“Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.” … Alan Greenspan, ex-US Federal Reserve Chairman, August 23, 2011
For now the price of gold has found resistance – likely official resistance – in the high $1700’s. I think there’s a good chance gold pops over $1800 before Memorial Day weekend, if not sooner. Silver continues to frustrate but the gold/silver ratio appears to be headed lower. Patience with silver will eventually be highly rewarded and rewarded in spades with the silver mining stocks.
Bill Powers of Mining Stock Education invited me to chat about oil, the economy, money printing and mining stocks:
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