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Gold Investments Market Update
Gold and silver rallied over 1% and 2% yesterday as stock markets barely made gains in the US. Asian stock markets were mixed but the Nikkei fell 2.5% and most European markets are showing weakness again this morning and gold remains firm.
Demand for gold remains extremely robust with broad based demand from both retail and pension investors but also now from very large players such as high net worth individuals, hedge funds, sovereign wealth funds (Government of Singapore Investment Corp – GIC) and central banks diversifying into gold.
The world’s central banks were net buyers of an estimated 1.1 million oz in…
12Mar2009 | The Gold Blog | 0 comments | ContinuedOctober 2008 budget deficit sets record
The federal government began the new budget year with a record deficit of $237.2 billion, reflecting the billions of dollars the government has started to pay out to rescue the financial system.
The Treasury Department said Thursday that the deficit for the first month in the new budget year was the highest monthly imbalance on record. It was far bigger than analysts expected, over four times larger than the October 2007 deficit of $56.8 billion, and more than half the total for all of last year.
The October deficit began a period in which economists are forecasting the red ink for…
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