Gold Statrts to Rebound
The Russian stock market have been forced to close for two days in a row now as a meltdown in financial markets circles around the globe. Once upon a time America was a capitalistic economy but with the government buying out Fannie Me, Freddie Mack, and AIG in the last few days, so much for that concept. We're in very dangerous waters and the savvy people know it.
Thus gold which had hit the $747 level a is making some rapid retracements. Gold could hit $800 an ounce any day now, if not today!
It's also being felt and said that gold may rise to $950 an ounce by the end of year as central banks and miners hold back sales and investors buy the metal as a haven against falling stock prices, London-based researcher GFMS Ltd. said. Central bank sales will drop 46 percent in 2008, while mine supply will decline for a third year, a GFMS report showed today. Demand from investors worldwide will soar 38 percent to 778 metric tons, with purchases in east Asia more than doubling.
"We're expecting gold to stage a powerful rally in the fourth quarter,'' GFMS Chairman Philip Klapwijk said at a conference in London today. There will be ``significant declines in stocks, which compete with gold.''
The bottom line is that things are not going to go well for the stock market and other investments for the near term and that makes gold a good option. Even oil which was a great specualtive buy as it went from $65 a barrell to $147, is now tanking big time, falling to $93 as I write this report.
From teh time I started writing this report til now gold has had one of the fastest advances that I've ever seen. Gold is up $52 to $834. Amazing. Will it hold? Ah, if we only knew for sure, we couldmake a killing.
Related Tags: aig, russian stock market, gold starts to rebound, fannie me, freddie mack
As a spiritual-futurist, I interpret current events in light of possible macro-universal forces at play leading up to 2012, but not limited to it.
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