Updated 7-28-2014– Gold prices are slightly lower in early a.m. trading Tuesday as physical gold and silver purchases soar. Gold last reported a.m. is $1095.60 and silver is $14.72.
Gold prices are higher in early a.m. trading Monday, as basement prices lure bargain hunters and safe haven demand. A lower U.S. dollar index is also working in favor of the precious metals bulls. August Comex gold was last up $5.90 at $1,091.00 an ounce. September Comex silver was last up $0.067 at $14.55 an ounce. Gold last reported a.m. Monday is $1099.80 and silver is $14.73.
Both precious metals are seeing a huge surge in demand as they remain available below production costs. Mining company loses can be our gains for the time being.
The Sunday and Monday flash crash pushed gold below the $1080.00 level momentarily but the metal quickly regained momentum and pushed above $1100.00, closing Friday at $1099.50. With falling prices, demand accelerates as buyers know mining companies cannot stay in business producing negative income.
Global stock markets are under selling pressure with gold benefiting following a sharp sell-off in the Chinese stock market overnight. The China stock market saw the biggest one-day drop in eight years, as the Shanghai composite index was down 8.5% Monday. The selling pressure in China is due to concerns the Chinese government will not continue to prop up Chinese share prices, including forcing sellers to the sidelines and limiting trading in some shares.
As debt based economies spiral further into debt and insolvency, “Greece for example,” it only makes sense to protect our wealth with tangible assets.
How long can central banks prop up stock markets including Wall Street? Not forever.
Give us a call to begin protecting a portion of your assets with physical gold and silver available below production costs. 1-800-577-3195 Ext. #1
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