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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: lipid who wrote (66336)	8/24/2011 10:16:30 PM
From: Winfastorlose	1 Recommendation Read Replies (1) \| Respond to of 207879

Gold's move has had nothing to do with Obama and everything to do with the Fed's actions coupled with TARP and other govt bailouts, most of which were announced before Obama ever took office. Don't forget that Gold's first top of 1000 took place in Feb of 08. It was crushed down to the high 700s at the same time the market started falling apart in the fall of 2008 (which had to do with the Lehman Bros, Bear Stearns, Merrill Lynch, FNMA and the Countrywide Credit debacles, etc.) I'm no fan of Obama, but the problems to which gold has responded have been in the works for many years and they are far from being solved. If anything, the problems are much worse today than they were then. The problems are just being covered up by bogus accounting practices which allow banks to carry assets on their books at any price they feel like carrying them instead of their true market value while the Fed gave them near interest free loans to deal with the deficits the worthless assets have caused. In addition, the economic empowerment of Asian nations has contributed to gold's rise. Asians love to use Gold as a hedge against inflation. It has always been that way and the more money they have, the more they tend to buy some gold to protect their wealth. For example, in Vietnam recently, there have been reports of some shops selling as much as 5,000 to 10,000 Taels of gold per week over the past few months.