Good Morning or Evening to those on the other side of the world.
I put this little article in because many readers are holding gold and silver in physical form or at bullion banks.
What is left to discover in regards to the world economy? It is almost becoming boring for me to read Bernanke did this Geithner was compliant in that, Summers, Paulson, Blankfein Dimon the whole Wall Street Mafia made the heist of a lifetime. It is done and it continues to be done.
No one will ever know the truth about the impact of the earthquakes in Japan. No banker or government official will be jailed and we are supposedly too stupid to understand the complexities of their economic voodoo anyway.
More important to the average person on this planet is will I get my retirement benefits and free medical?
No one will ever know the truth about the impact of the earthquakes in Japan. No banker or government official will be jailed and we are supposedly too stupid to understand the complexities of their economic voodoo anyway.
More important to the average person on this planet is will I get my retirement benefits and free medical?
Will I still have a job next month?
Who got voted off Survivor Island, who will be the next American Idol and who is Dancing with the Stars.
MSM drones on all day about politics as if the next election between the Democratic vs Republican Party makes a difference. It's all the same to me. Toss in an international disaster now and then and forget about it in 2 weeks. Moving along to the next one.
MSM drones on all day about politics as if the next election between the Democratic vs Republican Party makes a difference. It's all the same to me. Toss in an international disaster now and then and forget about it in 2 weeks. Moving along to the next one.
And the Band Played on as the Titanic went down we are just in the part of rearranging the deck chairs. Nothing to fear, but fear itself. Queenbee.
Gold climbed to a record in London and New York for a fifth day, trading above $1,500 an ounce, as a weaker dollar and debt concerns boosted demand for the metal as an alternative investment. Silver rose to a 31-year high.
The dollar slid to the lowest level since August 2008 against a basket of six major currencies. Greek two- and 10-year government bond yields reached euro-era records amid speculation the nation won’t be able to avoid restructuring its debts. Fighting in Libya and Japan’s nuclear crisis helped gold, which typically moves inversely to the greenback, to gain 6.1 percent this year.
“The key element determining gold’s near-term direction right now is the U.S. dollar,” Edel Tully, an analyst at UBS AG in London, said today in a report to clients. “Sovereign debt concerns in U.S. and Europe along with inflation fears provide a good backdrop for gold.”
Immediate-delivery bullion gained as much as $6.32, or 0.4 percent, to $1,508.88 an ounce and was at $1,507.70 by 11:21 a.m. in London. Gold for June delivery was 0.6 percent higher at $1,507.80 an ounce on the Comex in New York after reaching a record $1,509.50.
Bullion rose to $1,507 an ounce in the morning “fixing” in London, used by some mining companies to sell output, from $1,501 at yesterday’s afternoon fixing. Seventeen of 20 traders, investors and analysts surveyed by Bloomberg, or 85 percent, said bullion will rise next week. Two predicted lower prices and one was neutral.
Dollar Decline
The U.S. Dollar Index dropped as much as 0.9 percent before a report forecast to show U.S. house prices fell for a fourth month, underscoring prospects the Federal Reserve will maintain monetary stimulus. Central banks in Europe and Asia have raised interest rates to help combat accelerating consumer prices. The U.S. Treasury Department projects the government could reach its debt ceiling limit of $14.3 trillion as soon as mid-May and run out of options for avoiding default by early July.
The uprising in Libya, which began Feb. 17, has settled into a military stalemate near the central oil-port city of Brega. Italy, France and the U.K. said they are sending military advisers and trainers to help Libya’s disorganized and poorly equipped rebels, as French President Nicolas Sarkozy called for intensifying airstrikes against forces loyal to Muammar Qaddafi.
“Trading is expected to be thin today and next week as market participants will be out” because of holidays, UBS’s Tully said. “The lack of liquidity means that gold may not be as orderly as it has been this week and we could see large price swings.”
Silver for immediate delivery climbed as much as 1.8 percent to $46.07 an ounce, the highest price since January 1980, the year the metal reached a record $50.35 in New York. It was last up 1.5 percent at $45.9188 and has surged 49 percent in 2011. An ounce of gold bought as little as 32.73 ounces of silver in London today, the least since June 1983, data compiled by Bloomberg show.
Palladium was 1.2 percent higher at $769 an ounce. Platinum rose 0.7 percent to $1,816 an ounce.