GOLD PUSHES ABOVE $1,200

by Goldline.com | August 04, 2010

Gold prices are scoring solid gains, pushing above $1,200 an ounce as of 11:13 a.m. EST on the New York Spot Market. Investors bought gold as a safety net as worries surfaced about a weak U.S. unemployment report Friday. Traders are also anticipating some move by the Federal Reserve when it releases it rate decision next week. (The Street, 8/4/10)

Stocks posted gains on the New York Stock Exchange despite continued investor concerns about the economic outlook. After last month’s upbeat corporate earnings boosted the market, investors have become increasingly focused on the economy in recent days. In particular, there is concern over the weak job market ultimately hampering the economic recovery.

Gold is headed to “$1,500 and $2,000 an ounce in the next 18 months,” according to Sprott Asset Management's chief investment strategist, John Embry. In an exclusive interview with Mineweb, Embry questioned whether the U.S. will have a sustainable economic recovery, saying the chances are “almost zero.” He added, “the only way you're going to have any kind of recovery continuing is if they start throwing so much money at this, it's going to make your head spin. That couldn't be more bullish for gold.” (Mineweb, 8/4/10)

† This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. You should review Goldline's Account and Storage Agreement along with our risk disclosure booklet, Coin Facts for Investors and Collectors to Consider ®, prior to making your purchase. Goldline's spread, which is the difference between the price we sell our products and the price we buy them back, generally ranges between 5% to 20% on our most common bullion products and 30% to 35% on all other products including our popular European francs, proof coins, silver dollars and half-dollars, and graded coins. The market must go up enough to overcome this spread before an actual profit is achieved. Precious metals and rare coins can increase or decrease in value. Past performance does not guarantee future results. Coins are a long-term, three- to five-year, preferably five- to ten-year investment. We believe precious metals are suitable for 5% to 20% of the average investment portfolio though others may recommend a different percentage. To receive free information package on gold and precious metals investing, call Goldline at 1-877-341-2646.
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