Gold rose for a second day on the New York Spot Market following the Federal Reserve's decision to cut interest rates to historic lows. At the time of this email, gold is trading at $869.80, up 11.50. Silver is up $0.18 at $11.42. Platinum is up $3. You can see the most current spot prices at www.goldline.com.
According to Reuters, "Gold could once again surge above $1,000 an ounce as the dollar plummets and investors seek alternatives to stocks, bonds and bank deposits as well as protection from inflation. The buzzword at the moment is deflation. But fund managers are convinced this will be short-lived and followed by a period of inflation that will erode the value of paper assets." (Reuters, "Gold could surge as investors seek alternatives" 12/17/08).
The managing director for Oystercatcher Management, an independent financial research house, told CNBC today that if gold breaks its all time high($1,030 per ounce), it was likely to continue "well over $1,040, up towards $2,000 level probably within the next 12 months."* (CNBC, "Charts Predict: S&P to 1,050; Gold to $2,000 in a Year" 12/17/08).
*Goldline recommends that precious metals be held for a minimum of three to five years.
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Source: Goldline International, Inc., from one of my e-mail accounts
Photos from www.bainite.wordpress.com and www.funisinstyle.blogspot.com
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