Speculators are buying gold faster than the world’s biggest producers can mine it as analysts forecast a 27 percent rally that may extend the longest run of annual gains since at least 1920.
Exchange-traded products backed by bullion added 41.7 metric tons in the week to May 14, the most in 14 months, data from UBS AG show. China, Australia and the 15 other largest mining nations averaged weekly output of 41.6 tons last year, researcher GFMS Ltd. estimates. Even though prices have fallen 4.6 percent to $1,191.65 from a record $1,249.40 an ounce May 14, the median in a Bloomberg survey of 23 traders, analysts and investors shows it will reach $1,500 by the end of the year.
Buying accelerated as the MSCI World Index of 23 developed nations’ stocks tumbled as much as 16 percent since mid-April and the euro weakened to a four-year low against the dollar. Holders of ETPs, including George Soros and John Paulson, accumulated a record 1,938 tons by May 21, eclipsing all but four of the biggest central-bank holdings.
“You could see gold go up another $1,000,” said Evan Smith, who helps manage $2 billion at U.S. Global Investors Inc. in San Antonio and in 2006 correctly predicted that gold would reach $700 within two years. “All of the turmoil and problems we’ve seen in Europe is just another reminder that there’s a lot of value in gold as a safe haven.”
Oil Taxes to QUADRUPLE to Help Pay for Cleanup...
ReplyDeleteGuess who is going end up paying for it all... the end consumer at the gas pump - you and me
What a convenient excuse for them to raise our taxes even more. You know they got big smiles on their faces right now!
ReplyDeleteWasn't there a dude name Brian Doty or something like that spouting off May 24th date. I don't get it. May 24 is here and gone. Felt like a Monday to me.
ReplyDeletetry a hundred billion or maybe even a trillion dollars in total regional damage, and potentially the entire east coat, maybe only some, little or even none. but if it does.
ReplyDeleteI think most posters here got the may 24 post wrong. "It" starts on the 24th and escalates for 63 days. Over the next few months "it" will come to us all..
ReplyDeleteNorth Korean Leader Orders Military to Ready for Combat and overnight Asia Markets collapsing---->May 24<-----
ReplyDeletethis is shit. why are we paying to clean up BP's mess? they cased the mess let them clean it up at their own expense. the little guys are getting screwed again.
ReplyDeletethe oil companies will pass the tax to the consumers.
ReplyDeletethe little guys are going to pay for the oil spill clean up
Private sector wages fall in historic pay shift
ReplyDeleteAnalysis: Private business paychecks shrank to their smallest share of personal income in U.S. history.
Oh yeah - that's right "we" all read it wrong --
ReplyDeleteIt's "over the next 63 days now !
Oh My - how stupid of us all to not read that into it when nothing of the kind was presented.
The next 2 months will come
The next 2 months will go
Come July 24th we will be status Quo
Sorry about your luck
Because it's 'British' Petroleum, so BP doesn't need to pay alot for it right.
ReplyDeleteMaybe everyone should BOYCOTT BP and boycott everyone that they supply.
ReplyDeleteWhy should we be paying increased gas tax for BP's mistake?
Are we supposed to pay for any and all big cooporations mistakes?
Arron Russo was right "America - Freedom to Facism".
11:05 - You got it right. May 24th was the beginning. Take note of the stock market dropping overseas, take note that BP will try to seal the spill. Yes May 24th was significant, if you had your eyes and ears open you would have notice the changes that would affect us the most over the next 63 days and finally for the rest of our lives. Take off the rose color glasses. You can't see
ReplyDeleteMaybe it was May 24th, 2012. There was never a year given....just month and day.....SUCKERS!!!!
ReplyDeleteTo hell with this tax. First, I don't approve of it. Second, BP should foot the bill PERIOD. I don't care if they say its not going to impact CONSUMERS....BP will pass it along in the prices at the pump.
ReplyDeleteI am soooooo very sick of this crap!!
11:05 - You are correct. You got the true meaning of my post. May 24th was the beginning. The firework show will start. Some of you were expecting the world to end. Take off the rose color glasses. For the next 63 days, pay attention to the world around you that will affect you for the remaining of your life. The mid summer of 2010 ten will be remember forever. Here are examples of things to come. Gulf Coast will not get better. Oil spill will affect the gulf and eastern coastlines. Thousands of residual jobs lost. Obama lost like a ball in tall grass (Ivy League Education) Those that think that they got more damm sense than anybody else. All I am asking you to do is take a look around and see exactly what the next 63 days will bring. It is not rocket science. Just plain common sense. May 24th was the true beginning of the end. When will the end occur? Well, that is for you and I to determine. The signs are on the wall
ReplyDelete6:41 - The real sucker just spoke - U
ReplyDeleteHey Montezuma, you were the worst ruler in history. You'll get no credibility, now go back to your grave and think about how much of a pussy you were to allow Cortez to walk into your palace with only 200 men and hold you hostage when you had an army of 400,000.
ReplyDeleteNot that it makes sense that an Aztec is making a joke about the Mayan Calendar. Then again it doesn't make sense that people don't read into December 21st, 2012 as being just another 26,000 year Astronomical Cycle that repeats itself over and over again.
The real Mayan Calendar date ends October 28th, 2011 and it isn't an astronomical event but the end of the 9th underworld (consciousness) which begins on February 13th, 2011, and is the final one.
Despite what many bonehead New Agers think, there won't be a peaceful transition into the Aquarian World.
Good luck to other REAL Aquarians out there (again not the typical New Agers who love calling themselves Aquarians just to be superior). We will rule the world soon... ride the middle path til then and stay steady in the light.
May 24th.
ReplyDeleteOfficial 'Misery Loves Company' day.
Cool, at least this way I still get most of my summer to enjoy my boat at the lake one last time with cheaper gas than I was thinking
ReplyDelete