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Gold dropping? Why not to worry
Posted By -NO AUTHOR- On 04/22/2013 @ 10:53 pm In Front Page,Money,Politics,U.S. | No Comments
Economist, columnist, radio host and international conference speaker Jerry Robinson uses his "Follow the Money Weekly" program this week to explain why the price of gold is down – and what that really means.
Veteran bullion dealer Tom Cloud joins Robinson in this week's podcast to explain why gold prices are down despite the massive money printing campaigns happening around the world.
First, it was just last week that was the largest one-day price drop (in dollar terms) for gold. Then there was strong buying out of Asia that drove gold prices back up to some $1,400 per ounce.
One report said that a record 63,500 ounces – two tons – of gold were reported sold on April 17 alone.
"The global demand for physical gold has sent premiums soaring as supplies have tightened. Despite the increased demand, gold still settled near $1,395.60 on Friday, after falling to a two-year low of $1,321.35 on Monday," the report says. "Gold lost 7 percent for the week."
However, the report notes that is insignificant next to gold's massive 400 percent increase over the last decade.
It also said Silver closed the week down 12 percent, settling at about $23.
"Meanwhile, the major U.S. stock indices all suffered their worst weekly drop of 2013. Of the 10 sectors of the S&P 500, energy was the worst performer while the telecom sector gained," the report said. "Next week, around 170 companies listed on the S&P and 10 stocks on the Dow are scheduled to report earnings. Apple, Exxon Mobil, and Caterpillar are among those set for earnings releases. Apple stock in particular suffered another massive 9 percent loss this week. Since it reached its peak of $705 back in September, the stock has fallen over 40 percent, causing the company to lose its title to Exxon Mobil as the world's largest company this week."
Podcast is 1:01:05.
Jerry Robinson is an economist, published author, columnist, radio talk show host, and international conference speaker. Robinson has been quoted as an economic authority by USA Today, FoxNews and many other news agencies. His columns have appeared regularly in numerous print and web publications, including WND. In addition, Robinson is also the editor-in-chief of the popular economic newsletter, "Follow the Money Quarterly."
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