Tuesday, February 16, 2010

Gold Gains on Haven Investing

Gold Futures Prices Going Up

As the fiasco in Europe continues to expose the weak underside of the alleged economic recovery, investors are again shifting their assets to gold as a place of safety as unsurety as what to do about Greece and the potential domino effect it could have on other parts of Europe.

The euro has been a disaster during this time as well, and the U.S. dollar and whether it is weak or strong is being overwhelmed by safety concerns, making it less of a factor during these times, as far as it relates to the movement of gold prices.

Gold in London reached as high as $1,102.55 an ounce, the highest it has been since February 4.

Growing pressure for finance ministers in Europe to lay out exactly what they're going to do to help Greece other than assert that they're going to continues on, and I know they are worried about that, as anything could go wrong in these economic circumstances that include corruption and typical creative accounting which made the country and its sovereign debt in much better shape than it actually was and is.

Just a short time ago people were projecting a major pullback in gold prices, I think those projections can be tossed aside, as the Greek problem and other related economic issues aren't going to go away for a long time.

Gold is going to roar back to life, and should start its inevitable climb once again. It looks like this will be a support for gold futures prices for some time to come.

Gold Futures Prices Going Up

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