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Gold Price Steady, Bernanke to Employ QE 3.0?

Monday, Decemeber 6, 2010   GOLD ALERT-  

The gold price held firm at $1,415 per ounce Monday morning despite the U.S. dollar rising against the euro for the first time in four trading sessions.  Fed Chairman Bernanke, in a rare interview with 60 Minutes, highlighted the weak labor market as a key driver of the central bank’s on-going quantitative easing (QE) initiative.  The Fed’s QE program, slated to rise above $2 trillion in early 2011, has helped bolster the gold price to all-time record highs.  With its 2.1% gain in December, the gold price has now appreciated 29.1% thus far in 2010.

Investment demand for gold and silver bullion continues at a record-setting pace as investors seek protection from a loss of the purchasing power of their savings.  In the month of November, 4.2 million silver eagles were purchased by U.S. mint dealers, topping the previous record of 3.69 million set in December of 1986.  The market capitalization of the iShares Silver Trust (SLV) recently topped $10 billion.  Demand for silver bullion follows what has been a decade-long stealth move into investments tied to the gold price.

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