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Gold/Mining/Energy : Great Basin Gold GBG.VSE (merger of Pacific Sentinel Gold)
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From: canucklehead801/17/2012 2:40:50 AM
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Auguries — EU, Then US
January 5, 2012
By Kevin Michael Grace

Gold was up (at press time) $82.60 (+5.4%) for the week to $1,623.40, and silver was up $1.89 (+6.9%) to $29.27. The Wall Street Journal attributed gold’s rise to bargain hunting. “People who were jittery about owning gold probably [cashed out] at the end of 2011,” said Adam Klopfenstein, a market strategist with Archer Financial Services. “At these [price] levels, it’s regaining a little more investor interest.”

The Journal attributed gold’s 10% December drop to “worries about a potential financial crisis in Europe [that] led investors turn to the flexibility of the US dollar for safety.” Ah, the frying pan/fire conundrum. It’s not as if Europe’s fundamentals show any indication of improvement. Reuters reports that terrified Greeks and Italians have taken to burying their Euros underground.

Read the rest of this article.
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