Gold stays strong, now and in the near term with prices ending at $1,732.20 end of day Friday, January 27th, up $5.50 from the previous day.
With Gold prices hitting record highs mid august of 2010, some forecasters were predicting Gold prices a rollback from these prices. However, Gold has held steady and appears will do so at least in the near term. This can be attributed to 2 factors.
– Gold has historically be a safe haven in times of uncertainty and crisis.
– There will continue to be many economic and world factors in the next
year or two of the type that commonly cause investors to go to, or
stay with Gold.
Factors include; Europeans stopping the never ending need to supply Greece with funds to prevent a major default, thereby threatening some major European banking institutions. The U.S. economy continues to be fragile. Several European governments credit ratings have been downgraded. Iran continues it’s nuclear program and threatens to cut off major world oil shipping lanes. The U.S. housing market remains weak with a large swath of foreclosures still in the pipeline.
With this current set of events, there are many reasons to believe that Gold prices will remain stable, with the possibility even of increasing.
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