Top Gold Market Analysis

Best of the gold market analysis: Our own, the ones we find interesting, from gurus like Jim Rogers or Marc Faber, and the ones we follow their work closely, like Wall St. Cheat Sheet. Missing an important piece here? Let us know and we'll include it.

RBC Capital and Citigroup, separately upgraded shares of Newmont Mining (NEM) expecting gold prices will continue to rise. RBC has now “positive” rating on the shares with a target price of $87, up substantially from $67.

Citigroup has now a “buy” rating for NEM and set a target price of $76.

marc faber

Marc Faber who maintains his bearish view on global markets suggests investors keep keep 20-30% of their assets in gold "in a safe deposit box ideally outside the U.S."

The publisher of the Gloom, Boom & Doom report believes the West will have a “very muted growth” for the coming decade due to deficits, entitlement obligations, and debt overhang.

While global stock markets struggle with deteriorating economic news and sagging technical indicators, one asset class has been in a streaking uptrend and that is gold.

Variously viewed as “the barbarous relic” or the new world currency, gold is captivating investors’ attention as it has for thousands of years.  And it’s easy to understand the interest as gold has gained more than $330/oz since July and is up more than 20% year to date.

Chavez said on Wednesday he plans to nationalize the gold industry and to pare illegal operations and boost international reserves. Venezuela is not going to allow illegal miners to continue exploiting deposits rich in gold and coltan.

Bloomberg reports that Chavez blames mafia saying “The area is run by the mafia …We’re going to nationalize gold. We can’t keep allowing them to take it away.”

UPDATE AUG 18

Wells Fargo said on Wednesday that gold market is a “bubble that is poised to burst”. The bank did not provide specific details but mentioned that “There could be substantial risk to gold once the fear that the world is coming to an end subsides… We are worried about the downward risk.”

“We have seen the economic damage” of past bubbles and “feel compelled to ring the warning bells,”

swiss franc bill

Where do you expect gold prices are heading now that even Swiss gets to the business of devaluing its currency? $1,800 an ounce?

One major supporter of gold prices is governments around the world getting into a currency war, preventing the appreciation of their currencies so their economies can grow faster. The losers are the people holding these currencies and the winners are investors exchanging the paper money for gold.

The Swiss National Bank press release is available for download below.

debt funny

If you could please answer one simple question and then we can move on: How are you going to pay up your debt?

In the past two weeks fear spread across global markets and sent volatility to the roof, as investors became more nervous about how governments were going to deal with the debt issue. S&P downgraded U.S. debt in response to the politicians playing last minute game, coming up with no clear plan and the likelihood of returning into recessions.

The situation was more dramatic in Europe. Twenty-one months ago Greece admitted it was broke and yet, there is still no fix to the issue as there is no consensus on who will ultimately pay for it. By joining Euro, Greece suddenly accessed cheap credit and misused it by creating a lot of jobs in a bigger government. They thought their gold membership meant nothing could go wrong.

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