Kurt Nimmo
Infowars.com
March 1, 2011
Once again, gold serves as a solid refuge for jittery investors. As the United States and its globalist partners prepare to unleash the fury of NATO and the prowess of the U.S. military on Libya and thus begin a new round of tension in the oil-rich Middle East, gold futures closed at a new record high and silver futures advanced to a three-decade high.
Gold for April delivery added $21.30, or 1.5%, to $1,431.20 an ounce on the Comex division of the New York Mercantile Exchange today, according to MarketWatch. Silver for May delivery gained 61 cents, or 1.8%, to $34.43 an ounce. It represented silver’s highest finish since early 1980, when it traded above $50 an ounce. Silver, the precious metal most used in industry, is attracting a crop of new investors as a lackluster stock market falters.
Gold and silver also gained attention after Federal Reserve boss Ben Bernanke attempted to downplay inflation fears. Bernanke said the sustained rise in prices for oil and other commodities would threaten the much hyped yet largely unrealized economic recovery, but that even with the turmoil in the Middle East he did not expect inflation problems in the United States, according to the Los Angeles Times. Bernanke is slated to deliver the Fed’s semiannual report to Congress this week.
A besieged stock market dropped into the red on news that the price of oil has continued to rise. The Dow Jones Industrial Average tumbled 149 points, or 1.2%, to 12077 in recent trading. The Nasdaq Composite fell 1.6% to 2737. The Standard & Poor’s 500-stock index dropped 1.4% to 1308, led lower by its financial, industrial and materials sectors, the Wall Street Journal reports today.
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“The higher the oil price goes and the longer it stays higher, the more it has a direct impact on growth by curtailing it to some degree,” said Wasif Latif, vice president of equity investments at USAA Investment Management Co.
The price of oil sailed higher on news of clashes between security forces and protesters in Iran and amid rumors that Saudi Arabia had sent tanks to Bahrain to put down unrest in the oil producing country.
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Bullion rose 6% in February, its largest monthly rise since August. It traded mostly sideways last week, then gained on Tuesday on resurgent safe-haven bids, the Calgary Herald notes.
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Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.
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