Gold suffered a setback last week, closing Friday at $1651.50, with silver faring no better, closing at $29.89. What does this pullback mean for the long term? It's probably too early to say, as most of the experts are citing domestic troubles in the US as reasons for these latest movements. Remember, events such as the US jobs report and the country's lurch towards the fiscal cliff are just a small part of what drives the precious metals market, so in the long run, their relative impact on the movements of gold and silver should be minimal. As we report here weekly, the precious metals market is a global system. This week, news from outside the US really underscore how important it is to take a view of gold and silver from an international perspective. Get ready for Shanghai to come on line and watch out for renewed unrest in South African mines and liquidity issues in mining in South America. So despite some knee jerk reactions domestically, the same global supply and demand issues remain. If you understand this bigger picture, you were one of those who called into our office in the last week and snapped up some deals. It's not too late.
If you read and listen to enough people talking about gold, you will hear some people call for gold to reach extraordinary new heights. For example, Peter Schiff recently told us it would hit $5,000. Jim Rickards has called for gold to reach $7,000 to $9,000, and James Turk has gone so far as to say it will reach $10,000! Could these predictions prove correct? How likely is such a scenario? And most importantly, do we even WANT gold to hit such stratospheric levels? You'll want to listen to this week's Market Report to hear what Vince Miller and Will Hart have to say about the future of gold prices.
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While the yellow metal’s price has been trending down this year, major corporations and countries such as India and China are stockpiling gold, and many experts are warning of another market crash. Is now the right time to buy gold? Listen to our latest edition of the Market Report to learn more.
