GOLD STRONGER BY THE DAY
President Obama re-nominated Fed Chairman Bernanke for a second term of office this morning. The markets received that news quite well. Equities moved higher and gold and silver also moved up on the expectation that Bernanke will stay the course and continue to inflate the economy in an effort to prevent a double-dip recession. Gold reached as high as $956.30 before easing off on some early profit-taking and silver got to $14.41. Both remain solidly in positive territory. Oil is trading at about unchanged and the dollar is down 31 basis points at 77.97 on the index. The stronger stock market and a softer dollar helped support the precious metals and pushed them higher. Similarly, an improvement in the Case Schiller Home Price Index helped to create some concerns that inflation may begin to surface next year. That too was supportive of the gold market.
Gold is looking stronger by the day as seasonal weakness is likely to end very soon. Most analysts expect the market to move substantially higher in the fall months. Mark Hulbert wrote a column for Dow Jones Wire Service and he said, "If bull markets like to climb a wall of worry, then get ready for higher gold prices in the days and weeks ahead." Be mindful that Frank Barbera is forecasting gold to move above $1,000 an ounce, with the move to begin any day now. Barclay's said today that they expect gold to breakout above $1,033 next month. In fact, the move may actually have begun last week. Similarly, Bank of America/Merrill Lynch is forecasting gold to make a move into the $1,000 level over the next several weeks. If their analysis is correct, investors should be accumulating gold aggressively at these levels. The next breakout above $1,000 will probably carry gold to $1,033 and if it pushes above those levels, gold will be in new record high territory. In Frank Barbera's view gold could stay above $1,000 as far as the eye can see.
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Investors should ask Goldline to explain the features, benefits and cost structure of the various gold and silver investments that are available. Select those that best meet your own personal and individual investing needs and objectives. Investors looking for low transaction costs may wish to consider bullion assets such as American Eagles, Swiss 20 Francs, Krugerrands, Canadian Maple Leafs, Silver Bags or Silver Bars. However, the Price Guarantee Program is not available with these assets.
If you would like to take advantage of the Price Guarantee Program, which provides you with a two-week window of opportunity in which to re-price your order in the event of a correction, you must select assets with some collectible value such as 20 Francs, Double Eagles and Silver Dollars. Call Goldline at 1-877-341-2646 for further information on the Price Guarantee Program.
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†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.
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- S&P Capital IQ - Gold: $1,900 (in 2012) "Leo Larkin, metals and mining analyst at S&P Capital IQ, thinks that $1,900 gold might not be that much of a stretch [in 2012]. 'Gold has been ..."
- Citigroup - Gold: $2,300 - $2,400 (by end of 2012) "While we remain cautious on Gold in the near term...we continue to believe that the bull market remains intact...we believe that 2012 may be..."
- Leeb Capital Management - Gold: $2,500 - $3,000 (in 2012) "I'll give you my target for gold at the end of 2012, it's going to be trading somewhere between $2,500 and $3,000. This..."
- Global Hunter Securities - Gold: $1,800 (in 2012) "'What I am looking for is a gold price of $1,800 an ounce in 2012,' says Jeffrey Wright, senior research analyst at Global Hunter..."
- US Global Investors - Gold: $3,600 (by 2017) "'People get so caught up with the next three minutes for gold and they should really be focused on the next three years,' says Frank Holmes, ..."
- Goldman Sachs - Gold: over $1,900 (in 2012) "Wall Street investment bank Goldman Sachs predicts that gold's bull run will continue into 2012 with a low interest rate environment and..."
- CNBC - Gold: $2,400 (no period given) "Gold will top $2,400 an ounce. The long-term bull market in gold marches on. Gold won't make a straight shot to a new inflation-adjusted high. As long..."
- Nomura - Gold: $2,000 (by end of 2012) "Nomura has raised its forecast for gold prices to $2,000 an ounce by the end of 2012, from $1,800 earlier. The brokerage said the low-interest rate..."
- Morgan Stanley - Gold: $2,200 (in first half of 2012) "Gold will lead a rally in commodities in 2012 as Europe's sovereign-debt crisis continues to roil financial markets, spurring demand for ..."
- UBS - Gold: $2,050 average in 2012 "[Gold] remains one of the top commodity picks for 2012 as 'most of the factors that pushed gold higher in 2011 are not going away,' according to UBS..."
- Bank of America Merrill Lynch - Gold: $2,150 - $2,200 (average in 2012) "From a technical perspective we believe that the bull trend for gold remains intact… with gold having not yet met any of..."
- TheStreet.com - Gold: $2,500 (by May 2013) "I want to own gold here. I think gold is going to $2,500 eighteen months from now... Gold has been up for ten straight years and this going to be the..."
