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To access our (August/September, 2011) Newsletter Top 20 Quotes on Gold going over $1600 Click Here

Discussion Topics -- August 23, 2011
Gold Hits $1,900 + ... and corrects. What's next?

(August 23, discussion) Gold's ascent over the past few weeks has been remarkable. Following the downgrade of US debt by S&P, gold covered the distance between $1600 and $1900 in less than three weeks. Talk of gold being in a bubble quickly resurfaced as gold surged, but very little supports such conclusions. Net global investment in gold remains less than 1% of total assets, compared to levels as high as 5% in the 1960's. Perceived safe haven currencies such as the Yen and the Swiss Franc are being forcibly suppressed, while all dollar and Euro remain under pressure. As Alan Greenspan said earlier this week, "Gold, unlike all other commodities, is a currency. And the major thrust in the demand for gold is not for jewelry. It's not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating." Also discussed is Hugo Chavez' effort to repatriate Venezuela's gold from the Bank of England, setting the stage for other countries to attempt the same, raising questions about availability if this trend gains momentum. Last week was also the 40th anniversary of Nixon closing the gold window.-- With Peter Grant, George Cooper, and Jonathan Kosares. 21min.

Figure 1

CHFUSD Graph

Figure 2


JPYUSD Graph

Figure 3

Dollar Index Graph 8/23/2011

Figure 4

Gold as a Percent of

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(Aug/Sept, 2011) Newsletter Top 20 Quotes on Gold going over $1600 Click Here


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