The Watchmen on the Tower: Gold soars above $1500

Wednesday, April 20, 2011

Gold soars above $1500

Wed, 20 Apr 2011 7:38
Iafrica.com News - http://business.iafrica.com/worldnews/723194.html

Gold hit a fresh record above $1500 dollars in Hong Kong on Wednesday as traders sought out the safe haven amid concerns over the global economy.
The precious metal rose to $1500.70 an ounce in afternoon trade days after Standard & Poor's downgraded its US sovereign debt outlook to "negative" from "stable".
The ratings agency's move Monday challenged Washington's gold-star "AAA"-rated standard as it warned that politicians seemed unable to agree a plan to reduce a huge budget deficit, which is running at around 10 percent of gross domestic product.
The move sent global shares tumbling and it also comes as concerns grow over global inflation, with China and India struggling to control prices and the European Central Bank also being forced to hike rates to ease costs.
Gold is considered a safe haven bet against high inflation.

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Hosea 4:6-9 (New King James Version)
6 My people are destroyed for lack of knowledge. Because you have rejected knowledge, I also will reject you from being priest for Me; Because you have forgotten the law of your Elohim/God, I also will forget your children. 7 “ The more they increased, The more they sinned against Me; I will change[a] their glory[b] into shame. 8 They eat up the sin of My people; They set their heart on their iniquity. 9 And it shall be: like people, like priest. So I will punish them for their ways, And reward them for their deeds. Hosea 6:1-3 (New King James Version)
A Call to Repentance 1 Come, and let us return to Yahweh/the LORD; For He has torn, but He will heal us; He has stricken, but He will bind us up. 2 After two days He will revive us; On the third day He will raise us up, That we may live in His sight. 3 Let us know, Let us pursue the knowledge of Yahweh/the LORD. His going forth is established as the morning; He will come to us like the rain, Like the latter and former rain to the earth.