“ECB Prints Money And China Buys Gold” – Gold Goliath

Posted on :Feb 26, 2015

Gold saw modest gains today on more bargain hunting and safe-haven demand. Despite a higher dollar index and lower crude oil prices gold and silver are finishing the day strong. Gold last reported a.m. is $1210.10 up $7.80 and silver is $16.58 up 9 cents.

Despite economic woes in the European Union over Greece and its inability to pay debts owed, European government bonds rallied as investors anticipate the ECB purchasing Euro zone bonds in April as the central bank begins its own quantitative easing program. The Federal Reserve initiated its own QE program in 2008 and was a total failure unless creating more wealth for the big bankers helped the economy. It did not. Maybe the program will work differently just because its on EU soil. It will not. Printing money is no substitute for massive unemployment and increasing debt. Japan as well, found this act of desperation only confounded its already deplorable economic issues.

Since Chinese markets re opened this week, increased demand has helped firm the gold market. Trading volumes on the Shanghai Gold Exchange have picked up causing premiums to rise. China imported 91 tons of gold in January and this amount is probably far less than actual numbers. China has been hiding real numbers as it enjoys buying gold at discount prices not wanting to cause a stampede into physical gold. Strong jewelry sales outperformed other retail products during the Lunar New Year celebration. Look for China to overtake India in 2015 to once again become the world’s largest gold purchaser.

Contact Gold Goliath for special pricing on silver coins and silver bars while supplies last. 1-800-577-3195

Gold Goliath is not your typical gold dealer.

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