Selling Gold at $2,000 an Ounce?

According to a press release from Cantos Communication, London is calling gold at $2,000 an ounce a “realistic possibility” in 2009.

Citing that “despite its recent weakening, the prospects of gold reaching $2,000 an ounce next year has to be considered a realistic possibility”. The information comes directly from James Turk, the Founder and Chairman of GoldMoney.

Turk was interviewed, via video, and has claimed that the doubling of the current value of the metal is highly likely as investors look for ‘safe haven status’ for their investments among the under-performing market. Demand among retail investors has been significant over the past year as hedge funds and other investors have been forced to sell gold and others are looking to buy. However, government intervention makes many nervous about the status of gold.

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SELLING GOLD: EARN CASH IN UNCERTAIN TIMES

According to Forbes, Merrill Lynch analyst Francisco Blanch is predicting gold at $1500 an ounce.

Citing inflation pressures as a result of the financial bailout, gold ETFs (electronically-traded funds) like SPDR are expected to soar.  Many analysts believe that gold, while experiencing significant swells in pricing, has not yet made its move.

According to Bianch, “gold has shown flashes of running but has not broken out.  The obvious trade on paper is not so obvious to the market tape at this point.”

The global plans in place to stabilize the financial sector have not seen the worse yet.  Merrill Lynch’s opinion on gold is that it will soar due to “inflationary pressures to the commodity markets”.  Additionally, oil is predicted to reach $150 a barrel.  The senior analyst at USAGOLD, Peter Grant, is predicting that the “debasement” of all currencies will additionally drive gold prices.

Although these predictions are gaining attention, there is no timeline posted on the predictions.

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Gold Production Up - Good Time to Sell...

Bloomberg announced last week that The Perth Mint is increasing production at its facility in Australia.

The Perth Mint produces 10% of the world’s gold bullion and has doubled its output over the last 6 months. As investors flock to buy gold as a safe haven amid the current worldwide credit crisis the U.S. and Austrian Mints have increased production as well.

The Perth Mint sells Kangaroo and Nugget coins, and the Mint has produced over 154,000 ounces in the last 12 months, which is roughly double the production last year.

Gold is currently one of the brightest commodities, reflecting that people do not trust the financial marketplace right now. The overseas demand is up 90% for the Perth Mint, which has sold $880 million more in gold than this time last year.

The Perth Mint was founded in 1899 as a branch of Britain’s Royal Mint and is run by the Western Australian government.

Gold refiners worldwide are expecting mass-market appeal for gold as the economy heads toward a recession…..

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Stable Gold Encourages Selling

The Financial Times of London ran an article last week giving further signs of the stability of gold.

Apparently, International investors in gold have been requesting “unprecedented physical levels” of both gold coins and gold bullion bars as the instability of the economic situation looms over the world.

LBMA claims that the move has been initiated by the rich, and continues as the economic turbulence experience in the United States flows across international boundaries to Europe. According to the LBMA, gold cannot be produced quickly enough due to the fact that it is considered to be low risk and a hedge against inflation. The Austrian Mint, the United States Mint and Rand Refinery are all currently running at full capacity, and have announced shortages of coins on specific occasions.

Gold remains desirable due to the fact that it is a physical asset. Recently, gold has soared, however there are investment analysts that suggest that the demand could also result in a price cap.

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GOLD REPORT: BUY OR SELL

Those doubting the security of owning gold and selling gold for profit should take a few factors into consideration this week.  Fannie Mae and Freddie Mac were taken over by the government this week, after a stunning financial collapse of the housing entities. 

However, on Tuesday, gold fell below $800 an ounce for the first time, reaching ultimate lows of $795.00.  The last decline of this magnitude was in mid-August at $773.90/oz.  The last high for gold was on March 17^th at $1,030.80 an ounce. 

Many are expecting gold at $1,225 an ounce, but yesterday’s rise - where the dollar hit a one-year high - did not increase the precious metal’s pricing.

Physical buying of gold is anticipated to increase in coming months.  The festive seasons in India, requiring gold bullion.  Bullion was priced at $987.75 an ounce in mid-July and has since fallen to $800 an ounce, but can be expected to rise due to the shortage.

Check back with us for additional information about buying and selling gold.

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EMOTIONAL GOLD

The headline grabber of the last several months has, of course, been gold. There is not much about gold that hasn't already been said or blogged and yet, it has risen 55% over the past year. Gold has reached the highest price ever of over $1000 per troy ounce before it settled at, a still more than respectable, $900. The gold bugs - the "end of the Worlders" are happy but are their doom and gloom predictions justified?

Bob McKee, chief economist at Independent Strategy, doesn't think so. He started getting long gold between $330 and $350 in 2003, citing three drivers that are clear to all: the current account deficit's pressure on the dollar, growing political uncertainty and an impending reversal of the liquidity boom.

"Some people argued then that money flowing into Asian economies would be recycled into dollars," McKee says. "There's some truth to this, but there is also a growing pressure to diversify." "Up until three or four years ago, that was a real concern because the central banks still saw gold as a dead thing," he says. "But they have done their dumping, and have no more left to sell."

The other drivers have only gotten stronger, and the question now is whether they have become so strong that the market has already discounted them. McKee doesn't think so.

"We still have some room to go in all three drivers," he says. "Assuming that the U.S. economy went into recession this last quarter, and knowing that recessions tend to last nine to 12 months, we can expect dollar weakness to continue for at least the next two quarters."

Then, he says, just when the United States begins to pick up steam, the other OECD countries could be slipping into recession with low interest rates sparking fears of inflation.

We would like to know how you feel about gold prices and how our refiners help you get the very best price available for your gold and other precious metals. See what our other customers had to say about selling us their gold.  Visit www.cash4gold.com for more information about our company and all things gold!