Auguries—Fire Fighting
March 22, 2012
By Kevin Michael Grace

Gold was down (at press time) $13.80 (-0.8%) for the week to $1,644.90, and silver was down $0.92 (-2.8%) to $31.58. According to GoldCore, “The superficially rosy US economic outlook has dimmed gold’s safe haven appeal for speculators and some investors…. Weak speculative hands have been washed out of the gold market, and many smaller retail investors have also sold bullion recently due to the widespread concern that gold is overvalued and a bubble.”

Bloomberg reports, “Gold may rally as US economic growth in the first half disappoints, prompting further stimulus, Societe Generale SA said March 19.” The Ben Bernanke remains coy on the matter, telling students at George Washington University, “We need to be attentive to where the economy is and not move too quickly to reverse the policies that are helping the recovery.”

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