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Gold and Silver Prices
Gold prices rallied Friday to end the week above the critical $1,200 level following news that U.S. wages fell in December.
“Gold prices held on to moderate gains on Friday, after data showed continued job creation in the U.S., and were set to end the week on an upbeat note… [A] surprise drop in average wages will keep a lid on the expectations for a rise in interest rates, which should be supportive for gold prices, said Naeem Aslam, chief market analyst at AvaTrade…
“Charles Evans, the president of the Chicago Fed, said Friday the December jobs report didn't alter his view that the U.S. central bank should wait until 2016 to raise short-term interest rates. ‘I just don’t see why we should be in a hurry to move off our current accommodative policy,’ Evans said in an interview on CNBC.” (“Gold holds gains after U.S. jobs data,” MarketWatch, 1/9/15.)
Gold finished the week up $33.60, closing at $1,224.40. Silver prices closed the week at $16.62, up $0.73.
Rich Dad, Poor Dad Author: “Cash Will Be Trash; Gold Very Good”
Robert Kiyosaki, author of the best-selling book, “Rich Dad, Poor Dad,” told Kitco News the future of the dollar is bleak and why he includes gold in his portfolio.
Mr. Kiyosaki compared the future of the dollar to the days of the German Werhmacht Republic where hyperinflation made the German currency worthless. “This is why you should buy gold…the dollar will be trash; cash will become trash. The future of gold: very good.’” (“’Cash Will Be Trash," Future Of Gold "Very Good” - Rich Dad’s Robert Kiyosaki,” Kitco News, 1/7/15.)
Hambro: Gold Prices Posed for New Stage
Fund manager Evy Hambro, who oversees a $1.5 billion gold fund, predicted gold will recover in 2015 during an interview with The Telegraph.
“Loose monetary policy in other parts of the world is stimulating demand. Physical demand for gold is very strong. Central banks around the world are actively buying gold… In periods of uncertainty people reach out for gold as a safe asset. With this loose monetary policy around the world and fears around deflation, people will want to reach out for safe assets and gold is the natural place that people will move to as a store of wealth,’ Mr Hambro said.” (“Gold Price Predictions: Will Gold Rise or Fall in 2015,” Telegraph.co.uk/tv, 1/8/15.)
Russia Buys Gold to Shore Up Ruble
The World Gold Council reported that Russia increased its gold reserves by near 19 tonnes in December.
“Russia’s central bank has increased its gold holdings by 18.8 tonnes over the past month, according to the latest monthly report from the World Gold Council.
Its total gold reserves now stand at 1,187.5 tonnes, accounting for 10.8 percent of its total reserves, sustaining Russia’s position as the sixth-largest holder of the yellow metal in the world… The inflow of gold coincides with a consistent decline in the rouble, which hit an all-time low in December at 79.52 against the dollar, as the price of oil and Western sanctions battered the Russian economy. The rouble has since recovered to 61.5 after several interventions by the Russian central bank to stem losses.” (“Russia Gold Reserves Up 18.8 Tns As Rouble Woes Continue,” thebulliondesk.com, 1/9/15.)
Cramer: A Diverse Portfolio Needs Gold
CNBC’s financial analyst Jim Cramer listed gold as one of his five essential investments for a diversified portfolio.
“Gold brings a special element into a portfolio, one that makes it different from all other metals…‘I think that 10 percent is the upper limit because I consider gold as an insurance policy,’ the “Mad Money” host said.
“Cramer recommends gold because it tends to go up when everything else is going down. It is the investors' insurance against geopolitical events, uncertainty and inflation…just as you wouldn't own a home or car without insurance, you shouldn't have a portfolio without gold.” (“Why going gold is the way to go,” CNBC, 12/30/15.)
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Goldline provides a wrap-up of the week's precious metals news along with important commentary on the American Advisor Week in Review audio program.