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Gold Investments Market Update − GATA: US Government is Suppressing Gold Price
Wed, May 6 2009, 11:22 GMT
by Mark O'Byrne
GoldCore | View company's profile
Gold and silver rose marginally yesterday as the dollar again fell. Gold initially surged to over $914/oz (from $901/oz) prior to determined selling capped the price and saw it fall again below the psychologically important $900/oz mark. Silver was again more resilient and rose 2.8% to $13.40/oz. Both have gradually eked out gains in Asia and early European trading.
Concerns about the international financial system and their implications for the dollar and other currencies and inflation going forward look likely to see gold remain firm for the foreseeable future. The central bankers and politicians mantra of “inflate or die” will likely soon lead to the emergence of real inflationary pressures.
Richard Russell, the venerable and highly respected newsletter writer, wrote overnight of how all markets including the gold market appear to be being manipulated at the moment. The government is on record regarding intervening and manipulating the bond market through purchases of their own bonds. Russell concurs with the Gold Anti-Trust Action Committee (GATA) that elements in the US government are suppressing the gold price through financial proxies in order to maintain faith in the dollar and US government debt. GATA’s credibility was recently greatly enhanced when their long held but disparaged assertions that the Chinese Central Bank was accumulating gold were proven correct (the commonly-accepted World Gold Council and GFMS gold holding data was proved incorrect). GATA are meeting press in London this week and should their contentions receive a fair hearing in the media it could have material impact on the price.
Besides the strong fundamentals, technically gold is looking better and better with a bullish reverse head and shoulders formation being traced out which would suggest gold’s lows have been reached. A close above $1,010/oz would be very bullish but first a close above $967/oz is necessary.
Published on Thu, May 7 2009, 09:13 GMT
Gold and Silver Investments Limited
| 63 Fitzwilliam Square, Dublin 2, Ireland
http://www.goldcore.com | info@goldcore.com
Archive
- GoldCore Update: Sterling Gold Near Record Highs as Election Looms and Economic Outlook Uncertain
Published On Fri, Mar 19 2010, 14:28 GMT - GoldCore Update: Gold Volatile on Weaker Euro and Renewed Greek Concerns
Published On Fri, Mar 19 2010, 09:58 GMT - GoldCore Update: Federal Reserve Rising Interest Rates Positive for Gold?
Published On Tue, Mar 16 2010, 13:51 GMT - Gold Supported by Geopolitical and Sovereign Risk as S&P and Moodys Warn US
Published On Mon, Mar 15 2010, 15:31 GMT - Gold Technicals: Weekly Loss Will be Bearish But Fundamentals Remain Positive
Published On Fri, Mar 12 2010, 12:22 GMT
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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.Related reports
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