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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
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 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.
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 Zero Hedge: http://www.zerohedge.com/article/gold-could-see-1800oz-seasonal-strength-and-deepening-eurozone-and-us-debt-crisis
 Gold Core: http://www.goldcore.com/goldcore_blog/gold-could-see-1800oz-seasonal-strength-and-deepening-eurozone-and-us-debt-crisis
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 Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/
 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
 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
 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
 Eurozone debt crisis could rip E.U. apart: officials: http://www.prisonplanet.com/eurozone-debt-crisis-could-rip-e-u-apart-officials.html
 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
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