Resistance is Futile
Posted By | February 26, 2017
The Borg knew it, and now you gold bugs out there know it, too: Resistance is futile. We are, of course, talking about gold smashing through its $1,250/ounce resistance level on February 23, with plenty of room to grow.
Gold reached as high as $1,258 on February 23. This capped off four straight weeks of price advances, with gold prices up nine percent since the start of the year.
This week alone, gold rose 1.5 percent against both the euro and the dollar. And, if you like gold, you gotta love silver, which is up 14.3 percent year-to-date, the best performing asset in 2017 so far. No one knows how high prices will go, but a comparison with past gold price levels tells you there’s still plenty of room to grow. The price of gold in 2011 reached over $1,800/ounce.
What’s driving the precious metals prices higher?
We’ve talked before about the worldwide backlash against President Trump’s draining of the Washington swamp. Trump attacked China this week, accusing it of being grand-champion currency manipulators. Now, with alien expulsions picking up and a new commitment to enlarging the nuclear arsenal, you better believe that a lot of weak knees are quaking, and strong minds are capitalizing on it by snapping up gold.
But some of the credit has got to go to Europe. For example, America’s good friend Marine Le Pen looks poised to become the next president of France. She’ll do to the EU what Trump is doing to America. The gold markets know it, and gold has risen 9.4 percent against the Euro since Le Pen’s lead widened in the polls. Gold is up 6.4 percent YTD against the British pound as Brexit hardens into reality.
Meanwhile, the Dutch elections look like they are headed to the right, which can further imperil the Eurozone. And let’s not forget about the anemic economies in Portugal, Italy and Greece. Any of these could ignite a new debt crisis in the EU. If that happens, look for gold prices to explode higher.
Will we see a currency war, with even higher gold and silver prices?
Many believe a global currency war is inevitable. If that happens, the likely winner will be gold, as it represents a true store of value when paper money rollercoasters up and down. The latest indications from the Federal Reserve are that it won’t push interest rates higher in March, another good sign for gold.
If you ever have felt a sense of urgency to buy gold, we urge you to feel it now and open an Augusta™ Gold IRA from Augusta Precious Metals right now. With events moving so quickly, it would be a shame to miss this train as it pulls out of the station. Contact us today!
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