According to Jordan Eliseo, Chief Economist at ABC Bullion, gold and precious metals are a solid way to build wealth and are a sure fire win for investors.
You might as well quote the local Church to convince people here that Jesus can save your soul.
You will find that gold's purchasing power has kept up with inflation for nearly 5000 years
Not quite. In relative terms gold and silver have lost value over the thousands of years. In 300 AD a carat of gold was a days wage in the Roman Empire. Today 0.1875 grams of gold is worth $7.50. Still works for the 2nd world, but not the 1st world.
The next trick of our glorious banks will be to charge us a fee for using net bank!!! You are no longer customer, you are property!!!
WHOLESALE London prices for gold pushed higher in quiet trade Friday morning, on course for the largest November drop since 1978 in US Dollar terms.
Down 5.9% from the last London Fix of October, Dollar gold this morning touched $1249 per ounce.
That would be the lowest monthly finish since June's 3-year low.
Global stock markets meantime hit fresh 6-year highs on the MSCI World index, as the Japanese Nikkei closed its strongest November since 2005.
The Japanese Yen today hit its lowest level in a half-decade to the Euro.
Gold for Japanese investors rose to 1-week highs Friday morning, cutting November's drop to 1.9%.
"Trading has been relatively subdued," says a European bank dealing desk, pointing to the US Thanksgiving holidays.
"Some light buying from short-term players," says a Swiss refiner's note, again citing "very thin conditions."
Tracking Friday's rally in gold, silver also rose but held $2 per ounce below the end of October, heading for a 9.1% drop in November at $19.93.
"Physical [gold] demand is solid," says ANZ Bank's commodity team in a special report, "but not bullish enough to spark significant short covering [by bearish traders in gold futures].
"[That's] reflected in subdued Shanghai Gold Exchange premiums."
Trading volumes in Shanghai gold slipped back Friday, pulling the premium above London settlement down to $6 per ounce from the recent peak of $9 hit Thursday.
ANZ now forecasts 2013 gold imports to China of 1,050 tonnes, topping last year's record by some 80%.
"[But] we believe caution is warranted in expecting the growth in Chinese gold demand will be repeated next year," says the banks' analysts, stating a "baseline expectation" of a drop in 2014 imports back to 900 tonnes.
Meantime in former world No.1 gold consumer nation India, where gold prices on the MCX futures market ended the day unchanged near 6-week lows, "People have started coming with recycled gold," Reuters quotes a gold retailer in the famous Zaveri Bazaar.
Thanks to the Indian government's gold import rules effectively shutting legal inflows, "There is no gold available in the market this wedding season," the retailer, Kumar Jain, goes on.
So the parents of brides-to-be "have started exchanging their old gold for new, and paying the labor charges," he adds, forecasting perhaps 400 tonnes of gold recycling this year, compared with more typical levels of 130 tonnes.
Import duties, the lack of supply and other costs have pushed Indian gold dealers' quotes for physical bullion to $130 per ounce above world prices this month.
Thanks peter. I remember some goldbug here said Oct/Nov is traditionally the best time for gold and it was going to rally again in Oct/Nov this year ....
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
I think we may have to wait until Q2 2014 to see any reasonable gains in PM's again
There are some people who seem angry and continuously look for conflict. Walk away, the battle they are fighting isn't with you, it's with themselves.
The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it. The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.
Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
We've seen the common investor phase in Precious metals. The thing to look for now is if the ECB indulge in a massive buying program for gold. If they don't they risk the world returning to a gold monetary standard. If the ECB does buy heavily the better speculative metal is silver, since with a CB inspired shortage of gold on the market jewelers turn heavily to silver for fabrication. If this occurs then a silver price of $100 to $200 for a short while is quite possible.
The next trick of our glorious banks will be to charge us a fee for using net bank!!! You are no longer customer, you are property!!!
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