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Gold climbed to a record above $1,890 an ounce in London and New York as concern about slowing economic growth and debt crises spurred demand for bullion as a protection of wealth. Platinum gained to a three-year high.
German Chancellor Angela Merkel attempted to shut the door on common euro-area bonds as a means to solve the debt crisis, saying she won’t let financial markets dictate policy. The Federal Reserve holds its annual symposium in Jackson Hole, Wyoming, this week, amid speculation it may signal a third round of asset purchases to boost the faltering recovery.
Originally posted by sbctinfantry
Gold is not a safe haven, as far as I'm concerned. Heed this warning.
Once the price has reached its peak, they will crumble the market, pulling out long before to ensure ridiculous returns. They will then leave us holding the bag, struggling to sell our precious metals for food, asking for 1/100th the price we paid for it. No one is going to want gold, they are going to laugh at you when you enter a broker and try to sell it for $1,900 an ounce.