Tag Archives: mario draghi

November has come and gone with gold not reaching $2000 as some had predicted. Indeed, several large ETF sales and massive automatic sell-offs stymied the progression of the yellow metal during the last week of the month. Gold closed down Friday at $1701.50, with silver closing at $32.85. While some are pulling back on their predictions for gold and silver, Morgan Stanley is remaining bullish and suggests you do, too. China has launched their own gold index, and some mines seem to be indicating that the need to diversify their enterprise is at hand. The European Union is still together, with Draghi twisting some arms to at least get a stay of execution until the US decides that the fiscal cliff is really just its own shadow. Meanwhile on Planet Real World, gold coins are seeing record sales. It’s deja vu all over again.

Fueled by continued chatter surrounding the indefinite duration of QE3 and the nearing “fiscal cliff”, gold reached fresh 2012 highs last week, nearly hitting $1,800 before settling at $1,784. All metals were up for the week, and we continue to see calls across the board for precious metals to continue their upward trends.

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