Gold Spot Price breaches $1400

Gold still Bullish in Short Term!

November 10th - 2010

Gold Spot price breached the $1400 level with the fears of mounting EU debt and the unsure direction of currency meetings at the G20 summit. Indications that the World Bank is suggesting using Gold as an important part of global monetary system changes also helped Gold edge higher.

Short term most analysts are bullish regarding Gold, yet fairly undecided about the long term future of the yellow precious metal. Major players in the commodities market suggest at least $1500 levels can be achieved by Gold before a significant correction is seen downwards. A lack of confidence in currencies at the moment could be giving Gold an extra leg-up. Also low interest rates have helped the gold and other precious metals future markets. Futures investments are up this year by almost a third, definitely helped by the record highs achieved by Gold as well as the low interest rates.

Fed Printing Money $600 Bn Effect on Gold?

The move to announce that the Federal Reserve will print an additional $600 Billion worth of Dollars to force into the US economy will have an effect to devalue the Dollar. This may improve Americas Export ratios, and serve to make US export products more affordable in other countries. For now though many investors seem to be using Gold and Silver as a hedge against inflation, supporting the bullish outlook for Gold going through 2010 into 2011 next year.

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