How To Sell Gold

Gold Rises To Five Month High

 |  by Michael Locklear

September 3, 2012 – Gold rose to a five-month high today as gold bulls and market investors continued to increase their wagers that additional monetary easing is still on the way after Friday’s speech by Federal Reserve Chairman Ben Bernanke during which he indicated an inclination toward a third round of economic stimulus.

Although It is Labor Day and floor trading is closed gold still continues to rise. The New York Mercantile Exchange reports that gold futures rose $8.20 to $1695.80 per ounce in electronic trading today. Gold prices continue to rise on the heels of Bernanke’s pledge to support growth in the US economy by initiating”additional policy accommodation as needed”.

As of last week gold market investors have joined the ranks of the United States and Germany creating the world’s third-largest gold stockpile. Sales of bullion coins increased in August by 28% in relationship to national reserves.

Watchers in the gold market are eyeing two important events that will take place this week. The meeting on Thursday of the European Central Bank and the report on Friday on the U.S. Non-Farm Payrolls.

Next week the euro zone’s moves to rescue its economy will receive a ruling from the German courts and Federal Reserve policy makers will conduct further meetings. After reports from the European Union that confidence in the economy there had fallen last month to its lowest in over three years and that the unemployment rate had remained unchanged in July from June and remained around 11.3%, gold bulls continued to see a bright future for increasing gold prices.

Continued slowing in the global economy may overwhelm any form of monetary easing. As a result investors still seek a safe haven against what they believe is a future of possible hyperinflation as a result of the failures of monetary easing and continued devaluation of currencies.

Reports on Saturday from China that manufacturing was down and showing signs of contraction only further fuels speculation that the global economy is in a downward spiral. Further monetary easing from the Federal Reserve, European Central Bank and the Chinese Central Bank will weaken their currencies and push the price of gold even higher.

In the recent past the Federal Reserve purchased $2.3 trillion in US debt in its first two rounds of monetary easing between December 2008 and June 2011. These actions created a 70% rise in gold prices. Despite their efforts the jobless rate still remains above 8% more than three years later. So far monetary stimulus has failed to bring unemployment under control. All of this continues to be good news for gold investors.

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