Just in time for the Holidays: Gold Slips!
December 8, 2009 by Martha Rooks
As we discussed in our last post about gold prices, gold did indeed, for a time, hit the $1200 mark. But now it is falling and just in time for the favored “Gold and Silver” season of the year: holiday gift giving with parties and occasions to wear such gifts and show them off. Everyone loves this time of year for all the bright opportunities and optimism that we see ahead.
But what about the price of gold? It topped $1200 a week ago, but since then, the price has dropped again. It is now hovering at midway between $1200 and $1100, with the trend being downward. What does this mean? Has the world economy started to ease and confidence returned to the dollar? Have we turned the corner?
We are seeing a few more confident signs. There are signs that consumer confidence is returning and that perhaps “Black Friday,” which has always seen American retailers through, got a decent turn-out this year. That’s sounding better and better, isn’t it?
But even more important than sales are jobs. The latest U.S. Labor Department statistics showed that the freefall in the job market has perhaps slackened; that the bloodletting is slowing and weekly job losses (which had been at 700,000 earlier this year) are slowing, too. Americans aren’t back at work yet, but they aren’t losing jobs in such great numbers anymore.
And President Barack Obama has announced that he will hold a job summit this week, inviting industry leaders as well as lawmakers to gather to the White House for discussions about how to get Americans employed again.
All of these things inspire confidence in the economy, in the dollar and in the future. All of which means, the price of gold may sink back to former levels. I would be surprised if that happens just yet. But ’tis possible. And of course, “tis the Season of Hope.”
Me? I’m hoping for something like THIS!
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