Gold and silver finished the day pretty much where they started at $1319 and $16.42 respectively. The big news of the day was the stock market’s waterfall drop in the last hour and a half of trading – an event that took many by surprise and set the stage for an interesting day tomorrow. Fed chairman Powell will return to Congress tomorrow likely with both the stock market drop and a lukewarm GDP number on his mind. A Reuters’ survey of analysts concludes that “Elevated U.S. debt levels and volatility in stocks could boost gold prices above $1,400 longer-term.” Overnight trading is quiet as we put a wrap on the day.
Quote of the Day
“To suppose that the value of a common stock is determined purely by a corporation’s earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed.” – James Grant, Interest Rate Observer
Recent BBB client review
(One of 38 five star reviews published at the BBB website)
“In June, 2009, I decided to make gold ownership an essential part of my investment portfolio. Based on the recommendation of financial professionals, and because I liked that they had been in business for so long, I contacted USAGOLD. After a thorough review of my financial goals and budget constraints, they provided me with a comprehensive set of suggestions as to which gold coins, and what quantities, I should consider. That advice perfectly addressed my investment needs and I have been a customer ever since. Over my years with USAGOLD, I have completed several transactions, both buying and selling gold. Each one was handled with the highest integrity, and the advice I received was always reliable, based on their extensive awareness of current and projected market conditions for gold. I recommend them without reservation. Do not make a decision regarding gold ownership without contacting them.” – Jack D.
If the market madness of the past several days has you thinking you might need to hedge your portfolio with gold and silver, we invite to get in touch with us. We will provide the same kind of pricing and service that has made Jack D. a long-time client and friend of the firm.
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