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| | The Gold & Silver precious metals Network is not currently active and cannot accept new posts | | Golden realities | Views: 725 | | Jul 16, 2007 8:09 pm | | Golden realities | # |
me4you | | Golden realities
Dow 14k reach despite; warnings, $73+ oil, China bubble, housing slump, dollar slide and terrorism
! ! By David Bradshaw ~ email ~ web links ~ wisdom
Editor, Real Money Perspectives ~ Daily podcast ~ Weekly email
July 13, 2007 ~ *latest news*
! ! Stories of interest ~ Special reports
! * $80 a barrel prediction as oil soars again -TG
* Confidence Drops Near 1-Year Low -AP
* Iran Asks Japan to Pay Yen for All Oil -BL
* Hidden Costs of a Falling Dollar -MN
* The last word on gold, dollar & RE -Russell
* Gold Rises, Resuming Rally on Dollar's Decline; Silver Advances -BL
* Gold higher as dollar languishes at record lows -TF
* Dollar Falls to Record Against Euro on Housing Concern -BL
* $2,000-$5,000 Peak Gold Theory -TS
* 5 causes of a market crash -DR
* U.S. stock `correction' forecasts at 10 yr high -BL
* Has Bear Stearns popped the great world bubble? -LT
* Will the euro dethrone the dollar? -DT
* Gold prices hovered Friday on a weaker dollar and! $73 oil . Gold closed in NY off $.70 to $666.00/oz., for a 2% weekly gain. Silver fell $.07 to $13.02/oz., but ended up 3% for the week.
* The euro broke through the $1.38 mark Friday for the first time, as persistent worries about the strength of the U.S. economy pushed the European currency higher.
* "It appears that sentiment towards gold has improved since last week," Walter de Wet, head of commodity research at Standard Bank Plc, South Africa's largest bank. "The dollar's decline doesn't appear to be challenged by much resistance any time soon," he said reports Bloomberg.
* "Concern that difficulties in the U.S. subprime mortgage sector could spread to the wider economy is undermining the dollar and makes gold more attractive as an alternative investment," said analysts at Action Economics. "High oil prices and geopolitical tensions in the Middle East are also supporting factors," reports MW.
* "The dollar is a basket case. We are going to pay the piper for years of having the underlying fundamentals of our economy disintegrate beneath our feet," said Peter Schiff, president of Euro Pacific Capital Inc. to AP.
* "There are two main factors at the heart of the dollar's weakness -- its yield appeal will deteriorate against its major counterparts and there are lingering concerns about the possible contagion of the subprime crisis into the broader economy," said Omer Esiner, market analyst for foreign exchange at Ruesch International Inc. "It's reflective of broader negative sentiment against the dollar," reports Bloomberg.
* By the end of 2010 I believe gold will be between $2,000 and $5,000 an ounce. I think there'll be a point when gold reaches its zenith in terms of relative purchasing power as it did in 1980. I think it's in the 2010 to 2012 area," said Robert McEwen, CEO of U.S. Gold Corp to The Toronto Star. (36 more experts who agree).
Posted by Tom O'Brien July 13, 07Private Reply to me4you | | |
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