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Investors Turn To Gold Amid Unrest In Libya

February 25, 2011 by  

Investors turn to gold amid unrest in LibyaThe growing political chaos in Libya has caused oil prices to spike and has raised concerns about further inflation in the United States.

On Feb. 23, West Texas Intermediate crude oil — which is the major benchmark for crude oil prices — rose to $100 per barrel for the first time since September 2008, according to media reports. The increase comes as protesters in Libya have clashed with supporters of dictator Moammar Gadhafi, causing oil companies in the north African nation to evacuate workers and cease production.

According to The New York Times, oil experts predict that the crisis in Libya will cause European refineries to purchase sweet crude oil from Algeria and Nigeria, which are two major providers for the U.S. As a result, this would likely raise American gasoline prices, which have already increased by 6 cents per gallon over the last week.

As commodity prices and interest rates continue to inflate throughout the world, many people have turned to gold as an alternative investment to protect their hard-earned assets. According to Bloomberg, gold futures prices hit a seven-week high on Feb. 23, increasing as much as $4.50 to $1,418.50 an ounce.

"Escalating unrest in Libya and rising oil prices have encouraged gold safe-haven buying and fueled concerns over inflation, which also benefits gold," wrote Mark Pervan, senior analyst with ANZ Banking Group, quoted by the media outlet.

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  • s c

    It sure is a good thing that our leaders made America energy independent. Whoops! They never did get around to doing that. Oh, well, our ‘almighty’ dollar is in good shape. Whoops! It’s not.
    But then, we do have the best government that money can buy. Whoops! You can’t buy good government. But, our leaders said they’d take care of us if we’d just believe and support them. Whoops!
    Why, it’s almost enough to make people believe only in themselves and those who PROVE they’re worth having around. Almost, that is.
    All we need is another 10,000 years. Unfortunately, the clock is ticking and we don’t have enough time to correct the problem. It’s going to get interesting, folks. The first step is to yank your head out of your ^## (while you can, that is).

    • Al Sieber

      I don’t know if people are gonna wake up or not, s c. by raising the oil prices our country’s economy will collapse faster because it’s not designed to run on high fuel costs, it seems thats the plan. yes, 2011 is going to be very interesting, stock up on food, fuel, all supplies, gold, silver, lead etc.

    • Aix Sponsa

      The last 60 years has been the greatest time to live in the history of this nation. Life “as we have known it” will rapidly disappear in 2012.

      The biggest problem we face will not be loss of utilities/services, but the lack of morals, integrity, and honor that has been incorporated into the last generations.= looting and lawlessness. (can you say FEMA camps?)

      As Grandpa used to say, “When the excrement strikes the rotating airfoil the feculance will not be distributed equally among all recipients”.

  • Wandamurline

    Unfortunately, I do not know if the rise of the silent majority in America was fast enough to save our country. I am 63 years old and have never, ever been afraid of anything or anyone, but I am afraid for our country right now. I believe that the people of America who walk around with their heads in their phones and ipods and don’t have a clue are going to wake up to a very bad situation. Once hyperinflation hits, it is only a matter of time, the stores will be wiped out in a panic in one day as far as groceries. Gasoline will be hard to come by…we will be taken back to the days before the automobile and technology rapidly. We will have hungry people and hungry people will take to the streets…it is going to be ugly if this happens. All I can say to you…if you don’t have a gun and bullets, you had better get one and learn to use it. If you don’t have at least a year’s food supply stored along with water or water filtering mechanisms, you had been start. The poor will the ones hurt most by the elist, corrupt, communists that reside in the government and White House.

    • eddie47d

      Personel Liberty loves crises because it boosts the sale of gold. Do they not slip it into some thread every week to make more sales? If there was a shortage of M&M’s they would expect you to buy gold to make up for that shortage. Don’t let any crises go unwasted! We all “panic” about oil prices and have for 50 years.Yet it is the same old story and we Never seem to be prepared.We bury our heads in the sand and do the same thing over and over again and expect different results. Are we slow or what? We need to change or just chill out. We have the best farmland in the world and the world envies that.We and the world can survive to some degree without oil but no one can survive without food. We hold the ace of spades and the world wants it so we need to make what we have more relevant. Several oil producing countries are only one trick ponies(oil) and need us more than we need them.

      • http://www.boblivingstonletter.com/ Bob Livingston

        Dear eddie47d,

        First, we sell no gold. Second, you have no understanding of what makes the price of gold rise… or what makes the world go around for that matter.

        Best wishes,
        Bob

        • eddie47d

          My apologies on that first matter. I should have stated you make money off of the advertising of the sale of gold and that is what keeps the wheels turning for this site. So thank you for that.

          • Al Sieber

            eddie, if gold wasn’t worth anything, why won’t they let congress audit our gold supply? gold is the real money, you can sell it anywhere in the world.

          • Al Sieber

            Can’t answer the question eddie?

      • JimH

        Eddie, The tractors and combines that plant and harvest our food require fuel, oil and grease, to operate. We don’t have enough mules or plow horses to do the job.

        • s c

          Fortunately, we do have MILLIONS of legal and illegal progressives and tree-hugging, useful idiots who will line up to replace the mules and horses that America no longer has, JimH. It’s nice to know that these people LOVE America so much that they will line up when we need them.
          There’s not a doubt in my mind that these people wil also volunteer to labor in Fidel’s sugar cane fields. They might even get shipped to and from China if they have a shortage of people there to do manual labor.
          It almost makes me cry, knowing that we have SO MANY people we can rely on when times get tough. Someone pass me a hanky, please. I’m starting to cry. I feel the deep love that these people have for America.

          • JimH

            SC, Since the Dem. mascot is a donkey, maybe we could hook some Dem’s. up to a plow. For once they could do something useful.

          • Lastmanstanding

            s c. From reading your posts over several months, I think your just being sarcastic…little do these “useful idiots” know that you are exactly right. However, they think that “they’ will be overseeing you and I doing all the work. Because of their loyalty, they will assume there rightful place high above the rest of us. Just isn’t going to happen…horses and mules are much better souls the others you mentioned…God bless America…

    • Aix Sponsa

      AMEN Wanda. Boy, I hope we are wrong. My son was TDY after the NO hurricane. He tells stories that did NOT get into the news. Things could be worse than a B grade movie that doesn’t end.

    • Tex Expatriate

      Well, Wandamurline, I am 73. Arms, bullets and how to make them, and food and water are what will save our children and grandchildren. If others here will urge their state legislatures to enact Nullification laws we may stave off an armed revolution. In the meantime, plan to arm and fee you and yours, as we have done where I live.

  • chuckb

    eddie47

    energy wasn’t a problem until they discovered by creating shortages it manufactured huge profits, such as sugar and coffee. until crude was placed on the commodities market, we had an ample supply. speculators run up the cost, why do you think barry watches while the price of gas is soaring, why do you think soros invested in the brazilian oil. if we opened up our vast fields of oil, the rest of the world would be in great trouble and gas would probably be selling for $ .10 pg.
    the california dealers assoc. more or or less sets the price of gas at the pump and they regulate their prices as the futures market dictates, so if crude goes up today they will adjust their price, the gas they bought earlier in the week may have been a lot cheaper and this relates to more profit for them since they still have the majority of the gas they purchased previously. if the price of crude drops you will see the lag in gas price dropping. everybody points the finger at opec, they are nothing but a tool of big oil. they don’t sell crude at $100.00 per bll, stop and think about it, the speculators drive the price up. of course the oil companies can bid on their own crude i suppose, isn’t that illegal in the u.s., or maybe that’s why they noved the exchange to london to get around that little obstacle.

  • http://com i41

    chuckb, and who is the sorry puke, who is driving up all commodities prices, hint he is a major owner on a major hedge fund! That is right Nazi Traitor George Soros, the money man and string puller of the marxist/communist democrat party and a close friend and visitor of Onumnutts. What slubs have created the oil shortages and have stopped any drilling and developing pipelines and new refineries. It is the marxist/communist democrats and their loony book trained idoits of the envior agenda of the socialist democrat party, it has been going on for decades. It has been the mantra of the marxist/communist union democratic party since of the party’s inception. The Tammi Hall, the for runner of the dumbocrat party, worked a little more blatant than the ACORN socialist, but they had liars, theives and corrupt murders just like Onumnutts, Clintons, and our democrat Congress person. Read a book title “Dirty American Scoundrel” a biographic story of a NY and a Washington insider before the Civil War and the years afterwards on his overseeing the reconstruction of the south.

  • chuckb

    141

    the problem i have is containing the information. i have been so political all my life, even when a teenager, and i have a hard time remembering what i read. the internet is kind of dangerous when researching, they have a way of leaving out pertinent information especially if it has a damaging reflection on the bolshevik party (democrats, sic) luckily i have kept most of the books pertaining to politics. one of my favorites is the “iron curtain over america” i found this book in the same year it was published, 1951. of course it only covers the period from ww1 to 1950. in my estimation it should be read in the schools. it sure throws a lot of light on what we see in todays politics and whose behind it.

  • http://charden@neo.rr.com Charles

    chuckb,
    They don`t teach history in our schools anymore. The Marxist, through
    the teachers union control what is taught and what isn`t.The school
    boards aren`t much better. I sure don`t feel sorry for the teachers
    in Wis. nor their union. It`s time these public unions were rained in.

  • http://charden@neo.rr.com Charles

    i41,
    That hedge fund is the Quntum fund ran by George Soros and owened by George Soros. You have to be a millioner to get in. This is where he gets
    his money to back the many left- wing groups he backs.

  • http://charden@neo.rr.com Charles

    Buy Gold and if you can`t afford Gold, buy Silver.Silver is actually
    out performing Gold. The Jews say, we should have at least 20% of what our
    net worth is in GOLD OR SILVER. Don`t get caught with your pants down. I
    go with the Jews on this one.

    • JimH

      Charles, After food, clothing and shelter, there isn’t much left for gold. Each month, I do get some silver and sometimes a box of lead. Little by little, I prepare.

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