•WESTERN POWERS TELL SYRIAN OPPOSITION TO EXPECT STRIKE WITHIN DAYS - SOURCES WHO ATTENDED MEETING BETWEEN ENVOYS, SYRIAN COALITION •MILLER SAYS CHANCE OF U.S. STRIKE ON SYRIA ‘VIRTUALLY 100%’ has sent investors scrambling for cover and added war premia to risk assets. Gold is now up over 20% from its 6/28 lows to $1,418.90; WTI jumped to over $108.50 - its highest since early March -
•WESTERN POWERS TELL SYRIAN OPPOSITION TO EXPECT STRIKE WITHIN DAYS - SOURCES WHO ATTENDED MEETING BETWEEN ENVOYS, SYRIAN COALITION •MILLER SAYS CHANCE OF U.S. STRIKE ON SYRIA ‘VIRTUALLY 100%’ has sent investors scrambling for cover and added war premia to risk assets. Gold is now up over 20% from its 6/28 lows to $1,418.90; WTI jumped to over $108.50 - its highest since early March -
I think anyone with a measure of intelligence understands that the US cannot pull itself out of 40 trillion in private debt and 100 trillion in government debt and unfunded liabilities.. A full scale war is the most logical solution. It will rally the people to a cause and give cover for big austerity and the much needed market corrections.
When the US entered WWII they took all of 2 weeks to reduce private automobile manufacture to ZERO. All luxury consumption can be stopped in it's tracks in a similar manner and all the overseas debt payments suspended indefinately. In such a case the US would be totally self sufficient as far as oil needs go. They just have to reduce oil consumption by 65%, basically the private car fleet's current consumption.
Gold rose 1 per cent to its highest price in more than three months on Tuesday, as investors sought safe havens from rising geopolitical tension, with an attack by Western powers on Syria seen imminent.
Spot gold was up 0.9 per cent at $US1417.10 in late New York trade, after earlier rising to $US1423.41, its highest since May 15.
Western forces could attack Syria within days, the United States and its allies have told rebels fighting President Bashar al-Assad, opening up new risks in a war that is spreading hatreds across the Middle East.
"The possibility of US military action against Syria is driving demand for safe-haven assets including gold," said Jeffrey Sherman, commodities portfolio manager at asset manager DoubleLine.
Bullion prices rose along with other safe havens such as US Treasuries. Brent oil futures jumped more than 3 per cent to about $US115 per barrel, while US equities, measured by the S&P 500 index, dropped nearly 1.5 per cent.
US home prices rose in June, but the pace of gains cooled, suggesting higher mortgage rates might end up slowing momentum as the year winds down.
•WESTERN POWERS TELL SYRIAN OPPOSITION TO EXPECT STRIKE WITHIN DAYS - SOURCES WHO ATTENDED MEETING BETWEEN ENVOYS, SYRIAN COALITION •MILLER SAYS CHANCE OF U.S. STRIKE ON SYRIA ‘VIRTUALLY 100%’ has sent investors scrambling for cover and added war premia to risk assets. Gold is now up over 20% from its 6/28 lows to $1,418.90; WTI jumped to over $108.50 - its highest since early March -
why don't you show a few years worth of the chart instead of the bit that suits you? after all if it's really a good buy that shouldn't be a problem for you should it?
uh oh!!!
gold bugs have been telling people to buy THE WHOLE WAY DOWN.
first you say the bull market is still on, now it's a "new" bull market?
I am the love child of Tony Abbott and Pauline Hanson
It's a long way back dowwwwwwwn to the median for houses.
And a long way up before GOLD even beats the 1980 adjusted peak. Smart money is in gold now, especially with inflation and ongoing wars. In this world you have to think outside the box to make money, you can't just watch 5 television shows on property every week and then expect to make money following the herd into residential real estate. You make money using your OWN brain, and if you don't, then other people will use their brains to make money off YOU.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
It's a long way back dowwwwwwwn to the median for houses.
really so houses need to revert to some kind of mythical mean, but gold can just keep "surging" forever? a fool and their money....
goldbug
28 Aug 2013, 10:48 AM
you can't just watch 5 television shows on property every week and then expect to make money following the herd into residential real estate. You make money using your OWN brain
so you say as you furiously spruik and stamp your feet demanding i be banned because i point out your obvious failings.
SAN FRANCISCO (MarketWatch) — Gold prices closed lower on Wednesday after a 2% rally a day earlier, but losses were modest in the wake of continued concerns about possible military action against Syria.
“The gold and silver markets are going through a period of higher volatility, having strongly advanced for two solid weeks, but generally they are benefiting from their safe-haven status and the trend is definitely higher,” said Gene Arensberg, editor of the Got Gold Report.
Tuesday’s rise put gold at least 20% above intraday lows hit by Comex gold futures of around $1,180 on June 28. Technically, a bull market is a rise in value of any market security by at least 20%.
“There’s nothing like the threat of military action to bring buyers back to gold,” said Richard Gotterer, managing director at Wescott Financial Advisory Group. If the United Nations authorizes a military attack on Syria, “gold will probably surge some more on the uncertainty, but once the military action is over, the price of gold will ease off. Investors shouldn’t get caught up in the day trading of gold.”
“The gold price is consolidating at this level of resistance and may hold there to build up strength for the move up,” said Julian Phillips, a contributor to GoldForecaster.com and SilverForecaster.com.
The market in gold and silver “has not only turned, but its trend has changed,” he said.
Gold prices for the precious metal are up 8% as August comes to an end. Silver has jumped 24% month to date.
“Silver will lead the way for gold, but will consolidate when gold does, fall when gold does and rise when gold does — but will show more vibrancy than gold,” said Phillips.
Phillips said he sees investors buying gold as a result of the situation in Syria “coming from the Middle East primarily and potentially central banks, not Indian or Chinese investors.” And this demand “comes in addition to Asian demand ahead of the seasonal rise in gold demand.”
Either way, “current demand from Asia is more than sufficient to keep the gold price supported and rising,” said Phillips.
For now, gold prices remain down by nearly 16% on a year-to-date basis, with much of the suffering stemming from anticipation the U.S. Federal Reserve will reduce the pace of its monetary stimulus later this year.
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