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Gold to Remain Firm Due to Inflationary Pressures

Commodities / Gold & Silver 2009 May 06, 2009 - 05:14 AM GMT

By: Mark_OByrne

Commodities

Gold and silver rose marginally yesterday as the dollar again fell. Gold initially surged gold to over $914/oz (from $901/oz) prior to determined selling capped the price and saw it again fall below the psychologically important $900/oz mark. Silver was again more resilient and rose 2.8% to $13.40/oz. Both have gradually eked out gains in Asia and early European trading.


Concerns about the international financial system and their implications for the dollar and other currencies and inflation going forward look likely to see gold remain firm for the foreseeable future. The central bankers and politicians mantra of “inflate or die” will likely soon lead to the emergence of real inflationary pressures.

Richard Russell, the venerable and highly respected newsletter writer wrote overnight of how all markets including the gold market appear to be being manipulated at the moment. The government is on record regarding intervening and manipulating the bond market through purchases of their own bonds. Russell concurs with the Gold Anti-Trust Action Committee (GATA) that elements in the US government are suppressing the gold price through financial proxies in order to maintain faith in the dollar and US government debt. GATA’s credibility was recently greatly enhanced when their long held but disparaged assertions that the Chinese Central Bank was accumulating gold were proven correct (the commonly-accepted World Gold Council and GFMS gold holding data was proved incorrect). GATA are meeting press in London this week and should their contentions receive a fair hearing in the media it could have material impact on the price.

Besides the strong fundamentals, technically gold is looking better and better with a bullish reverse head and shoulders formation being traced out which would suggest gold’s lows have been reached. A close above $1,010/oz would be very bullish but first a close above $967/oz is necessary.

By Mark O'Byrne, Executive Director

Gold Investments
63 Fitzwilliam Square
Dublin 2
Ireland
Ph +353 1 6325010
Fax  +353 1 6619664
Email info@gold.ie
Web www.gold.ie
Gold and Silver Investments Limited
No. 1 Cornhill
London,
EC3V 3ND
United Kingdom
Ph +44 (0) 207 0604653
Fax +44 (0) 207 8770708
Email info@www.goldassets.co.uk
Web www.goldassets.co.uk

Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

Mission Statement
Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

Financial Regulation: Gold & Silver Investments Limited trading as Gold Investments is regulated by the Financial Regulator as a multi-agency intermediary. Our Financial Regulator Reference Number is 39656. Gold Investments is registered in the Companies Registration Office under Company number 377252 . Registered for VAT under number 6397252A . Codes of Conduct are imposed by the Financial Regulator and can be accessed at www.financialregulator.ie or from the Financial Regulator at PO Box 9138, College Green, Dublin 2, Ireland. Property, Commodities and Precious Metals are not regulated by the Financial Regulator

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

Mark O'Byrne Archive

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