Gold News from Morgan Gold

By James O'Dell

January 25, 2012, Los Angeles – The price of Gold eased 0.61 percent or $10.30 to close at $1,665.60 an ounce on Tuesday, and remained range-bound as investors await the Bernanke press conference on Wednesday, for possible changes to the Fed’s monetary policy, which analysts believe could add pressure to the dollar, which is always good for Gold. The price of Silver edged down 0.96 percent or $0.31 to close at $32.00 an ounce while the Gold/Silver ratio climbed to 52.05 as Silver under-performed Gold.

President Obama delivered his State of the Union address on Tuesday and it was aimed directly at voters and the so-called "99 percent." The centerpiece of the president's speech called for a minimum tax rate of 30 percent on millionaires, those taxpayers making $1 million a year or more."We can either settle for a country where a shrinking number of people do really well while a growing number of Americans barely get by, or we can restore an economy where everyone gets a fair shot, and everyone does their fair share, and everyone plays by the same set of rules," said the president, and that pretty much encapsulates the tone of the address. As usual it was an above average oration, skillfully delivered.

 In the eurozone, Steve Hanke, Johns Hopkins University economics professor, is saying that it doesn't matter whether Greece restructures its debt or not, its economy is destined to implode. “The game is completely over,” Hanke said at the Bloomberg Sovereign Debt Crisis Conference. “All the calculations are nonsense and have been since day one. Since the crisis began the money supply has been shrinking and the economy is going to implode, no matter what they do in the short run.”

Prime Ministers from two eurozone nations, Spain and Portugal, seem to agree with Hanke's assessment of Greece's future, and have asked the European Union to take action to safeguard their countries from contagion by the Greek debt crisis. "We have a common view on the challenges that the European Union (EU) has to face and it is very important that we will be able to create mechanisms that could prevent the contagion of the Greek situation," said Portugal's Passos Coelho after meeting with Spain's Mariano Rajoy. Don't leave your assets unprotected during these times of economic and geopolitical uncertainty, invest in physical Gold and Silver bullion and protect your wealth in 2012.

Widely recognized Gold and Silver bullion coins and bars can be bought and sold quite readily at Morgan Gold and they can be easily stored in a safe-deposit box if needed. Did you know you can add physical Gold to your IRA?  Hear Edmund C. Moy, former director of the U.S. Mint, now representing Morgan Gold, speak on Gold and your retirement. Call 1.800.585.1773 and let our team at Morgan Gold help you diversify your portfolio today. Ask about our new Self Directed IRA. 

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