By: Peter Cooper, Arabian Money
Posted Wednesday, 12 May 2010
Source: GoldSeek.com
So much for the skeptics who greeted the publication of my book subtitled ‘The Road to $5,000 Gold’ as a signal that the gold market was topping out. Last night gold blasted through its previous high of $1,226 set last December, and is on its way very much higher.
Without getting too self-congratulatory this is a moment to be humbled by this performance and assess the likely future outlook for the yellow metal, and its fellow traveler silver which is acting true to its volatile tradition and actually outperformed the latest rise in gold, a trend that will continue if history is any guide.
Why buy precious metals now?
So why are investors buying gold and silver now? Risk diversification in the face of mounting government debt levels around the world is the simple reason. Normally a flight to safety would mean buying government bonds but as government debt is at the heart of the economic problems of the world then logically buying government debt is a bad idea.
Read More - $5,000 an Ounce in Sight As Gold Hits New All-Time High - GoldSeek.com
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