Unstoppable momentum of precious metals and vast potential for more gains spurs investment
Thursday, Sept 16th, 2010
Gold and Silver have once again risen to new highs, with bullion futures soaring close to a record $1,280 an ounce as the dollar fell to a five week low against the euro.
Investors point to low interest rates and the looming prospect of more inflationary quantitative easing by the Federal Reserve as the driving forces behind gold’s continued rally.
There can be no doubt that as the globe’s central banks wildly print more and more money, the non-Fiat standard, has become one of the only ways to preserve wealth.
However, the metal has gained over the course of the year even despite a reported slow down in inflation.
The figures mean that gold is up 16 percent this year and is on course for a 10th consecutive year gain, the longest surge the metal has seen for some 90 years.
Lannie Cohen, the president of Capitol Commodity Services Inc. in Indianapolis tells Bloomberg News that “Gold is rapidly becoming the currency of choice,” and that he expects futures to rally to $1,600 next year as the greenback continues to weaken.
Gold’s new high has also been recorded in multiple currencies at the same time, unlike when it previously hit a new high spot back in June.
Bullion still has the potential to make more huge gains, as highlighted by the fact that today’s prices are still way off all time highs, recorded in 1980, of close to $2,185 an ounce measured in dollars adjusted for inflation.
Investors across the board expect the rally to continue, predicting prices as high as $1300 by the end of this month alone, $1400 by the end of the year, with some even predicting $3000 by the end of next year.
Despite these facts, globalists like George Soros would have us believe that investing in gold at this time is “unsafe”.
Silver also rose to its highest price since March 2008, hitting $20.92 in London, only 16 cents less than the metal’s previous three-decade high.
Silver also traded at €15.85 an ounce on Thursday – its highest level against the Euro for thirty years when priced at the exchange rate of the old Deutschemark.
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Steve Watson is the London based writer and editor at Alex Jones’ Infowars.net, and regular contributor to Prisonplanet.com. He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.
This article was posted: Thursday, September 16, 2010 at 1:05 pm