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Goldman Sachs Gold $1000 as Safehaven Asset

Commodities / Gold & Silver 2009 Feb 05, 2009 - 04:35 AM GMT

By: Mark_OByrne

Commodities

With stock and bond markets under renewed pressure, gold remains very well bid and is up some 0.6% in early trading in Europe.

Goldman Sachs have increased their forecast for gold from the previously very low $700/oz to over $1,000/oz in the next three months due to “rising investor demand for safe haven assets”.


"The gold price rally has been driven by surging demand for gold in all forms: physical gold, exchange-traded funds (ETFs), and futures contracts as investors seek 'a safe store of value amid the financial distress and inflation risks," it said in a report.

It also noted that a strong relationship between the price of gold in U.S. dollars and the exchange rate of the dollar against other currencies has begun to break down. Meaning that gold was now surging in all currencies as central bankers debase currencies internationally and try to inflate our way out of the deepening crisis.

Gordon Brown became one of the first leaders to mention the ‘Depression’ word yesterday and unfortunately the terrible speed of the declines in economic growth in all countries internationally means that there is an increasing possibility of the global depression.

At the very least a severe global recession is upon us and thus gold will outperform other asset classes in the coming months as it did in the Weimar hyperinflationary depression and the deflationary Great Depression in the 1930’s (Roosevelt revalued gold by some 70% and devalued the dollar by some 70%, from $20/oz to $35/oz).

By Mark O'Byrne, Executive Director

Gold Investments
63 Fitzwilliam Square
Dublin 2
Ireland
Ph +353 1 6325010
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Email info@gold.ie
Web www.gold.ie
Gold and Silver Investments Limited
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EC3V 3ND
United Kingdom
Ph +44 (0) 207 0604653
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Email info@www.goldassets.co.uk
Web www.goldassets.co.uk

Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

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Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

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