Dollar Sinks – Investors Turn to Gold
Source: http://Blog.QualityStocks.net/?p=12560Posted on Wednesday, September 24th, 2008 | In Small & Micro Cap
In the past, it has been fairly commonplace to witness gold prices rallying between the months of September and December. This year’s seasonal move is expected to be magnified by a troubled U.S. dollar, which has caused a reversal in gold’s downward trend.
There are few, if any, who believe that the value of the dollar has anywhere to go but down. The current national debt (around $9 trillion and growing by several billion daily) is weighing heavily on U.S. currency, not to mention the proposed government bailout that could increase that number by anywhere from $250 billion to $1 trillion.
Gold has always been more attractive at times when national currencies are faltering; a fact that should be compounded by a rise in gold’s overall demand this fall, due to increasing demand from India as wedding season approaches. According to Indian tradition, brides are adorned with gold jewelry often from head to toe. The effect that this has on the physical gold market can be staggering.
Gold stocks are beginning to rebound as well. After seeing a peak earlier this year, values began to slide back during what seemed a good time for the recovering dollar. As it becomes ever clearer that our beloved greenback is in some serious hot water, gold stocks are beginning to snap back.
The fourth quarter of 2008 is sure to be exciting for gold investors of all sorts. Despite trouble in many other sectors of business, many experts are calling for prices to reach upwards of $960 an ounce by year’s end. Amid all of this crisis and financial uncertainty, it would seem that there are still a few ‘golden’ opportunities.
Let us hear your thoughts below:
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