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Tuesday December 01, 2009
Resource expert eyes gold
"Select investments in gold shares are just about the best thing you can do for your portfolio to ensure your financial health. "Weakness in the dollar is definitely driving savvy investors into tangible assets — particularly gold. Even central banks are getting in on the act,. "In fact, Central Banks have bought up hefty amounts of the yellow metal to diversify away from the U.S. dollar. Russia's central bank announced it bought more gold last month, increasing its gold stocks by 15.6 tonnes. 
"The central bank of Sri Lanka announced it's been buying gold to diversify its reserves. Even the tiny island of Mauritius recently purchased two tonnes of gold from the International Monetary Fund (IMF). "This comes on top of India's central bank purchasing 200 tonnes of gold from the IMF in the largest central bank purchase of gold in 30 years, China's recent admission that it increased its gold reserves by 76% and a recent report by the World Gold Council that overall, central banks have recently become net buyers of gold. "Everyone, including central bankers, realizes that paper currency is ultimately worthless. Gold has, and will always, stand the test of time. It will hold its value even when other monetary instruments lose theirs. "I can't say this enough: Gold is the single best protection against the scenario I see unfolding. And, it's an investment to hold for the next several years. In fact, gold is a better long-term investment than any other asset out there, in my opinion. "Reason: Gold should hold its value more firmly than nearly all other assets during broad declines, and it should substantially outperform during major advances. "I believe that, long term, it has more upside potential than silver, oil, or copper. Gold is money ... real money ... real wealth. It has stood the test of time, like no other asset in the world. "And in addition to physical gold, everyone should consider owning some of the top gold mining shares out there, where you get the upside leverage of the price of the precious yellow metal. "Importantly, investing is gold should be done as part of a core, long-term portfolio. What the price of gold does from one day to the next should not be an issue for you. You're riding a major trend. Let it do most of the work for you. "And, you must be very selective when it comes to gold shares. But I think everyone should consider owning my top three: Agnico-Eagle Mines (NYSE: AEM), Goldcorp (NYSE: GG) and Kinross Gold (NYSE: KGC)." |
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"I expect gold to eventually reach at least $2,300 per ounce, in the years ahead," says