BARCLAY'S FORECASTS GOLD AT $1,250 IN WEEKS

Gold is slightly lower shortly after the open, however silver, platinum and palladium are all in positive territory along with oil and the dollar, which is up 8 basis points. With gold down $1 it is actually not significant. Overnight gold reached a high of $1,170.70 before some profit taking set in. Clearly, the direction for the metal seems to be higher with a challenge of what now seems to be resistance at $1,170.70 likely.

Gold rallied strongly overnight on enthusiasm about a new lending plan for Greece. The euro rallied aggressively on the news, but since has given back most of its gains. Gold tracked the euro. Silver reached a high of $18.61 overnight and holds onto a $.08 gain in early trading at $18.43 an ounce. The Euro Zone countries reached an agreement with Greece to provide an emergency loan facility of 30 billion euros at 5% interest. That lending would aid the country if it has trouble borrowing in the capital markets. Nevertheless, a debate continues as to whether a plan will ultimately work and offer Greece the support it seeks. According to Bloomberg, billionaire investor George Soros said that the next UK government after the May 6th election, should decide whether to allow a further devaluation of the pound to re-balance the economy and assist the recovery. He indicated that he thinks it is likely that the government will devalue.

Standard Bank commented that they think gold has more upside than silver in the near-term. Obviously, they have a very short-term horizon on that forecast. Nevertheless, both of the metals seem to be in very bullish technical and fundamental alignment. I think, as you look at the longer term, the debt problems of the United States are going to be a major influence and factor for the commodities in general, as well as the equity market. The government has too much debt, runs too big a deficit and will sooner or later encounter difficulty in financing that debt. The outlook for the metals and other commodities therefore, is constructive.

Investors worldwide are now beginning to treat gold as an alternative currency that is preferable to the fiat of the European union or the U.S. MKS Finance commented, "With increasing worries on the fiscal position of the developed world, the precious metals are benefiting from renewed investor interest as well as good physical buying, which have greatly swung the momentum in favor of the bulls." It seems as though the entire world understands the benefits of owning gold, including the very wealthy in the U.S.

Increasingly, people are beginning to awaken to the fact that inflation is not going away, the deficits cannot be resolved and the currency is losing buying power at an evermore-rapid rate. Given these factors, more people are coming to the awareness that they need to have some assets that will protect and preserve purchasing power, namely gold or silver assets. Barclay's Bank commented today that the gold outlook is technically bullish. They have a buy recommendation with a target price of $1,250 according to the Dow Jones Wire Service. Barclay's said, "The evidence points to a resumption of the bull trend, targeting a move to new highs at $1,250 in the weeks ahead."

Investors should pay attention to these forecasts from major banks and brokerage firms, which give credence to the benefits of owning gold. Call Goldline today at 1-877-341-2646 to learn more about the benefits of investing in precious metal assets. Ask them for the free information package and ask them for assistance in getting started or adding to your holdings if it should be appropriate. Call Goldline now at 1-877-341-2646.

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