- Prison Planet.com - http://www.prisonplanet.com -

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

Posted By admin On July 5, 2011 @ 8:05 am In Commentary | Comments Disabled

Tyler Durden
Zero Hedge [1]
July 5, 2011

From Gold Core [2]

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 [3]

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.

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 [1]

Gold Could See $1,800/oz On Seasonal Strength And Deepening Eurozone And U.S. Debt Crisis 030511banner3 [4]

Stock up with Fresh Food that lasts with eFoodsDirect (AD) [5]

Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/gold-could-see-1800oz-on-seasonal-strength-and-deepening-eurozone-and-u-s-debt-crisis.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/gold-could-see-1800oz-seasonal-strength-and-deepening-eurozone-and-us-debt-crisis

[2] Gold Core: http://www.goldcore.com/goldcore_blog/gold-could-see-1800oz-seasonal-strength-and-deepening-eurozone-and-us-debt-crisis

[3] Image: http://www.goldcore.com/sites/default/files/editor/goldcore_bloomberg_chart1_05-07-11.png

[4] Image: http://www.stansberryresearch.com/pro/1103PSIEOAVD/PPSIM375/PR

[5] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[6] Gold Close to Breaking Record as Eurozone Debt Crisis Grows: http://www.prisonplanet.com/gold-close-to-breaking-record-as-eurozone-debt-crisis-grows.html

[7] Eurozone Debt Crisis Deepens Sending Euro Lower And Gold To New Record At EUR 1,080/oz: http://www.prisonplanet.com/eurozone-debt-crisis-deepens-sending-euro-lower-and-gold-to-new-record-at-eur-1080oz.html

[8] Gold Surges On Weak Economy Data and Eurozone Debt Crisis: http://www.prisonplanet.com/gold-surges-on-weak-economy-data-and-eurozone-debt-crisis.html

[9] Eurozone debt crisis could rip E.U. apart: officials: http://www.prisonplanet.com/eurozone-debt-crisis-could-rip-e-u-apart-officials.html

[10] The Imminent $2.5 Trillion Debt Ceiling Hike Will Unleash A Gold Price Surge To $1,950 And Higher: http://www.prisonplanet.com/the-imminent-2-5-trillion-debt-ceiling-hike-will-unleash-a-gold-price-surge-to-1950-and-higher.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.