After the Fed meeting of yesterday Gold is a little down at $ 1014 \/ounce in today’s morning trade. The dollar stands at 1.4770 against the Euro.<\/p>\n
So will Gold continue to move higher?<\/p>\n
Ok, a short term setback is always possible. Gold is rather volatile and attracts a lot of short term traders and hedge funds.<\/p>\n
But as I pointed out, watch for the strategic moves of the Asian countries and the Oil producing Arab countries!<\/p>\n
Will they continue to move away from the US-$ as their dominant currency reserve and diversify? Gold is clearly one of their options.<\/p>\n
Don’t forget that the US and the other Western countries lost a lot of credibility during the financial crisis. Asia looks at this as a Western crisis.<\/p>\n
The level of Western indebtness worries Asia where neither the countries nor the banks or consumers are leveraged as their Western counterparts.<\/p>\n
A good indicator could be the declarations of China and other Asian countries at the G-20 summit in Pittsburgh.<\/p>\n
They already ask for more voting rights for Asian countries within the IMF. And definitely this will not be their last move.<\/p>\n
Recently the last \u201ebear” of the big gold mines, Barrick Gold (NYSE: ABX), threw in the towel and annouced a huge $ 5.6 billion charge in Q3 2009 in order to eliminate their fixed price gold contracts, reflecting an \u201eincreasing positive outlook on the gold price”.<\/p>\n
Stay tuned!<\/p>\n","protected":false},"excerpt":{"rendered":"
After the Fed meeting of yesterday Gold is a little down at $ 1014 \/ounce in today’s morning trade. The dollar stands at 1.4770 against the Euro. So will Gold continue to move higher? Ok, a short term setback is always possible. Gold is rather volatile and attracts a lot of short term traders and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/265"}],"collection":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=265"}],"version-history":[{"count":6,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/265\/revisions"}],"predecessor-version":[{"id":271,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/265\/revisions\/271"}],"wp:attachment":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=265"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}