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Poor Economic Results Prompt Investors To Convert Assets To Gold

September 22, 2010 by  

Poor economic results prompt investors to convert assets to goldDue to persistent economic weakness — which has spurred fears of a jobless recovery or even a double-dip recession — many investors seem to be looking for safety in assets that are more stable over time than stocks. 

These assets include precious metals such as gold, whose futures rose by $3.30 and closed at $1,280.80 per troy ounce on New York Mercantile Exchange on Sept. 20. This marked the third record high in as many sessions and some commentators attributed it to the expectation that the Fed will keep interest rates close to zero, raising the fears of inflation.

Senior manager at Saxo Bank Ole Hansen told Reuters that employment, housing and other economic data point towards investment conditions favoring gold.

"A move higher to between $1,300-$1,350 [per ounce] could be a good target toward year-end," he predicted.

The economic situation has also continued to cause the dollar to weaken against the basket of six other currencies, as the U.S. dollar index fell by around 0.3 percent on Sept. 21. 

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  • dan az

    The only thing that I would worry about is if the feds come looking for it like they did before! And if I was a betting man I would say if November goes south then gold will reach 2000 an ounce!

    • Al Sieber

      dan, you could be right, I’ve been busier than “Hell” hiring different people to work for me, and getting rid of a few also. I’ve never had such a demand for work in my life, they need miners, geologists, mechanics, labors etc. I also handle the over flow from the Gold Road mine, I told them last week I couldn’t do it all by myself anymore, there is work in the mining industry, plenty. I’ll tell you this, the Feds can come and try and take our gold, it could get interesting. Nov. couldn’t come soon enough.

      • dan az

        Hey Al
        thats really good news wish I was up to it.Hang in there buddy sounds like its going to pan out for ya!

  • Howard Roark

    Its not that the value of gold is rising. it is that the value of the dollar is falling. If you bought a house 50 years ago with x number of one ounce gold coins you could buy that same house today with the same number of gold coins. even though the dollar value seems to have greatly increased.

    In 1959 the Govt stole the first dollar of Social Security tax from me. in 1959 candy bars were a nickel. I could buy 20 candy bars with that dollar. Today they return that dollar to me and claim that they paid me back 100 percent. how many candy bars can you buy with a dollar today. I will never get back the buying power that was stolen from me.

  • Jim H.

    Invest in gold, silver and lead. They won’t let you down. Just in the last six months all these “we buy unwanted gold” places have sprung up. There must be a reason.

    • libertytrain

      JimH – I couldn’t agree with you more – why have all these places sprung up if gold had not suddenly become so important – Made me want to keep all my jewelry made of gold, broken or not.

  • GOODBULL

    TAKE WHAT DOLLARS YOU NOW HAVE AND INVEST IN ANY-THING, THAT WILL HOLD SOME VALUE. I SAW THIS IN ARGENTINA, WHEN THEY HAD 300% INFLATION, SO TOBACCO=ALCOHOL = METALS = CANNED FOODS= PAPER PRODUCTS= DO NOT SAVE BUT A FEW DOLLARS, AS THE BUYING POWER IS GOING DOWN, AND WILL GO FASTER, GOOD LUCK MATES

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