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Gold Very Strong And Making New Highs Above the $1650 Mark


After a shifty couple of months in the gold market many analyst have re-looked their short to medium term outlook for the yellow metal. Instead of  the many bearish perspectives that have plagued the precious metals markets over the past couple of months, now it seems the sentiment has shifted in a one-way fashion. Almost all of this regained bulish sentiment centers on the United States debt celling and our country’s possible downgrade from a prestigious AAA credit rating. Many Americans are outraged with the behaviour of congress and the president during the debt celling debate. Liberals are haling a victory for the tea party members–pointing  to the fact that the bill included no new revenues and no tax hikes. However, on the other side of the spectrum, tea party members who voted against the bill point to the fact that all of the supposed cuts are back-end loaded and will not occur for several years. They argue that the only true measurement of government cuts are those made during the current year. Nonetheless, the bill passed and the “phony” default crisis has been averted. Regardless of what political party gained the upper hand during this induced crisis, the true losers are the American people. As gold makes new all-time highs above the 1660 level, we are faced with the looming picture of an American future defined by runaway inflation, reverse-growth, unemployment, and high interest rates. The truth remains that as long as the United States continues to amass unprecedented debt and personifies its title as the greatest debtor nation in the history of the world, the outlook for gold and silver in the future remain bright. It is my believe that our country is falling face first into the greatest depression the world has ever known.  Their is always the possibility that I could be wrong in my assessment, and that the US will recover soon and prosperity will return. Since I am not a fortune teller we will just have to wait and see what the future brings.

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