"Actions speak louder than words."
People may not be saying the "D" word, but they sure are acting like "Depression" was on the horizon. All over the world people are buying gold at a pace never before seen in history. Gold prices hit an all-time high and demand is simply exploding. Bullion dealers cannot meet the demand. Gold coins are scarce to non-existent in dealer's showrooms. The raw price of gold surged to the highest level since the collapse of Lehman Brothers in 2008 amid volatile financial markets in Europe.
Spot gold in London has jumped to above $1,230 a troy ounce, surpassing the previous record set in December last year.
As an investment Gold has been, well, golden. Gold prices are up almost 26 per cent since the beginning of the year.
The London Financial Times reported today, "In Frankfurt, gold sellers said that demand late last week was three to four times normal levels. The spike appears to reflect concerns in Germany about the potential inflationary impact of the European Central Bank’s decision to buy up eurozone government bonds in the wake of the Greek debt crisis."
Almost since the dawn of mankind, gold has been considered a safe haven in times of economic or political turmoil. It can always be traded in any country or region of the world. It is easy to transport and easy to hide.
The Financial Times goes on to report, "Global investors, led by the US, last year bought a record 228.5 tonnes of gold in the form of bullion coins, up from 77.4 tonnes in 2000, according to GFMS, the London-based precious metals consultancy."
In the United States, as states, cities and school districts continue to slash budgets and lay off workers, the economic downturn is likely to continue. If Europe collapse, all bets are off. World wide "Depression" is an absolute certainty.
People may not be saying the "D" word, but they sure are acting like "Depression" was on the horizon. All over the world people are buying gold at a pace never before seen in history. Gold prices hit an all-time high and demand is simply exploding. Bullion dealers cannot meet the demand. Gold coins are scarce to non-existent in dealer's showrooms. The raw price of gold surged to the highest level since the collapse of Lehman Brothers in 2008 amid volatile financial markets in Europe.
Spot gold in London has jumped to above $1,230 a troy ounce, surpassing the previous record set in December last year.
As an investment Gold has been, well, golden. Gold prices are up almost 26 per cent since the beginning of the year.
The London Financial Times reported today, "In Frankfurt, gold sellers said that demand late last week was three to four times normal levels. The spike appears to reflect concerns in Germany about the potential inflationary impact of the European Central Bank’s decision to buy up eurozone government bonds in the wake of the Greek debt crisis."
Almost since the dawn of mankind, gold has been considered a safe haven in times of economic or political turmoil. It can always be traded in any country or region of the world. It is easy to transport and easy to hide.
The Financial Times goes on to report, "Global investors, led by the US, last year bought a record 228.5 tonnes of gold in the form of bullion coins, up from 77.4 tonnes in 2000, according to GFMS, the London-based precious metals consultancy."
In the United States, as states, cities and school districts continue to slash budgets and lay off workers, the economic downturn is likely to continue. If Europe collapse, all bets are off. World wide "Depression" is an absolute certainty.
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