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.