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Just one decade after the European single currency was launched amid fanfare and fireworks, its future continues to look uncertain as the debt crisis that engulfed Greece, Ireland and Portugal threatens the entire bloc — and the wider global economy.
If gold were a commodity it would be in a bubble, but it is not. Gold has been money for over 3,000 years, and still is today.
Gold specifically is expected to make some bold moves and stretch to further historic highs due to unstable economic conditions across the globe, in Europe especially.
Morgan Stanley also named gold among its top picks in a report e-mailed today, saying bullion may average a record $2,200 an ounce.
Gold and silver gained after reports that Iran produced its first nuclear fuel rod, spurring investors to buy the precious metal as a haven.
According to his careful observation of the market trends and economic data, gold is likely to climb all the way to $3,000 or higher in less than six months’ time.
By the end of next year, financial experts anticipate silver prices to double or triple from its $29-per-ounce price – the mid-December level.
“There is definitely going to be another financial crisis around the corner,” says hedge fund legend Mark Mobius, “because we haven’t solved any of the things that caused the previous crisis.”
Inflation-inducing scenarios loom over the global economy as 2011 eases out and 2012 slips in, but how all the elements come together in the next few months will be a key to just how high prices rise and how long they stay there.
So what does this mean for the average American? For one, the outlook for investment is not good. Brokerages are doing less market-making and less lending to investors. That means there are fewer buyers and sellers to trade with.
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