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Market News |
Gold leaps above $1,900 for new all-time high
News from the Fed this week could send bullion to $2,000
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Blanchard Economic
Research Unit
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EXPERT INSIGHTS FROM:
Donald W. Doyle, Jr.
Chairman and CEO
David Beahm
Vice President and Director of Marketing and Economic Research
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Gold
broke the key psychological barrier of $1,900 today in dramatic
fashion, making a blistering run in early trading only to stop a few
dollars short and surrender gains as stocks found footing. Then, it was
gold’s turn to resume its ascent and take out $1,900 on a powerful
rebound. That once far-off notion of $2,000 gold is becoming a reality
as the world seeks a safe haven from stock and currency turmoil.
Having
gained more than 32% this year – and more than 25% since the end of June
– gold is poised for an even more lucrative fourth quarter, when
India’s festival season is in full swing and China begins buying gold
for its new-year celebrations. In fact, for the past 11 years, gold on
average has risen 11% between August and December.
And keep
an eye on the Federal Reserve, which is meeting this week at its annual
summit in Wyoming amid a backdrop of global uncertainties, including
plunging consumer confidence in the U.S., slumping real-estate values,
festering unemployment, and a turbulent stock market. If Ben Bernanke
announces aggressive stimulus measures to boost the economy, gold prices
should explode as they did when Bernanke unveiled a similar plan at the
same meeting a year ago.
Don’t
miss this historic bull run in gold. Call your Blanchard Account
Representative today to discuss your next move. 1.866.629.2281
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