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According to Bloomberg, Gold continues to outperform stocks, bonds
and other commodities so far this year as investors rush to the gold metal
with continued concerns over the European debt crisis. In a recent
interview with CNBC, Egon Von Gruyerz, a Swiss gold dealer, reaffirmed
his belief that the European debt crisis would enhance gold’s appeal as
a safe haven asset. Von Gruyerz went on to state that should gold breach an important barrier of $1,220
an ounce, he believed that gold could rise by $100 very quickly. Gruyerz went on to note that moves of
$100 in one day could easily happen, giving gold the ability to top between $5,000 and $10,000 in the
next few years. Financial analyst Larry Edelson echoed gold’s appeal as a safe haven asset in an article
posted in Uncommon Wisdom: “When the world’s two major fiat currencies are in deep trouble, there’s
only one wise choice: Gold”. Edelson goes on to note that if only 1% of the U.S. dollars and euros in
circulation were to go into gold, it could send gold to prices well beyond his conservative target
of $2,300 to his extreme target of $5,000 an ounce.* *(Bloomberg, “Gold Jumps Most in Four Weeks
on Demand for Euro Alternative”, 6/7/10,CNBC.com, “Gold’s ‘Real Move’ to $7,000 Coming: Asset
Manager”, 6/7/10; UncommonWisdomdaily.com, “More On the Fiat Money Crisis”, 6/7/10).
Original article posted on Goldline: www.Goldline.com
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