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March 6, 2012

Gold Update & Warren Buffett Headlines

Gold started strong in February with news that the eurozone would relent and start the printing presses to bail out Greece again, yet the yellow metal finished lower as Fed Chairman Bernanke threw investors off the scent of QE3. Many investors seem to be numb to the inflation already created and are waiting for even more as a signal to buy gold. That means it's a good time to buy for those who know that inflation is coming.

Gold settled at $1,770 as February closed, after touching a high of $1,783, yielding a 1.72% gain for the month. It has since corrected to $1,705 on misplaced optimism for economic recovery. Silver peaked at $37.23 to close out the month, a 10 percent increase, but has since dropped to $34.11 in the early days March. Again, I think this dip will be temporary.

Warren Buffett continues to make headlines in opposition to gold and in favor of punitive taxes on the wealthy. In my commentary, I take a closer look at Buffett's worldview. Is he an impartial sage looking out for the best interests of his fellow citizens, or is he really looking for his next government handout? - in Europac

Related, SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
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