Auguries - March 16, 2013
Too Big To Whale
Kevin Michael Grace
Gold was up (at press time) $17.30 (+1.1%) for the week to $1,592.60, and silver was down $0.45 (-1.6%) to $28.51. Reuters reported March 15, “Gold hovered near $1,590 an ounce on Friday as [insert piffle about US economic “recovery” here—Editor] makes safe-haven assets like the precious metal less attractive.”
Clearly distressed by gold’s resilience, Reuters asked Li Ning of CIFCO Futures in Shanghai for an explanation. He replied, “It is a global trend that the value of paper money is diminishing, which attracts investors to gold, a hard asset.”
And now, an intermission. Commentary will resume shortly. In the interim, readers are invited to meditate upon the following quotations.
Read the rest of this article about gold prices here.