Blind Folds For Everyone Posted by James Randolph on December 30, 2008
Blindfolds For Everyone December 30th 2008 The gold spot price takes a small step backwards today declining 7.50 for the day, sitting at 873.90 at the moment. Prices for wholesale-certified gold coins went unchanged the entire trading session, as many buyers and sellers of rare coinage are yet to return from holiday break. A substantial gain or loss with the gold spot price is the only thing that will move the market before full trading resumes on the 5th of January.
Conversing with several of the top players in the gold market from my vacation house in Lake Chapala, Mexico over the holidays, its becoming very clear that its anyone’s guess what will happen with gold in 2009. I have heard every answer from a quick jump to 1400 in the first quarter of 2009 to a drop in the high 600s. When I asked for a 2009 forecast from one of the wisest players in the gold market, he scratched his head so hard that my wife could hear it in the background over a VOIP connection.
We have had the US government and several other large countries rewrite the rules of capitalism in 2008 and its well known that once you have all your chips in the pot there is no folding. So I do expect this LA-LA LAND CAPITALISM to continue which will certainly cause the dollar to loose value and I believe that this more than anything will put gold bullion and certified coins on top of the returns column for 2009. Whatever you do be careful in 2009 because we have entered uncharted waters and we are sure to find a few undiscovered surprises while we’re there.
Senior Gold Specialist
Certified Gold Exchange, Inc