Friday, June 18, 2010

Gold Prices Today Reach New Record High on Weak Economy

Economic data released on Thursday confirmed what many gold investors have known for some time, that is we're really not in an economic recovery, and gold will continue to be the key place to put our money for safety and retaining wealth.

Gold prices continue to break records again, after yesterday's all-time record close, and gold reaching another record today, surging past $1,260.00 an ounce for the first time in history.

Momentum for gold continues on from yesterday's record gold close, as numerous data show there is nothing that can be pointed to which can justify saying there is a sustainable economic recovery, if there ever one was to begin with. More than likely we've never left the recession, and even though economists may ultimately call this a double-dip recession, it would be probably more accurate to describe it as an ongoing recession.

Unemployment continues to rise in the U.S., manufacturing is slowing way down, new housing starts have plunged, and the sovereign debt crisis and Europe and China battling inflation in its urban property markets is dragging down the global economy, and there's nothing in the near-, or probably mid-term that will change any of that.

Consequently gold prices will continue to move up, and even though we'll always have temporary corrections, there's nothing in the way of gold that will stop it from its climb ... at least not in the near future.

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