(Updates prices, comment after central bank move)
* Top central banks move to avoid global liquidity crunch
* China in surprise move to inject cash
* Dollar falls sharply, equities, euro rise
By Susan Thomas
LONDON, Nov 30 (Reuters) – Gold rose to the highest in almost two weeks on Wednesday after top central banks announced a co-ordinated move to avoid a global liquidity crunch, and the dollar fell.
Centrals banks from the world’s leading economies, including the U.S. Federal Reserve and the European Central Bank, said they had agreed to lower the cost of existing dollar swap lines by 50 basis points, as well other measures.
Spot gold rose more than 2 percent to $1,749.54, its highest since Nov. 17. It was $1,744.79 per ounce at 1525 GMT, from $1,714.29 late in New York on Tuesday.
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Buying gold is still the safest investment you can make!!! Investors are predicting $5000.00 is too low!! Looking at the global economies Gold is appearing safer and safer. A study released earlier in the year by Oxford Economics recommends holding at least 5% of your assets in gold.
- A new Wikileaks release reveals the thought process behind gold and fiat currencies such as the U.S. Dollar and Euro.
- David Rosenberg, senior economist and strategist at Gluskin Sheff in Toronto, wrote “With Japan massively intervening in the (currency) market and the Swiss effectively curbing the safe-haven status of the Swiss franc today, we only really have gold as the last-standing safe-haven currency around”.
- Governments are buying gold:
- Venezuelan gold mining companies had until recently been forced to sell 50% their gold production to the government for their reserves. This was increased last month to 100%.
- Kazakhstan, a relatively small producer, announced that its own local gold production would now be bought by the government for its gold reserve
- The rising price of gold and silver has caught the attention of economic powerhouse, China (NYSE:FXI)
- China’s increased gold reserves will thus act as a model and lead other countries towards reserving more gold
- We have long believed that China, to a greater or lesser extent, has been doing this for some years now. Its local production is rising by the year and it’s the world’s largest gold producer now at well over 300 tones.
- Russia has been buying local and foreign production as well for years now.
Maddaloni is YOUR gold source 888-999-4038
|Print article||This entry was posted by maddaloni on September 7, 2011 at 5:43 pm, and is filed under 2011 Trends, Finance, Financial Movement, GOLD, gold buying, investing in gold. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site.|
The word on Wall Street…Gold should be used as ‘Wealth Protection’ especially when it hit 1300 on September 22,2010; we are now on the official “New Gold High”. Of course it is a safe investment, tangible and globally secure.
There are two thoughts has to why gold has been on the rise and catching the attention of hedge funds and investors alike. negative interest rates and gold not being valued as fiat currency. The faster currency is produced (fiat money) the deeper deflation will move in.
Analysts are suggesting a state of deflation will cause double dipping in the recession in months to come. Gold will be needed to provide protection from the apparent growth in deflation. Deflation will flatten everything in sight including base metals, commodities, housing, and job creation. The component of preserving wealth will be gold. Unlike junk fiat currencies, gold cannot be devalued. As a source of wealth protection purchasing gold bars is a strategic move on the investors side.
Be aware of your gold seller, luxury long island jewelers have their finger on the pulse of the gold market. Investment houses deal with an array of communities; specialization is key.
Gold bullion is available from Maddaloni in two convenient forms; the 10-ounce gold bullion bar of at least .995 fine purity is the standard industry unit. It is traditionally used for trading and storage, and can also be taken for personal delivery. Each gold bar is hallmarked by a leading refiner to certify weight and purity. Also available is the 32.15 troy ounce gold “kilo bar”…a one-kilogram bar of fine gold bullion of at least .999 purity. Manufacturers of these bars certify the weight and purity of the bullion content by imprinting their stamp or hallmark on each bar.
|Print article||This entry was posted by maddaloni on September 23, 2010 at 11:36 am, and is filed under Financial Crisis, Financial Movement, Gold, Gold Selling, Long Island Jewelry, NY Jewelry, gold buying, long island jewelers, long island watch repair. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site.|