Peter Schiff put’s gold in perspective amid the current European crisis.
May 06
The current problems Greece is facing is having a huge impact on both currency and stock markets. The Euro is suffering along with European bank stocks. This is a time where the value of having Gold as part of your portfolio becomes really apparent.
If the crisis in Greece spreads to other European countries Gold will become an extremely valuable asset to have in your personal portfolio. It’s scary to think about it, but the Eurozone is currently in very bad shape. After Greece other countries such as Spain, Portugal and Ireland have the distinct potential to put enormous pressure on the currency.
Gold is a counterweight that you can use to safeguard your personal wealth against this scenario. It may be floating around all time highs right now but if European sovereign debt fears prove true it may go a lot higher. This particularly rings true for people in the Eurozone.
Mar 18
What if the purchasing power of the dollar falls dramatically? What if the relationship between gold and the USD re-calibrates to the ratio of 1980? Here is an interesting video that looks at this in detail. It’s actually quite scary but the points are well argued.
Feb 27
Jim Rogers gives his thoughts on what is likely to happen by the end of 2010/start of 2011. It’s quite interesting and some great points are made. This indicates that commodities and gold could be a safe place to be if global currencies collapse.
Feb 11
Gold climbed alongside the dollar after a deal was struck to help Greece. Also, the same concerns on Greece. Spain and Portugal which has seen the dollar increase against the euro by 5.1% this year are driving the gold price up. Read more in Business Week.
Feb 11
Gold futures are up as a result of growing concerns regarding the Eurozone and in particular Greece. In recent trading, April gold was up $16.40, or 1.5%, at $1,092.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract reached as high as $1,095.90.
The USD is also gaining which indicates that Gold’s rise could be down to Euro concerns. The Wall Street Journal goes into more detail.
