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|Gold gained $11.50 today, January 23, 2007||Views: 628|
|Jan 23, 2007 11:07 pm||Gold gained $11.50 today, January 23, 2007||#|
|Gold gained $11.50 today, January 23, 2007, on the New York Spot Market as the dollar continues its fall against major currencies, including the British pound which rose to a 14 year high against the dollar. Gold ended the trading day at $646.40 which represents a 4% increase over the past 30 days and a 7% increase in the last 11 trading days. Silver ended the day at $13.25, an increase of $0.28. Platinum was unchanged at $1,162. To see the most current spot prices, visit Goldlines website at www.goldline.com.|
Golds steady rise and preeminence as safe haven protection against the decline in the dollar and other major currencies validates recent statements by the former President of the Royal Bank of Canada, Anthony S. Fell. Mr. Fell, the current Chairman of RBC Capital Markets, told clients of the Royal Canadian Bank:
As a currency and a store of value gold has stood the test of many centuries.
At the current level of about $625 per ounce, gold has risen about 250 percent over the last five years.
Nevertheless, I believe gold bullion is now in the very early stages of a long-term secular bull market which will carry it to much higher levels over the coming decade.
I don't think there's any point in speculating how high the price of gold might go in the course of this cycle because no one can be that precise.
Suffice to say I anticipate a material increase.
History doesn't repeat but it's well to remember that from 1970 to 1980 gold rose 2,300 percent so it shows what can happen.
You can read more about Mr. Fell's comments and his dire warnings about fiat currencies such as the U.S. Dollar in Goldline's free packet of current articles regarding our economy and the precious metals markets. To receive your free packet, call Goldline at 1-800-827-4653.
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