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Uncertainty About Double-dip Recession Prompts Investors To Buy Gold

September 10, 2010 by  

Gold prices remained flat during the last two days, but were still near their record highs, as a new survey found that a significant majority of Americans now fear that a double-dip recession is going to happen after all.

Some 65 percent of the respondents expressed this view, according to StrategyOne, a global consultancy. Of those, approximately 44 percent say it will be more severe than the previous recession and 21 percent worry it will be significantly worse.

"The consumer economic engine which drives our growth is either stalled or stuck in first gear," said Bradley Honan, senior vice president of StrategyOne.

He added that "until consumers feel more confident and are willing to spend more freely, growth will likely be anemic at best."

In fact, the survey found that in the next few months, about 41 percent of people are planning to cut back on their spending, nearly 80 percent say they will spend less this Christmas, and almost 90 percent admit that they won’t make a big-ticket purchase in the next three to four months.

In view of these results, individuals who are concerned about preserving their wealth and assets may turn to precious metals such as gold for safe investment options. On Sept. 8, gold futures for December delivery traded at $1,255 an ounce at 9:24 a.m. on the COMEX in New York, and the metal has increased in value by 15 percent so far this year, according to Bloomberg.ADNFCR-1961-ID-19937930-ADNFCR

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  • dan az

    I prefer lead over gold it can increase my non existing wealth by 100% over night!

    • Jim H.

      Pray for the best, prepare for the worst. Invest in gold, silver and lead.

    • Al Sieber

      For every gram of gold I have, I have 50lbs. of lead to protect it.

      • dan az

        Al
        now thats what I call prepared

  • http://na WillC

    IMO the gold/silver bubble with burst by year end.

    • Al Sieber

      WillC, dream on, I’ll take all the gold/silver you don’t want.

  • s c

    Believe it or not, lead and gold do share a common identity. You see, people who value gold (silver, platinum, etc.) KNOW it’s just a matter of time until enough two-legged sheep finally understand that politicians CAN’T be trusted. And yes, that includes American politicians. It includes politicians who are members of YOUR favorite party.
    When that happens, silver, gold and platinum prices will JUMP. The price of lead will JUMP (if it hasn’t already done so), and overnight the value of POLITICIANS will become ZERO (fit only to be flushed down the nearest toilet OR as unwilling targets of lead projectiles flying through the air). Either way, it works for me.

    • Al Sieber

      Good post SC, you know whats it’s all about.

    • dan az

      sc
      works for me to

  • Kerry Mercer

    I have increased my gold and silver in recent months by selling my silver certificates & other old paper currency and scrap metal and loading up on gold/silver coins and bars. I also have plenty of lead to protect it and family members well versed in defensive situations.

    • Al Sieber

      Kerry M, don’t buy any gold from Comex, for every oz. of physical gold they have 100 on paper, what happen’s when it’s all called in at once.

  • Richard Pawley

    Just remember that while gold will undoubtedly go up at least another 400 dollars (and many dozens of experts say that it will go to at least 2500 dollars and some believe twice that) YOU CAN’T EAT IT! I know of a professor who sold all his gold and purchased a five year non-perishable, mostly freeze dried, food supply for his family. This I do know, food and fuel and imported goods are going to triple in the not-to-distant future, and although I can’t tell you when I would suggest that you consider learning about non-perishable foods and that like our early pioneers you stockpile a winters worth. Don’t over pay but don’t delay. Something is better than nothing. Expect the best, prepare for the worst, and take what comes with thankfulness, and remember that the election in November will be the most important election in 50 years. The Union leaders are planning to spend at least $90,000,000.00 on this election (and maybe more)to keep the elitists in control. We must change Congress or it will only get much, much worse than any can now imagine. Believers need to pray and everyone needs to vote. May God bless the United States of America.

    • dan az

      Richard Pawley
      Thats why I think lead is more precious than gold, with it you can eat and gain riches and protect all that you have.the funny money is going to be used for tp there is allot of elk up here years of supply but if you go to the markets there isnt going to be anything in them so if your silver or gold was to be used then I would hope that you have a very good supply of lead around to keep it.

    • Al Sieber

      Richard P, gold and silver never loses it’s value, I mine it and sell it in small lots, from 1 gram to 1 oz. I just wonder why people put it down, if you have bullet molds you could shoot some one with a gold bullet just as well.

  • jopa

    I believe the above article was written by a gold salesman are you buying it??

    • Al Sieber

      jopa, I’ll take all the gold you don’t want either, you haven’t learned from history have you?

  • jopa

    AL Sieber;You have been sitting on the lead too long and it,s beginning to permeate your ass and affect your brain.Be careful in the metals market is all I am saying when a salesman tells you it is now the time to buy do some research first.Actually go ahead buy some gold today and see how long it takes to make a profit.Good luck.

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