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Gold Investments Market Update
Mon, Sep 22 2008, 13:34 GMT
by Mark O'Byrne
GoldCore
"Ponzi" Casino Capitalism Discredited - Risk of Global Monetary Crisis Gold and silver surged last week (up 13% and 15% respectively) as the financial crisis deepened considerably and there was a realisation that the "ponzi" casino capitalism of recent years has critically wounded the US financial system and done serious damage to the global financial system. Gold surged from below $780/oz to close at $861.40 on Friday and has risen again in European trading today to over $882/oz.
A likely close above $900/oz in the coming days should see us rise to $1,000/oz in the next few weeks and possibly sooner than even the very bullish expect.
Even after stocks’ incredible surge on Friday they remained flat for the week (Dow, S&P and Nasdaq) and are set to come under pressure in the coming weeks as the ramifications of the trillion dollar bailouts gradually seeps in.
The dollar, the reserve currency of the world, is also likely to come under serious pressure again as the epicentre of the crisis remains on Wall Street and in the US financial system. Some notable commentators have rightly warned of the possibility of a US default on its huge debt obligations. Given the extent of financial contagion a dollar crisis and wider global monetary crisis is not beyond the bounds of possibility as the unthinkable increasingly becomes more thinkable.
New World Financial and Economic OrderGold's safe haven credentials are again coming into their own as the modern incarnation of the global financial and capitalist system is creaking at the seams after years of dangerous "Disney land" leveraged finance. It is arguable that systemic risk has never been as high as this (even during the Great Depression) and unfortunately conditions, particularly in the wider economy are set to get markedly worse before they get better.
Financial contagion is spreading throughout the financial system and most worryingly, it is spreading from Wall street to Main street and on to the global economy. This can only be bullish for gold and those who fail to see this have little comprehension of monetary and economic history and our modern monetary system.
This is not economic Armageddon but rest assured that the old world financial and economic order is gone and will be replaced by a new world financial and economic order - where frugality, savings and prudent investments will be rewarded and leverage, speculation and irresponsible risk taking will be unacceptable. The Anglo Saxon Disney finance of recent years has been wholly discredited and there will be a shift in power towards more sustainable and prudent European and Asian models.
In the light of the continuing deterioration of the financial system and the increasing risk of contagion in the financial system and the wider global economy, gold remains very undervalued and will continue to outperform other asset classes in the coming weeks and months.
http://www.golddrivers.com/alt/charts.aspPublished on
Mon, Sep 22 2008, 13:49 GMT
Archive
- GoldCore Update: US Interest Rates to Remain Exremely Low for an Extended Period of Time
Published On Thu, Nov 5 2009, 14:02 GMT
- Silver Set To Soar As It Did In The 1970s
Published On Wed, Nov 4 2009, 13:16 GMT
- GoldCore Update: Gold's New Record Price Over $1,093/oz - $1,200/oz By Year End?
Published On Wed, Nov 4 2009, 13:10 GMT
- GoldCore Update: ECB Sees Gold as Important Asset and India Buys 403 Tonnes of IMF Gold
Published On Tue, Nov 3 2009, 13:48 GMT
- GoldCore Update: G20 Finance Ministers Meeting and LBMA Precious Metals Conference in Scotland
Published On Mon, Nov 2 2009, 15:10 GMT
[ View All ]
Gold and Silver Investments Limited
| 63 Fitzwilliam Square, Dublin 2, Ireland
http://www.goldcore.com | info@goldcore.com
Legal disclaimer and risk disclosure
The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Gold and Silver Investments Limited, trading as Gold Investments is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.
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