NEW YORK (MarketWatch) — Gold futures rose last Thursday to six-month highs, with the December contract approaching $1,000 an ounce as a weakening dollar and fund buying pushed up prices. Gold for delivery next year topped the key psychological level of $1,000.
Why Gold Now?
Gold has been the currency of choice for over 5,000 years. The amount of gold on the plant is finite, in fact it increases by only 2% per year.
Every Global economy that relies on a Fiat Currency (Paper currency backed by nothing) ends badly. Remember Weimar, Argentina, Zimbabwe? And that’s just in the past 90 years!! If America continues down this path with its policy of quantitative easing we will lose our status of having the worlds reserve currency and the benefits that go with it.
Gold most often moves in the opposite direction of the general markets and yet, while the markets have been rallying strongly over the last 6 months, Gold has held its value. It’s interesting that the timing and the magnitude of the explosion will come alongside the Biggest Bull Market Trap in history! This is very possible over the next couple of weeks.
Paper fiat money is a lousy store of value, The US Dollar has been losing value quickly ever since Nixon severed its ties with the Gold Standard in 1972. Check out this comparison of USDollars and Gold since 1930. A $100 Bill issued in 1930 is still a $100 and buys a whole lot less today than it did then. At that time Gold cost $20.67 an Ounce, Today $100 worth of Gold in 1930 Dollars would be worth a whopping $4,800.
Today Gold has the fundamentals to explode to the upside. The Federal Government is printing money like there’s no tomorrow, trying to spend its way out of this mess. The Bail Outs, Wars, Housing Market Bubble Bursting, Unemployment skyrocketing, Insolvent Banks have caused the Fed to go to the printing press. The Government has quickly spent $12 Trillion (that’s Trillion). If that’s not inflationary I don’t know what is! In the long term I believe Gold will go to $6,000 +, but that’s just my opinion. Do your homework, get educated with the Gold Market, the time is now.
Wayne Isaksen - www.teampayitoff.com
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True wealth isn’t measured in dollars or how much gold you own. Gold is just a metal that can be melted or filed to dust, turned into wire, etc. It’s only valuable because people like it, but it’s not real wealth.
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