What a wild month August gave us for gold prices. After reaching a record high of $1,917.90 an ounce, gold proceeded to drop $170 in a little over 48 hours. I was glad to see the price didn't break below $1750 and, as of this post, sits at $1827.80. That represents about a 10% increase in August and a 46-47% increase ($583) gain in the last year. Not too shabby. I just read that JPMorgan Chase analyst Colin Fenton predicted gold could spike to $2,500 an ounce over the next four months! We'll have to wait and see if that explosion occurs.
Here are the final August 2011 numbers for Gold American Eagles:
one-ounce gold eagles - 103,500, year-to-date 672,500;
half-ounce gold eagles - 3,000, year-to-date 61,000;
quarter-ounce gold eagles - 6,000, year-to-date 70,000;
tenth-ounce gold eagles - 55,000, year-to-date 320,000.
Add to those August numbers 28,000 one-ounce 24K gold buffaloes and 3,679,500 Silver American Eagles and you have some very busy U.S. Mint employees. These numbers come in second - only January 2011 numbers are higher than these figures. Year-to-date silver eagles stand at 28,993,000 and stand a good chance of topping 40,000,000 for 2011.
Here is an interesting article that appeared on Gallup's web site on 8/25. Titled "Americans Choose Gold as the Best Long Term Investment", it includes Real Estate, Stocks/Mutual Funds, Savings Accounts/CDs and Bonds along with gold. 34% chose gold with real estate second at 19%. They break down the 1008 individuals in the survey by age, sex, income and political affiliation. You can read the article here.
I read a lot of articles - maybe too many. This one caught my eye "Real People Say "Screw You" To The Markets" written by someone who is obviously very disgusted with what is going on (and has gone on) on Wall Street. I am not including this because they are my views but I thought it was an interesting read. I wonder if the author is a gold bug. The commentary is here.
Thanks for reading.
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