Auguries - You Didn’t Rebuild That
November 3, 2012
Kevin Michael Grace

Gold was down (at press time) $35.20 (-2.1%) for the week to $1,677, and silver was down $1.28 (-4%) to $30.87. Goldcore blamed the loss (all of which occurred Friday) on “better than expected [US] employment data .” The headline employment rate actually increased 0.1% to 7.9%, but this can be attributed to 369,000 Americans leaving the ranks of “not in the labour force.”

Earlier in the week, Goldcore declared that “Gold is likely to go much higher in the course of the 45th President’s four-year term—whether there is a President Obama or a President Romney.” In defence of this argument, it cited “The devastation of Hurricane Sandy [which] will be a further blow to the already fragile US economy” and the “fiscal cliff involving steep government spending cuts and tax hikes [which] looms in January.”

Read the rest of this article about gold prices here.