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Gold Set to Break $1,800 Barrier On Endless QE Inflation Fears
Posted By kurtnimmoadmin On October 1, 2012 @ 9:01 am In Featured Stories,Old Infowars Posts Style,Tile | Comments Disabled
October 1, 2012
The price of gold shifted higher late last week as investors looked at the precious metal to stave off inflation expected in the wake of yet another QE “stimulus” move by the Federal Reserve.
On Friday, gold hit $1,773.90 an ounce on the Comex, its strongest quarterly gain in over two years. It is expected to hold this position despite anticipated bad news on unemployment later this week.
On Monday, it slipped slightly to $1,770.31 an ounce.
In November 2011, gold briefly broke the $1,800 barrier on eurozone woes and fear that central banks would respond to the crisis with another round of inflationary money printing.
The Fed’s “easing” policies will eventually push gold to $2,400 an ounce by the end of 2014, an astounding 26 percent jump, according to one strategist.
“Given the new open-ended nature of QE3, the upward pressure on gold prices should continue until employment is strong enough to require a change in policy,” Francisco Blanch, a global investment strategist with Bank of America Merrill Lynch, told clients in mid-September.
“Since the Roman Empire, all fiat currencies have ended poorly,” noted Guy Adami, managing director of StockMonster.com. “With that in mind, all roads lead to gold.”
The Federal Reserve is determined to create inflation as it papers over the cracks in a disastrous debt-dependent economy. “The surge in inflation expectations has been accompanied, as usual, by a weaker dollar and higher gold prices. Higher prices will follow,” writes Walt Elgin.
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