|Luar Biasa. Belum separuh amunisi dikeluarkan emas sudah naik 24% sepanjang|
2011. harga emas batangan 1 Kg, harganya telah mencapai Rp. 493.000/gram.
*Gold Price Hits $1,780, Awaits the Fed, Bernanke*
Tuesday, August 9, 2011, 9:10am EDT Written by GoldAlert Staff.
*GOLD PRICE NEWS* – The gold price touched a new all-time high of $1,780 per
ounce early Tuesday morning. The price of gold, currently trading at $1,745
per ounce, gained as much as $117 over the past two days alone. S&P's
downgrade of the United States, combined with the flare-up of the sovereign
debt crisis in , has lit a fire under the yellow metal. Confidence in
the integrity of paper currencies has eroded, leading investors to bid up
gold prices to record highs.
The Federal Open Market Committee (FOMC) meets today and will deliver its
policy statement at 2:15pm eastern time. With global markets experiencing
severe turbulence in recent days, many are looking to Fed Chairman Ben
Bernanke to stem the decline in global stock markets by announcing a new
round of quantitative easing. Gold prices have been bolstered by the Fed's
proclivity to print money in order to spark an economic recovery. News over
the weekend that the European Central Bank (ECB) was set to begin purchasing
Italian and Spanish bonds helped fuel the gold price rally.
Today's surge in the gold price follows yesterday's $55.00 per ounce spike.
The spot price of gold surpassed $1,700 per ounce for the first time ever on
its way to new record highs. Goldman Sachs called for gold to rise to
$1,860 per ounce within 12 months, while JP Morgan predicted that gold
prices could touch $2,500 per ounce this year.
Silver fell over 2% to $37.95 per ounce early this morning despite the rally
in the price of gold. As for precious metals equities traded higher Tuesday
morning, Gold Fields (GFI), Gold (KGC), and Newmont Mining (NEM),
which dropped 1.0%, 2.2%, and 0.5%, respectively, during yesterday's trading
session, all moved to the upside.
Although gold stocks finished lower yesterday, the sector significantly
outperformed the broader market indices. The Dow Jones Industrial Average
(DJIA) plummeted 634.76 points, or 5.6%, to 10,809.85 – its largest
single-day decline since December 1, 2008. Risk aversion surged, as the
CBOE Volatility Index (VIX) climbed 50% to 48.00, its highest level since
May 21, 2010.
Commenting on the outlook for the gold price amid the market turmoil, David
Rosenberg, chief economist and strategist at Gluskin Sheff, wrote in a note
to clients "Expect gold to go much, much higher as well — just to get back
to prior highs in inflation-adjusted terms would mean a test of $2,300; and
normalizing by world money supply points to $3,000 an ounce."
In an interview with CNBC, Kyle Bass, Managing Partner of Hayman Capital
Management, stated that "When you understand the mechanisms of this European
Financial Stability Facility, today it has 440 billion euros in lending
capacity. They have to raise 780 billion euros in debt to fund this."
Bass went on to note that total global credit market debt to GDP is higher
than it was three years ago, despite the financial crisis of 2008. This
comment echoed ones that Bass made earlier this year, when he pointed out
that since 2002, global credit has grown at an annualized rate of
approximately 11% while real GDP has grown at 4%.
"Credit growth has outstripped real GDP growth by an astounding 275%," he
stated. "We believe that debt will matter like it has every time since the
dawn of financial history. Without a resolution of this global debt burden,
systemic risk will fester and grow."
In light of Bass' comments, it is no surprise that the gold price has
increased substantially alongside global credit growth since 2002. As
central banks continue resorting to currency debasement to fuel economic
growth, investment demand has soared for the one form of money that cannot
be hypothecated via a printing press. If Bass' forecast that "systemic risk
will fester and grow" materializes further, the fundamental backdrop for the
gold price will remain favorable for quite some time.
hope 4 the best n prepare 4 the worst
knowing is nothing without applying
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