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Gold Could See $1,800/oz On Seasonal Strength And Deepening Eurozone And U.S. Debt Crisis

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Tyler Durden
Zero Hedge
July 5, 2011

From Gold Core

Gold Could See $1,800/oz on Seasonal Strength and Deepening Eurozone and U.S. Debt Crisis

Gold is trading at $1,504.13/oz, €1,039.34/oz and £933.89/oz.

Gold is higher today and showing particular strength against the euro and the Japanese yen. The relief rally seen in equities since the latest Greek ‘bailout’ is under pressure as S&P have said the debt rollover proposal would be a “selective default”. The ECB may selectively reject the S&P Greek downgrade and arbitrarily select the best credit rating being offered.

Gold Could See $1,800/oz On Seasonal Strength And Deepening Eurozone And U.S. Debt Crisis goldcore bloomberg chart1 05 07 11

Gold in USD – 1 Year (Daily)

The risk of contagion in Eurozone debt markets and banking systems remains. Portuguese, Spanish and Italian debt has been sold this morning. Systemic risk from contagion in the credit-default swaps market also remains a threat.

  • A d v e r t i s e m e n t

In the U.S. political squabbling over raising the $14.3 trillion debt ceiling continues. However, it is likely to be resolved as the massive liabilities incurred (not including unfunded liabilities of over $60 trillion) simply cannot be paid back. It is therefore likely that more debt monetization (creating money to buy government bonds) will occur leading to further currency debasement and the risk of stagflation and severe inflation.

Full article here

Gold Could See $1,800/oz On Seasonal Strength And Deepening Eurozone And U.S. Debt Crisis 030511banner3

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This article was posted: Tuesday, July 5, 2011 at 8:05 am





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