Wednesday, February 22, 2012

Gold Up On Greek 'Bailout'

It appears the market may be coming to the realisation the Europeans are between a rock and a hard place. Gold has surged $25 today. The market is sniffing inflation in the air.

Reason? The only way they are going to bailout Greece is to create money. European QE, under many fancy names and guises, will replace the lost credit with new credit on banks balance sheets.

This bailout does not avoid default altogether, it merely delays the fateful day. Anyway, this is a default by any definition. They just don't want to class it as such as they do not want the massive CDS payments kicking in and taking down the system.

This deal is another 'brick in the wall' of value destruction. Remember, gold doesn't go up in value, price goes up. Added to the European inflation, the Federal Reserve is signalling they want 2% inflation each year. This probably equates to a real rate of around 4%. Note, that 4% inflation per year will destroy the value of the dollar by half in around 20 years.

No wonder we are all speculators now.

The only way to protect yourself is to buy gold. Have some gold and silver owned privately as an insurance policy or a hedge against this craziness in the system.

You can have an investment mindset in gold and silver if you wish. Looking at prices each day and be ready to buy and sell in weakness and strength. Or, on the other hand, know that holding gold is important and have little regard to the price itself.

Remember, those who are generationally wealthy own gold. If you want to know why, then I would urge you to study gold. As with anything in life, wisdom is about listening to the right people and doing what those who are successful do.

Not what the banks do.

Gold in New Zealand dollars: $2109.83 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $41.24 per oz
Previous all-time high: $59.19
per oz (30 Apr, 2011)

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