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Gold Moves Up On ECB Debt Buying Scheme
Posted By kurtnimmo On October 6, 2011 @ 11:50 am In Featured Stories,Tile | Comments Disabled
October 6, 2011
Gold and silver have once again risen on “downside risks” to the European economy and its ongoing struggle with a sovereign-debt crisis and the distinct possibility Greece will default on its debt “obligations” to the IMF and European Central bank.
Treasury Secretary and former New York Federal Reserve boss Timothy Geithner said Europe is moving “too slowly” in dealing with the expanding crisis despite the European Central Bank’s resumption of bond buying and refinancing programs designed to deter a credit crunch in the euro zone.
The Bank of England also announced it will expand its bond buying program in an effort to prop up a sagging U.K. Economy.
Central bank efforts to produce so-called easy money have predictably acted as a boost to gold and silver. Liquidity efforts and monetary easing invariably reduce the value of fiat paper currencies and move investors into gold and silver.
Gold for December delivery rose $25.60, or 1.6 percent, to $1,641.60 an ounce late Wednesday and silver went up 51.3 cents, or 1.7 percent, to close at $30.352, according to the Associated Press. Gold hit a high of $1,891.90 an ounce on August and has fallen over the last couple months.
Despite the roller-coaster ride gold and other precious metals have taken recently, analysts continue to insist that gold and silver are excellent investments.
After gold’s parabolic move it is healthy for a stock to pull back before it begins its move up again,” writes seasoned investor George Maniere. “My expectation is for gold to rise to a minimum of $2000.00 by the end of the year and if we use the generous historic ratio of gold to silver of 50 to 1 silver will be $50.00 by the year’s end.”
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