– Iran, Oil and Gold
– Low interest rates “forever”?
– Survey update and additions to the website
– Thoughts on the Euro
– A list of our most popular past articles
This was a week of significant news…
Iran, Oil and Gold
As mentioned in the intro to this weeks article, Will Iran kill the Petrodollar?, there have been murmurings across the internet of Iran and India negotiating payment of gold for oil to sidestep the US led sanctions against Iran. As the article outlines this is potentially very major news as perhaps not coincidentally this type of news was around prior to both the invasions of Iraq and Libya. It is looking more and more like when rather than if an attack on Iran will happen.
What will that mean for us here in NZ? Obviously higher petrol prices which will lead on to higher prices for everything else. Actually just thinking about higher petrol prices, isn’t it funny/strange how we get used to higher prices. We have been above $2.00 a litre for some time now. Remember when that was seen as expensive? Now it is the baseline.
Low interest rates “forever”?
The other major news of the week which has sent gold and silver on decent rallies was “The Bernanke” and Co announcing that they were going to penalise savers for another 18 months and keep interest rates at close to zero until 2014! This really was a bit of a surprise, but the “econospeak” wording of the statement also seems to point to them setting up for more printing of some kind…
“Strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that over coming quarters, inflation will run at levels at or below those consistent with the Committee’s dual mandate.”
That last line seems to be indicating they’d like to see more inflation so look out ahead we’d say.
Survey update and additions to the website
Thanks again to all those who completed our survey. The RandomNumberGenerator picked survey entry number 124 which turn out to be Chris, who has chosen Currency Wars as the book for him. Congrats Chris.
We’re still going through all the results but a few things stood out straight away and we’ve already implemented a couple of them.
You’ll notice that on the top right of the website we now have an indicative price to buy for gold and silver which will be updated throughout the day. A good number of people mentioned they’d like to see an actual buy price. While we aren’t in a position to do live pricing as the pricing actually comes from the individual supplier we do get prices from them throughout the day so hopefully that helps.
We’ve also added the first of our FAQs to our FAQ page which someone with a sharp wit noted in the survey was empty, so we mustn’t get any questions! Not so – we get plenty! We’ve just been trying to get around to writing them all down. A couple of the FAQs actually came up in the survey too, so if you had a question in there it may have been answered.
If you’re somewhat new to the gold and silver sector, then the second question may be worth looking at. “What to read first?” We’ve listed 10 of our most popular articles and the best order to read them to give you a good run down on gold and silver from a New Zealand perspective.
Thoughts on the Euro
The kiwi dollar is at record highs against the Euro currently amid plenty of talk of the death of the Euro. Now we’ll be the first to admit that the Euro is doomed to fail but that’s not so different from every other fiat currency in existence.
We’re no FOREX traders here – that seems like too much hard work to us, but there is so much pessimism towards the Euro that it reminds us of gold and silver a month ago. That is to say, close to a bottom maybe? That’s just “the gut” speaking anyway. Don’t place any bets because of what we say!
A list of our past articles
Just a quick reminder that we do have all our past articles listed under each category on our sitemap(found on the far right of the top menu on the website). These are listed from newest to oldest under each category. So if you need something to do one night there’s plenty of reading in there!
So remember, you can now check the top of the website for pricing each day. Then if you’d like a quote contact David by one of 3 ways:
1. Email: email@example.com
2. Ph: 0800 888 GOLD ( 0800 888 465 )
Have a golden (long) weekend!
Glenn (and David).
This weeks articles:
You may or may not have heard the potentially major news report that Iran is discussing with India the possibility of transacting oil purchases in gold rather than in US dollars. It hasn’t been widely reported. We first noticed it on debka.com, since then it has also been reported on RT. In the last few […] read more…