UNEMPLOYMENT RATE REACHES 9.5%
Gold and silver sold off heavily again today, in reaction to the strengthening dollar and falling oil prices. Gold is trading down $12 and silver is down $.38 in a thinly traded market. Many of the traders have already taken off for the Fourth of July holiday in New York. This market is extremely thin, not just in the precious metals and other commodities, but also in the equity market. Oil is down $2.47 at $66.84 a barrel. The dollar is up 58 basis points at 80.21 and the Dow Jones Industrial Average is down 152 points.
The jobs data was the entire story this morning. The economy lost far more jobs than had been anticipated and the unemployment rate jumped to 9.5%, which was worse than had been expected. Employers cut 467,000 jobs in June, running the unemployment rate up to a 26-year high. This tended to defuse some of the inflation fears, particularly as analysts expect unemployment to rise well above 10% by the middle of next year. Since the beginning of December 2007, this economy has lost a net total of 6.5 million jobs and there are currently more than 14 million unemployed in this country. The real unemployment rate was reported at 16.5%
As we come to the end of the week, gold remains in its well-established trading range between $920 and $950. That makes it a rather nondescript day and that is what we might have expected given the fact that the long weekend is directly ahead of us. As a consequence, I continue to hold the position, as do many analysts, that this is a buying zone. Support levels continue to hold, the market is consolidating and that is a good spot to not only begin acquiring precious metals, but to add to holdings if you have a need to do so.
Call Goldline at 1-877-341-2646 today for assistance in getting started. You may also wish to ask them about their Price Guarantee Program, which helps protect from some risk of loss for a period of two weeks. In addition, you may wish to ask for the free information package, which contains excellent information as our country is headed down a dismal path as a result of wildly out-of-control spending and deficits at every level of government and private sector. We need not look at just what is happening on a day-by-day basis, but rather at the big picture. We need to project forward and anticipate what the affects will be of the wild deficit spending that we are seeing and the massive increase in debt. Analysts are consistently saying that this will ultimately cause the dollar to fall aggressively. Some are worried about an all-out dollar crash that could implode our economy. These are not things to be taken lightly. That is why everyone needs to learn more about this and learn about insuring your savings against these kinds of potential catastrophes. To learn more and to receive the free information package, call Goldline 1-877-341-2646.
Ask Goldline to explain the features, benefits and cost structure of the various gold and silver products that are available to you. Select those that best meet your own personal and individual needs and objectives. Those 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 products.
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.
To receive the free information package including articles on the dollar, the economy and gold, call Goldline at 1-877-341-2646. Goldline also provides several other helpful articles. There are a number of other independent third-party source articles that you will find extremely helpful and informative. You will also receive the Client Account Agreement, a company brochure and a Coin Facts Risk Disclosure Booklet. Read these carefully before you make a purchase. Call Goldline at 1-877-341-2646 now to receive your free information package.
†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 Goldine's Account Agreement along with our risk disclosure booklet, Coin Facts for Investors and Collectors to Consider ®, prior to making your purchase. Goldline has a spread or price difference between our selling price, called the "ask", and our buy-back price, called the "bid". That spread varies depending on coin or bar you acquire. Spreads on 1 oz bullion coins, 90% silver dimes and quarters, and one ounce and larger bullion bars are 13%. All other coins have a spread of 28%. There is also a 1% liquidation fee when you sell your coins back to Goldline. 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 1-877-376-2643.
- 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..."
