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Saturday, June 5, 2010

Gold Price Demonstrates Holding Power

Gold Prices Today

For those who aren't convinced gold has strong support beneath it, all you have to do is look at gold prices over last week and month to see that it indeed has.

Take last week for example, after traders and speculators liquidated their gold assets to pay cover other bets, gold prices were still able to gain $4.33 an ounce, to finish at $1,220.

Other data and events which ensure golds' upward price movement is the lack of job creation in the private sector of the United States, which points to there being no recovery at all, but rather the government creating faux jobs in order to prop up the economy, which will end up hurting us all in the long run.

There was also the addition of Hungary as a new player in the European sovereign debt crisis, which is either based on legitimate debt problems, or is a nation looking its share of the handout offered by the European Union. Either way, it's not good news.

Add to that the expected drop in demand for raw materials from China because of their battle with inflation coming from the property market, and there is little to suggest there will be anything which can further prop up the economy without adding more crushing debt to the equation, which we already can't afford.

This is all leading to an almost daily drop in the trust in paper currencies, which leaves little to choose from for safe haven investing, which is why gold has a lustrous future for those looking to not only keep their wealth, but build it as well.

Gold Prices Today

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