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Gold Investors Get Obama Boon

November 8, 2012 by  

Gold Investors Get Obama Boon
PHOTOS.COM

Gold prices spiked late Tuesday and early Wednesday morning following the re-election of President Barack Obama as many economists say that Federal Reserve policy will likely continue on a possible course to inflation.

“The outcome of the U.S. election increases the probability that the ultra-expansionary monetary and fiscal policy will continue, which puts pressure on the U.S. dollar and gives buoyancy to commodity prices,” Eugen Weinberg, head of commodities research at Commerzbank said in a report.

Gold jumped to around $1,729 an ounce, its highest level since Oct. 23. U.S. gold projections for December are up $3.70 to $1,718.70 an ounce. Gold prices are up a total of about $54 — 3.2 percent — since the beginning of this week.

As the left/right political paradigm continues to stymie a Republican House and Democratic Senate in coming weeks while lawmakers face tough fiscal decisions, gridlock could drive gold prices to historic highs.

Gold prices more than doubled during the President’s first term in the Oval Office. Some predictions show the precious metal reaching $1,800 per ounce by the end of the year and nearing $2,000 during the first half of 2013.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • wandamurline

    I think inflation will be good for this country….too many people have never had to live through it like we did in the late 70′s when interest rates were 21% and you were in line to get gas during Carter. At least America was smart enough to remove the fool and replace him with Reagan….so the fools who left the snake oil salesman in the White House need to get a real dose of realism.

    • momo

      That real dose of realism is on the way.

      • http://www.facebook.com/charliesmission Charlie Hanna

        Since Romney was also going to let the Fed print money, the destructive inflation was coming even with him in office. Now, when the you know what hits the fan, it’s going to be a little harder for Obama to blame it on Bush (but he was also part and parcel of the first bailout).

      • momo

        True, Charlie, I just think we would have gone to hell a little slower with Romney at the helm.

  • bob rice

    I’ve been buying for about 5 years, but now seems to be the time to buy more. The uncertianty of the present situation should push both gold and silver higher. If for nothing but inflation, the price will rise.

    • momo

      I think your analysis is correct. Along with the fact that the Fed is pumping new money into the economy at a rate of 40 billion a month is going to put inflationary pressure on the dollar thereby increasing the value of silver and gold.

  • ranger09

    MY GRANDPA ALSO TOLD ME TO BE AWARE OF PEOPLE THAT EARN A LIVING OFF OF OTHER PEOPLES FEAR AND HUNGER. FOR THEY PROFIT IF YOU WIN THEY PROFIT IF YOU LOSE. EVEN HISTORY TELLS YOU TO BE AWARE AND AVOID THE MONEY LENDERS. KEEP IN MIND WE OWN NOTHING, EXCEPT MAYBE THE CLOTHES ON OUR BACKS, EVERYTHING ELSE BELONGS TO THE GOVERMENTS. I EVEN WONDER WHAT FREEDOM AND JUSTICE MEAN ANYMORE.

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