New Record High for Gold by Early 2013, Says Nichols
“We believe gold will move significantly higher by year-end or early 2013, possibly recording a new all-time high in the next three to four months – thereby rewarding those intrepid investors holding on to or augmenting their gold positions despite the short-term vagaries of the gold market.”
The above commentary came from the most recent piece by Jeffrey Nichols, Managing Director of American Precious Metals Advisors. Nichols, who has been bullish on gold for the majority of the past decade, provided his latest thoughts on the yellow metal in light of its weakness thus far in October.
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“As gold tumbled in recent days, short-term market psychology has, not surprisingly, turned increasingly gloomy – suggesting gold could possibly go lower before staging an inevitable recovery and renewed assault at the $1800 level,” he noted.
Nonetheless, Nichols went on to say that “With little new monetary policy initiatives expected from the Fed in the next few months, the financial markets – including the market for gold – are shifting attention to the upcoming U.S. Presidential and Congressional elections – trying to discern the election outcomes and their implications for the economy and the markets.”
“I can tell you this much: Whatever the election results, recession-like economic conditions – or worse – will continue to plague the U.S. and global economies for years to come,” he added. “It took years, if not decades, for the United States and most other major economies to accumulate massive and unsustainable levels of public- and private-sector debt.”
As a result, Nichols concluded by noting that “As we are now witnessing, spending, whether by governments or households, cannot continue without access to credit. So, we must ask ourselves realistically, who will continue to lend to already bankrupt borrowers? Only each nation’s central bank. That’s exactly what increasingly rapid monetary expansion (aka quantitative easing) is all about – but its eventual result will be rising inflation, currency debasement, and much higher gold prices.”
2012-10-16 22:01:42
Source: http://www.goldalert.com/2012/10/new-record-high-for-gold-by-early-2013-says-nichols/
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