Wednesday, July 20, 2011

With the Gold price having pushed through psychological

The price of Gold has doubled since December 2008 due to the Fed keeping interest rates at near zero levels and then printing trillions of dollars to prop up the economy following the most severe global recession in six decades. Gold's outlook remains bright, with a target of $1,650 to $1,700 by the end of the year, said Ong Yi Ling, analyst at Phillip Futures.

The Treasury Department has warned lawmakers that the U.S. debt ceiling must be lifted by Aug. 2 to avoid defaulting on the nation's debt. Standard & Poor’s, Moody’s, and Fitch Investors Services have each threatened to downgrade the government’s Aaa credit rating if Congress fails to act in a timely manner.

The White House has contacted the rating agencies in an attempt to avoid a downgrade of U.S. Treasuries as the debt limit deadline closes in, officials said Monday. "We've been trying to make them understand that Washington and the President is committed to bringing down the deficit and controlling spending," said White House Communications Director, Dan Pfeiffer.

In the eurozone, European leaders have yet to convince investors that an agreement will be forthcoming on a second Greek bailout at a summit this week as bond yields reach record levels. There has been no resolution with the European Central Bank, over demands by Germany and Finland that private investors bear a portion of the burden of the Greek rescue package.

“Europeans primarily are fearful about the future of their currency and are exiting positions there for Swiss francs and Gold,” said Dennis Gartman, in his Gartman Letter. “Were we a German lawyer, or doctor, or small business owners, we’d be buying Gold.” Don't leave your assets unprotected during these times of economic and geopolitical uncertainty, invest in physical Gold and Silver bullion and protect your wealth in 2011.

Widely recognized Gold and Silver bullion coins and bars can be bought and sold quite readily at Morgan Gold and they can be easily stored in a safe-deposit box if needed. Did you know you can add Gold and Silver bullion to your IRA? It's true, and it's a safe and effective way to start investing

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