BOFA makes Bold Statement on Gold Future

Photo: Price of Gold rose over $900 dollars since 2007

BOFA(Bank of America) is making headlines all over the gold news community with its recent bold statement on the future pricing of gold. In a recent statement Bank of America predicted that the price of gold would rise up to $2000 dollars per ounce, but would maintain its position in the area from $1500-$2000 per ounce. With BOFA’s prediction, the price of gold would sustain at this maximum level of $2000 for the next five years.

Reuters, one of the most respected publishers of breaking news in the Business and Financial markets both US and International, reports the following statement from BOFA:

"We look at supply and demand balances required to clear the gold market under three average price scenarios (i.e. $1,000/oz, $1,500/oz and $2,000/oz over the coming five years)."

Whether or not the price of gold will stay under $2000 an ounce during a five year time limit is surely up to debate, however gold owners and investors can be fairly confident that the price of gold will at the very least reach the $2000 dollar floor by 2015. From 2010 to 2011 gold saw a jump of $300 dollars that put gold into the record breaking price of $1500+ an ounce. Over the past 5 years, goldprice.org reports that gold has already jumped $962 an ounce. If history is to repeat itself, the price of gold may surprise BOFA, gold investors, and private gold owners, rising to new record breaking levels.

Sources and Photos: http://www.reuters.com/article/2011/06/21/gold-research-bofamerill-idUSL3E7HL1DO20110621 http://www.goldprice.org/

Mirrors of Gold- The James Webb Telescope

Gold in space is a particular topic that fascinates the mind. The most precious metal on our planet also happens to be one of the most important in outside of it, and gold is prominent in man-made objects in space. The Cash 4 Gold blog has addressed The Golden Record, and The Hubble Telescope, twice chronicling the special role gold plays in outer space.

Today, we look at the James Webb Space Telescope, successor to the Hubble that contains golden observatory mirrors almost twice the size of a human being.

The James Webb Space telescope is planned for takeoff in 2018, and it features 18 hexagonal mirrors that will be used to help the telescope’s imaging processes. The 18 mirrors are covered in “a 6.5 meter diameter gold-coated beryllium reflector”. Like the Hubble Telescope before it, and other in-space instruments, Gold was the primary choice for the sensitive instruments because of the strength of the precious metal. Gold is considered the most malleable and ductile metal on earth, as well as highly resistant to acidic attacks. But just how special is Gold for it to be chosen year after year in space-based scientific endeavors?

This article on Physorg describes how powerful gold is in its use on the James Webb Telescope:

“During cryogenic testing, the mirrors are subjected to extreme temperatures dipping to -415 degrees Fahrenheit, which permits NASA contractor engineers to measure in extreme detail how the shape of the mirror changes as it cools -- just as each mirror will change shape over a range of operational temperatures in space.”

With the advancement of the James Webb Telescope, NASA is proving yet again that even in space…gold is king.

Photos and Sources: http://www.nasa.gov/centers/marshall/home/index.html

Gold Production Should Increase Amount of Cash for Gold

Earlier this week, Bloomberg reported that Harmony Gold Mining Co., the third-largest miner of gold in Africa, has planned to raise production of gold.

It was announced at the company’s shareholders meeting in Johannesburg that due to increasing gold prices, Harmony is looking to take a bullish stance on mining. CEO Graham Briggs stated that, “We need to produce more gold to benefit from higher prices”.

October 15th resulted in gold prices of 9,017 rand after a six-year low against the U.S. dollar. Harmony rose 8 rand or 12% to 74.50 rand in Johannesburg. The company has increased 7.3% this year, resulting in Harmony becoming the strongest performer of the seven large mining companies.

Gold prices are rising amid the financial crisis! Do you need extra cash? Visit Cash4Gold to see the prices we pay for your old or broken jewelry! At Cash4Gold, we are the refinery and can offer you more cash for your gold than through a middleman broker! Go to Cash4Gold today!

Cash for Gold to Increase?

SeekingAlpha.com commented this week on the price of gold and the anticipation of gold prices increasing.

It is expected that gold will see the $780-810 range. Gold investors are hoping to see gold stabilize at that rate for long-term growth.

On Friday, gold reached $800.

As the fiscal stimulus continues, inflation has little room to go lower. Quoting the research house GFMS Ltd, “Dollar demand for gold reached an all-time quarterly record of $32 billion US in the third quarter of 2008. Tonnage demand was also 18% higher than a year earlier.”

Investment demand contributed most greatly to overall demand for the quarter, including gold ETFS, bars and coins. Retail demand for gold rose 121% with bar and coin buying in Swiss, German and US markets. France became an investor in gold for the first time in almost thirty years.

Gold jewelry demand surged as the Indian wedding season approaches (India is the largest gold jewelry consumer in the world).

At Cash4Gold, we will be paying attention to the daily gold prices and to the gold market, in general. We want to offer our customers the best prices for your old or broken gold jewelry. Cut out the middleman and visit Cash4Gold to see the prices we pay for your old gold! Sell your gold for cash today!

GATA Questions Gold and Cash Reserves

The Gold Anti-Trust Action Committee (GATA) has run an advertisement in Roll Call that is an Open Letter to Senate and House Banking Committee Members.

Highlights of the article include:

• GATA believes that the gold market is being “recklessly manipulated and now poses a serious risk to the international financial system”.
• Annual gold demand, currently at record levels, exceeds mine and scrap gold supply by more than 1500 tons.
• With demand outweighing supply, the price of gold should be rising steadily.
• According to the Office of the Controller of the Currency, the notional value of the off-balance-sheet gold derivatives on the books of U.S. commercial banks exceeds $87 billion – which is greater than reserves by over 8000 tons.
• Too much gold is being consumed at too cheap a price, which could threaten the economic crisis further.

Find more information at www.gata.org.

Gold’s volatility has done positive things to current gold prices. Gold is truly the only trusted metal in today’s economy. Get rid of your old, scrap, or dental gold and get cash!! Visit Cash4Gold to learn more and to request an insured, Refiner’s Pak!

Iran Trading Cash for Gold?

The Associated Press announced late last week that Iranian newspapers are stating that Iran is converting reserves into gold.

The newspapers are quoting Mojtaba Hasemi Samareh, who is the top advisor to President Mahmoud Ahmadinejad. Saying that the decision to buy gold was executed at the order of Ahmadinejad.

Iran reportedly has $120 billion in reserves. It is unknown how much of the reserves has been converted to gold.

Roughly 80% of Iran’s foreign revenue comes from oil. The decision to buy gold follows recent, dramatic drops in oil prices.

The economy is volatile – but gold is always solid. Gold prices are at record highs – sell your old or broken gold for cash today! Visit Cash4Gold to see the prices we pay and how to get Cash for your gold!

Cash4Gold.com - Soaring in Uncertain Times

The U.S. Economy and the bailout plan have been hot topics in the international investment market. As uncertainty has gained momentum, gold prices have been soaring.

As the U.S. government deals with the housing and credit crises, international concern has escalated. This has been the worst financial situation since the Great Depression. The comparisons between our current economic scenario and the 1930s have one consistent – gold. Gold as we have always heard is a hedge against inflation and has remained a safe haven in these uncertain times. Gold is expected to continue to benefit, as the international banking system attempts to stabilize.

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Cash4Gold Report For Week....

This week’s Cash4Gold Gold Assessment Report found further proof of the solidity of gold as an investment and a commodity.

Gold prices fell on Monday to as low as $862.80, as investors question the U.S. economy and bail-out package that was just approved to rescue the U.S. economy. This, following last weeks gold run that was the largest advance in nine years, and the largest one-day rise for gold in twenty-six years.

Even though the current price has fallen somewhat, economists still expect the metal to gain to $1,000 an ounce, and have suggested that silver will go on a run as well. Because the U.S. is experiencing the worst financial situation since 1920, precious metals and oil will continue to rise. The housing market has not bottomed out yet, and recession is expected through 2010 - as the dollar faces devaluation, and the consumer faces inflation, increasing unemployment and bankruptcies, and a declining stock market. Gold will continue to serve as an asset against inflation.

The Cash4Gold blog is a resource to learn about the Cash4Gold process, and to get regular updates about gold – its price, value, and marketability for sale. Visit www.cash4gold.com for more information!

Gold slips on dollar rise, but oil supports

Gold prices dipped lower as the dollar rose from its one month low. Spot silver and other precious metals followed gold's lead.

"Gold is not showing any particular propensity to move either way at the moment. There's some key economic data out this week which will have an influence on gold's direction," said Daniel Hynes, metals strategist at Merrill Lynch. "Until we get a better feel of the short term outlook, it's going to be rangebound. Gold has really struggled to push above the $925 mark and when it has, it's been sold off pretty well."

The euro's one-month high against the dollar has also slipped, a sign of consumer concerns that the euro zone economy is beginning to show cracks. Investors are also awaiting new data this week from the Federal Reserve expecting a clearer picture of the US economy. However, the rise in oil prices due to North Sea production issues and a Nigerian pipeline explosion are keeping fears of inflation high and have halted falling gold bullion prices.

"Volatility looks set to remain high in the coming days, with the dollar and oil to continue providing much of the metals intra-day direction," James Moore, analyst at TheBullionDesk.com said in a report.

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Gold prices harden

Gold prices hardened in India on Friday. This steadying of gold prices is attributed to healthy gains made by overseas markets who were capitalizing on the weaker dollar. With India's busy season of weddings and festivals coming to an end the demand for gold just isn't there. Gold prices are at a discount in the local markets. The rupee's reported weakening spiked gold prices a bit but the few inquiries generated by this have not converted over into orders. India is still the largest market in the world for buying gold so small gold buying will continue to take place. There are still wedding gold purchase being made in North India for wedding coming up next season. People are buying ahead to avoid paying higher gold prices next season.

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Gold Jewelry Trends

Record setting gold prices (http://lfpress.ca/newsstand/Today/Fashion/2008/04/29/5416196-sun.html) are reminding shoppers that gold is indeed a precious metal. Yellow gold has always been popular but in the last decade sterling silver and platinum have increased in popularity. When gold hit $1,000 an ounce in March, the tide began to turn back to gold.

As gold prices come back down, gold will remain an attractive accessory. Demand for gold jewelry was up 22% in 2007 over the previous year, according to the World Gold Council.
Women buy jewelry because they love it, but there is a certain attraction due to awareness of the value of gold. Gold also gives more creativity in design because gold can be shaped and shaded in new ways. Gold has been paired with complementary stones. Golds have also been alloyed to greate black gold and rose gold in addition to yellow and white gold. Mixing precious metals has become popular again for jewelry on the heels of a similar boom in the tabletop market.

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Gold Edges Higher

Gold edges higher as the dollar remains under pressure. Concerns over the state of the world’s largest economy and the depreciation of its currency remain uppermost in trader’s minds. Gold has been boosted by the ongoing financial turmoil because gold acts as a store of wealth and as an alternative investment to the dollar. Gold investors are buying gold bullion to hedge against rising inflation.

While gold has recovered some ground since a two month low last week, investors are still wary of backing gold to move back up to the $1,000 level seen in March. Jewelers played a role in moving gold back above $900, but physical buying interest has been limited at higher levels. Gold prices are likely to remain volatile as the precious metal builds a more stable base around $900. (135)

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Indians melt down gold jewelry as prices soar

On the streets of India, the world’s largest consumer of gold, people rush to melt down gold jewelry and gold watches to cash in on high gold prices. Gold refineries have been struggling to keep up with demand as gold prices soared over the past months. Gold prices are very volatile, therefore gold and gold scrap must be turned around very quickly by the gold and precious metal refiners. If gold scrap lands up in the evening, it should be ready early next morning and in the market before it opens.

At a refinery, a workman covered with sweat used huge tongs to pour a container of red-hot liquid gold into a mould. On the top floor, large reaction tanks full of nitric and hydrochloric acid dissolve gold scraps through the night for production of gold bars early next day. (149)

Gold prices are up nearly fourfold since early 2001. This year alone, bullion has jumped almost 25 percent to a record peak of $1,030.80 an ounce. If you are looking for fast cash for your unwanted gold and jewelry, request the free refiners kit. We buy most unwanted precious metals such as unwanted, broken, or scrap gold, silver, and platnum.