal reserve notes.
Our hard-earned wealth is continually under attack by our governments - who can create a thousand lifetime’s worth of income in a keystroke. The quicker somebody forces the end of this thieving fiat system - and of the overmighty Federal Government - by moving to a Gold-backed currency, the better.
America losing reserve currency status is going to hurt like hell. But nothing can stop that now. And at least the US now has ‘Eagle Diesel’ to cushion the blow.
For some more than others. It definitely isn't the kind of scenario one would want to find oneself in with their pants down around their ankles, from an investor's perspective and from a survivor's perspective. Definitely the kind of threat you want to be very aware of and very prepared for.
That's garbage. As many have pointed out, a default is prohibited by law. The article implies that gold will rise on a default and fall if there is no default. The fact is that other than the usual pansies trading out of gold, gold will rise on a political settlement. What a settlement will mean, in all likelihood, is that Bernanke will keep printing money to buy treasuries as the US debt rises to infinity. Tell me that's not good for gold!
I’ve been hearing that for four years now.
your point is?
In the year 2300?
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