Goldmember would love the uncertainity right now

To quote Nobel Peace Prize for Literature Playwrite and poet, Rabindranath Tagore “Night’s darkness is the bag that bursts with the gold of the dawn.” It is literally happening this fine Friday morning as Gold futures hit the trading high of $1,300 an ounce.

As part of my contract at CNBC I am not allowed to own any individual stock, metals- nothing. I just have my 401k and pension. So when I write about anything at least you know I have no agenda and I’m not pumping something up for my gain.

The uncertainty of the U.S. economy got even cloudier Thursday after that lack luster jobs number and the over all “global recovery” is just fueling that fear. Jobless claims “unexpectedly rose” again to 465,000 in the week ending Sept. 18. With all this news, investors are worried about the economic future so they are flying to the safety of the precious metal. Gold bugs are buzzing with glee this morning because let’s face it, the uncertainty will continue and grow and gold will probably continue to go higher.

The Middle Class continues to get squeezed–Prices are rising everywhere when it comes to the consumer staples. The jobs outlook is probably status quo now with the Bush Tax Cuts being tabled for the Lame Duck Session. I could go on but to be honest, I just woke up and I don’t want to be too negative.

So the gold rally continues and will probably steam ahead. To end this blog I’ll book end it with another quote, but this one from the brilliant actor/comedian, Mike Myers in Goldmember: “I love gooooooold.” Cheer on gold bugs, cheer on.

Advertisements

9 Comments

Filed under Business, deficit, Gold, Jobs, money

9 responses to “Goldmember would love the uncertainity right now

  1. JVilla

    It’s not gold going up it’s the dollar losing value relative to it. Golds just a barometer of dollar health.

    Like

    • Exactly. Unfortunately the thermometer taking Uncle Sam’s health is filled with gold. The dollar as I said in my previous blog is equal to the value of monopoly money.

      Like

    • That’s a good point and one of the reasons it’s a good idea to also look at how gold is rated in terms of other currencies as well. Over all gold remains that steady standard.

      Overall, I think that debt is a major driving force world wide in the spot price of gold.

      Like

  2. Lori,

    You may not be able to own individual stocks, but there’s nothing stopping you from owning some gold. And I’m not talking the kind that you wear.

    =)

    Like

  3. Joe Rocca

    Well done Lori Ann. Great article once again. You are on the “money” regarding Gold. More people should be investing in Gold as a hedge against hyper-inflation (which is coming) and for protection against money printing that will continue to flood the system (which is also coming – again).

    Keep up the great work Lori Ann.

    Regards

    Joe Rocca

    Like

  4. Lori Ann, you mean to tell me you can’t own gold or silver coins? Also, couldn’t you buy into a precious metals mutual fund for your 401K or an ETF? Of course, if you believe the conspiracies, I’d avoid the GLD and SLV ETF’s. I’ve been long gold and silver since the post-Lehman blow up. Better lucky than good. It applies to my golf game, too.

    Like

    • That’s right Greg, I can not own any gold or silver coins. My 401K is diversified. I know many people who are long in GLD and SLV. At the rate of the currency wars, who wouldn’t own GLD. Totally agree with your mantra πŸ™‚

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s