Asset and Wealth Protection
The price of gold continued to rise to new record levels, as the commodity approached $1,800 per ounce following poor economic news that came out of the United States, Reuters reported.
The price of gold topped $1,700 an ounce Monday, as investors continue to place their confidence in metals over currencies. The European Central Bank had attempted to allay fears by widening its bond-buying programs to include Spain and Italy, but traders remain nervous.
Central Falls, R.I., has applied for bankruptcy under the supervision of the State-assigned receiver after retirees and current workers failed to agree on cuts to their pensions and benefits, according to The Associated Press.
What really worries me about our future is the unknown that might jump up and bite us. Things that are not only unpredictable but are counter to anything we might expect. Essayist and practitioner of mathematical finance Nassim Nicholas Taleb has a term for unpredictable events: “Black Swans.”
Second quarter numbers show that the economy has slowed to its worst pace since the end of the recession, according to The Associated Press. High gas prices and a lack of income improvements have caused consumers to cut back on spending.
The debt situation in the United States has allowed gold to stay near record highs.
Only once have I looked down the barrel of a gun. I can tell you it was damn disconcerting. It happened 25 years ago. The automatic rifles that were drawn on me then are pointed at America today. Yet President Barack Obama refuses to acknowledge that America is facing Middle Eastern guns.
As the United States economy continues to struggle and the sovereign debt crisis in Europe continues, some forecasts for gold and silver prices are highly optimistic.
With gold and silver hitting new highs, should we continue to buy?
Switzerland has always been among the countries with the highest gold reserves. Despite reducing its reserves in the past two decades, Switzerland still has the highest gold holdings per capita and its currency, the Swiss franc, has been among the top-performing currencies in recent years.