Gold and silver prices dropped today in U.S. trading on expected profit taking. Gold last reported a.m. is $1280.50 down $12.90 and silver is $17.99 down 33 cents.
The big news over the weekend is the Greek anti-austerity party won the elections by a wider than anticipated margin. The Greek economy remains in abysmal condition and citizens have lost all hope in the current oligarchy that has led the country into extreme economic ruin. That is unless you are the ruling class of course. The EU is in worse condition than the U.S. and its a matter of time before other nations exit, especially Germany.
Barclays is making headlines once again concerning the worthlessness of gold and silver. Let us remember that Barclays is one of the very banks who have been caught rigging precious metals prices. Barclays is claiming the gold run will burn out so in other words, don’t touch it and we can buy it for ourselves.
The bank believes that gold will see a pullback but acknowledged that safe haven buying has pushed gold prices higher for the time being. The appeal of gold when things start to go wrong has been evident lately following news that the Swiss National Bank was saying goodbye to the Euro. Looking into their crystal ball, Barclays believes the turmoil for 2015 has ended so it’s okay to continue business as usual.
Barclays states that gold needs to see a broad shift in investor sentiment before it can sustain current gains. Investors have indeed lost billions of dollars since 2011 and loss is a difficult thing to entertain. Sentiment understands loss but it also comprehends the fact that world economies are worsening. Silver had another record year in 2014 and gold wasn’t far behind. It appears someone isn’t listening to the anti-gold crowd.
The bank’s view is that gold will stabilize around $1200 in 2015 but claim they are surprised at gold’s recent strength. The surprising thing is that Barclays expects investors to buy the same old song and dance year after year. It’s not difficult to understand that turmoil has always been good for gold. Maybe if we keep telling the same lie long enough, everyone will believe it.
The U.S. Mint is reporting a strong start to the year with sales reaching 111 koz, just 17 percent shy of the full month sales for January 2014. As gold neared and momentarily surpassed the $1300 mark we saw a very typical pullback. Gold may very well hover around the $1300 dollar mark in 2015 but its staying power cannot be denied.
2015 is will usher in more debt, more wars and more working class theft. We have the opportunity of playing in the bankers system, one that can be collapsed at any given moment or using wisdom to hedge ourselves. The difference between September and October 1929 was a simple one. One day you had it and the next it was gone and owned by the bankers who collapsed the system.
Paper assets and IOU’s will never replace tangible assets. Both gold and silver are being offered at ridiculously low prices. We never need insurance until an emergency occurs and then we see its usefulness.
The 1 ounce Silver Canadian Maple is currently being offered below production costs at great savings to the investor. If you have any questions concerning gold and silver and which metal may be right for you, give us a call at 1-800-577-3195
Gold Goliath is not your typical gold dealer.