Gold and silver is paving the way for economic change. As the U.S. dollar continues to dwindle, gold and silver are finishing strong. Gold for April delivery rose to 0.9 per cent (or $15), to settle at $1,786.30 a troy ounce. Precious metals are souring, even in a bad economy, thanks to Greece. During this past week, Greece reached a budget deal that will provide much needed financial support from their international creditors. This will ease up some of the pressure on the euro.
Due to the declining U.S. dollar, this will make precious metals seem cheaper for gold buyers who use other types of currencies. Another reason why precious metals are doing so well is because gold and the currency are directly linked because many investors purchase gold to protect against inconsistency in the dollar. According to commodities analyst, Ira Epstein, when Europe decided that they were going to keep Greece thriving with the printing presses, that’s what “got gold going”.
A few investors predict that the European Central Bank will continue to boost the currency union’s debt strained members by amplifying its balance sheet in order to help relieve the credit crunch. As far as silver is concerned, it gained a total of 27 per cent. For March deliver, silver increased 3.8 per cent to settle at $US35.556 a troy ounce.
Why is ‘Now’ the Time to Invest in Precious Metals?
Remember back in October of 2011 I mentioned, in one of my blog posts, that you can't go wrong when investing in precious metals? I also stated that precious metals will rise to $2,300 an ounce by the end of 2012, according to some analysts. Well, it is only February and precious metals are hitting an all time time as the dollar continues to slip. If you’ve been contemplating whether or not you should invest in precious metals, let the latest increase speak for itself.
Getting Started with Investing in Gold and Silver
As you know, 401(k) and social security are all on life support. For example, in Albany, NY, Governor Cuomo is thinking about dropping the 401(k) option for incoming public workers. He also wants to increase the minimum retirement age for public workers. So, they will have to work extra years in order to become eligible to for their retirement pension. His proposal will also prevent workers from stuffing up pensions with "excessive overtime". If Cuomo is doing this in New York others will more than likely to follow suit.
Let’s be realistic, if your ultimate goal is to secure your financial future, any smart investor can see that gold and silver rule.
To find out more information about investing in gold and silver, contact me at: firstname.lastname@example.org.