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Wednesday, March 31, 2010

Gold Rises for Sixth Straight Quarter

Gold Futures Prices

In spite of a somewhat rocky March, goal is poised to rise for the sixth quarter in a row as investors continue to seek safety and and an alternative to paper currencies.

With the latest job report underscoring the continual weak economic conditions we're operating under, as companies shed 23,000 more jobs, led by manufacturing and construction cuts, gold will continue to shine and may be ready for a breakout after the pressures asserted on it in March, especially from the sovereign debt crisis in Greece.

Gold is soaring today, up over $11.30 for the day as of 2:30 P.M. est.

With gold only gaining 0.9 percent in the first quarter, a slight but significant performance in light of the downward pressures on it, I think it's ready to break out again, but that assumes no more confusion and really bad news comes out of the European Union, which is teetering on collapse.

The U.S. dollar, for whatever reason, became the investment of choice for safety-minded individuals when the Greece debt crisis became known, and gold prices suffered as a result. That could happen again if another country becomes in danger of defaulting.

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