My, how the tables have turned for gold...
Last Friday the yellow metal underwent a significant drop-off.
This week gold immediately surged in response to Obama's victory and went on to hit a two-week high.
The election quickly gave the power (and the pressure) back to Obama... and single-handedly took the pressure off gold.
We're on the cusp of the “heist of the century” — the biggest change to gold since the end of the gold standard in 1971 — but precious metals won't advance as dramatically in this historic climb until closer to Thanksgiving, once people realize what's on the horizon...
Experts predict the best-case scenario is “more of the same stuff” we've seen when it comes to financial reform.
They're anticipating status quo arrangements until January 1. That's when the sh*t will really hit the fan.
By the time New Year's Eve rolls around, you can bet gold owners around the globe will be wishing they had stocked up on more gold. (That's why we so adamantly encouraged you to buy before the election.)
If you didn't heed our advice, don't fret...
You have until the end of the year before the fiscal cliff crisis really explodes into chaos.
That's when the Budget Control Act of 2011 is scheduled to go into effect. Taxes will rise, major Social Security cuts will be made, and budget cuts will ensue, including military spending leading to potential job cuts from worried contractors.
There's no tip-toeing around it: Obama has a growing burden on his shoulders as investors are more concerned than ever.
Congress has been dilly-dallying with this issue for three years — and has yet to roll up their sleeves and reach a sustainable compromise.
The political gridlock could have devastating effects on Americans because the policies under current laws for 2013 would cut gross domestic product by four percentage points in 2013, equating to negative growth and another inevitable recession, according to CBO estimates.
This week Christian DeHaemer explained that although this is all very traumatic, it's undeniably good for gold.
Chris reminded readers that gold rose 9.7% in just nine weeks last time the political class stalled during their debt ceiling debate.
Since history tends to repeat itself, there's cause to anticipate a similar response from the gold market...
Without sustainable levels of debt in Western governments, gold remains the most highly-coveted safe haven asset in what has been coined as "the lost decade" for investors.
Best wishes for a prosperous future,
for Wealth Daily
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