“Gold Attempting To Break $1300” – Gold Goliath

Posted on :Jan 28, 2015

Gold prices on Wednesday are slightly down but continue moving towards the $1300 mark. Gold last reported a.m. is $1286.90 down $5.80 and silver is steady at $18.10.

Greece remains a concern for central bankers as they are rejecting quantitative easing and bucking the debt system. The new Greek prime minister is already cutting austerity measures that have damaged the economy and its unemployed working class for many years. The new prime minister will undoubtedly have his hands full as he takes a stance against European Union policies. Because the EU has bank rolled Greece during turbulent economic years there’s no way the central bank is going to let the nation off the hook and walk away debt free. We can expect some serious arm twisting in the coming days. The Greek mistake was in accepting bank handouts in the first place.

The Chinese Yuan has become one of the top five most widely used currencies in global payments. For many years, U.S. analysts have laughed off the idea that the Yuan could become a major player but true to form they are wrong again. The Yuan has transitioned from an emerging market currency to a credible currency gaining wide acceptance in global markets. The Yuan accounted for 2.17 percent of global payments in December according to SWIFT. While this is only a drop in the bucket compared to the U.S. dollar’s share of about 42 percent, the Yuan is here to stay and will continue growing. China also has enough business sense to continue buying all the gold they can get their hands on.

News that Goldman Sachs is downplaying the relevance of gold should come as no surprise. Along with Barclays and other bullion bankers they are having a field day manipulating precious metals prices.

Reasons for their bearish outlook is the continuing improvement of the U.S. economy. American’s are doing so well now that there is no need for anyone to ensure themselves with precious metals, just trust Wall Street. There’s no need to remind Goldman Sachs that there are still 92 million unemployed Americans.

The $1000 mark for gold spot is the magic number for Goldman. The bank forecasts have been off year after year to the low side and for 2015 and 2016 their strategy hasn’t changed. According to the bank neither gold or silver is a safe investment but the stock market sure is. Consider ourselves warned.

The bank expects gold and silver production costs to fall for major miners as a result of lower oil prices and local currency weaknesses against the U.S. dollar. Goldman expects a decline in gold prices beginning in 3Q 15 with the start of the U.S rate hiking cycle. Global turmoil may very well be singing a different tune.

Are you aware that you can own real physical gold and silver in your IRA. We don’t have to expose our wealth to fraudulent U.S. stock markets. Gold is currently selling just above production costs and silver remains available below those costs.

For those looking to invest in either metal we suggest the Gold Canadian Maple Leaf and the Silver Canadian Maple Leaf. Both metals are available at .9999 purity insuring quality and stability.

Gold Goliath is not your typical gold dealer.

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