Another New High In Gold!

June 18, 2010

Stock brokers and peddlers of all manner of PAPER goods keep telling people to get out of GOLD and they continue to have egg on their faces. Gold is now at a new high before the opening bell this Friday morning, June 18th. As you look at some of the past archives in this web site, you’ll see that years ago, I was saying gold was headed to $2,500, and nothing has changed in the past five years to alter that.

There are just too many factors that benefit gold operating in the world today.

1-Great uncertainty
2-Coming massive inflation (deflation now)
3-Government defaults
4-Deficits beyond redemption or restoration
5-Coming stock market crash (Cardinal Climax)
6-Wars
7-And a list of other minor items

JB at Fortwealth writes, “Some of my clients have not yet been able to secure May silver contract deliveries from the supposedly “warehousing” bank involved, which only adds to our thoughts that there’s hanky-panky in silver-counting…and a certain warehousing bank seems to be stalling deliveries.”

George Ure writes, “Meantime, a friend of mine in the wholesale gold business in the Pacific Northwest is thinking that gold will hit $3,000 an ounce by the end of the year which wouldn’t surprise us in the least. The only question is will that come from massive inflation going on by then, or because demand for a paper currency alternative rockets? ‘Course it doesn’t matter to people who bought (as we did) silver when it was under $7 in 2005…”.

Nor does it matter to people who bought gold at $350 when stock brokers were still saying it was a yellow RELIC!

Fundamentally though, gold has a long way to run be it $2,500 or $5,000, it’s really the only SAFE HAVEN!

And those who are still in the stock market, you still have maybe a week to get out before the next leg down starts. And then comes the Cardinal Climax in August that could take the Dow below the recent lows of 6,500: Richard Russell says 4,400 isn’t out of the picture.

Written by Ernie · Filed Under Gold News