Closing Gold & Silver Market Report, 06/08/2012
WILL CENTRAL BANKS SEND GOLD TO $2,000 IN 2012?
Jeff Kilburg of Kilburg Capital said he still expects Gold to soar to $2,000 in 2012. “I think (Federal Reserve Chairman Ben) Bernanke has one more bullet left in the chamber,” Kilburg said, and he has to use it wisely. There is no reason not to expect the 12 year Gold bull run to continue given the economic uncertainty around the globe. Central banks became net buyers of Gold in 2010, and they have been net buyers in 2011 and 2012. The current global economic uncertainty could propel this trend forward.
Gold did not have a good week, but it did rebound from morning losses to climb back into the positive. Traders appeared to be unwilling to short Gold going into the weekend because there are too many potential Gold moving catalysts in the marketplace. Although expectations of an immediate round of quantitative easing were squashed this week by Bernanke, QE3 is still not out of the picture. The European debt crisis is far from being resolved. The Chinese economy remains covered in a veil of secrecy by Chinese leaders. It is very difficult for investors to get a handle on what is truth and what is fiction.
Markets are closed until 6 p.m. (EDT) Sunday. We will see if the traders were correct in not betting against rising Gold prices over the weekend.
At 5 p.m. (EDT), the APMEX Precious Metal prices were:
- Gold, $1,596.10, up $7.10.
- Silver, $28.55, down $0.07.
- Platinum, $1,433.00, down $9.90.
- Palladium, $615.10, down $10.70.
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