none of those producers you mention or are mentioned in that article are in the league of mount Kare and you know it. hence your posts on this thread....
Interesting reading below for you, as the Greeks head to the polls and a Grexit out of the EU is in play again.
it was the fears of a Grexit in 2011 that lifted the gold price to $1921/oz on September 6th 2011.
since you shared something with us, well with the GOLD forum, i thought i'd share something with you....
Tuesday September 13, 2011, 3:57pm PST Share on email Email Share on print Print By Michelle Smith- Exclusive to Gold Investing News
Individuals wanting to make a move on gold or investors who have wanted to increase their holdings of the metal but who have been discouraged by upward bound prices may want to consider this an ideal buying time.
Gold set another record last week, reaching $1921.15 on Tuesday, Sept 6. The metal has since slid and remains below that level, with the COMEX’s Dec. 11 contract price closing at $1836.90 in the US. There are speculations that gold prices may slide further and this is expected to be a volatile week for the metal. This is not, however, the time for bulls to become bears or for potential investors to buy into bubble fears. Instead, this is the time when gold should be viewed as being on sale.
Recent dips in gold prices are largely attributed to profit taking. Investors are reportedly covering losses from the equity markets by selling the metal. Hedge funds are expected to sell off gold to free up cash for clients who have had enough of poor equity performance. Then, there are some investors who are likely cashing out because they have earned more than they want to risk losing. For reasons such as these, contractions happen in bull markets, even when the global economy is as shaky as that of present. But, such contractions tend to be expected and they tend to be temporary. Gold prices are set to rise again and some forecasts have the metal reaching $2000 within the next month. Those worried by the dip in prices should find security in the fact that the fundamentals that push individuals into safe havens still exist and show no sign of subsiding. Concerns about the Eurozone persist and in addition to the overall concern, this week, developments on the potential of a Greek default will no doubt dominate headlines. That uncertainty combined with the threat by Moody’s to downgrade the top banks in France will not only make the euro unattractive but for many will serve to discourage other types of investment in the region.
Both Japan and Switzerland have taken measures to get currency investors to go elsewhere to avert the threats to their economies. Last month, Japan intervened in the currency market to devalue the yen and the nation has set up a $100 billion credit facility for Japanese companies to invest abroad. The Swiss National Bank (SNB) is attempting to substantially weaken the franc by buying unlimited amounts of international currencies and have announced that they will take even further measures if the need arises. The USD has seen some renewed interest since gold has slid. And though the currency may have lured some security seekers for the moment, there still remains a lack of positive news about the US economy. The impact of European debt on the nation’s banking system is still uncertain and this is not a mix that suggests that the dollar can attract widescale investment or largely regain a sustained view as a safe haven right now.
HSBC says gold is the only safe haven asset that will not do QE, put in capital controls, or complain. The bank is one of many who believe the metal will continue to move higher. Looking around, investors seeking gains and safety are likely to conclude that there are few options that are better at the moment, providing continued support for further upward bound gold prices.
IDC Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
