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SOURCE: Gold Price
The United States fiscal cliff is threatening to bring over $600 billion in tax increases and automatic cuts to government spending. As a result, gold coin sales surged in November due to rapid safe-haven buying from investors looking to protect wealth and profit amidst an unstable economy, reports Gold Price.
New York, NY (PRWEB) December 06, 2012
The upcoming United States fiscal cliff has become a tug of war between Democrats and Republicans as they try to agree on the ideal way to dodge over $600 billion in tax increases and automatic cuts to government spending. The fiscal cliff debates have caused massive gold buying by investors looking to protect their wealth and profit amidst an unstable economy. As a result, American Eagle gold coin sales hit a 14-year high in November, more than tripling last November’s sales from 41,000 to 131,000 according to Reuters. As the fiscal cliff deadline of December 31st at midnight approaches, gold investment website, Gold Price projects that gold demand will continue to increase, causing the precious metal to break past its record high in 2013.
Arthur McGuire, Vice President of Gold Price says “The approaching fiscal cliff is causing chaos in investment markets, and many wise investors are preparing themselves for the worst. They know that no matter what happens with the fiscal cliff, the fundamentals that have lifted gold over 600% in the past decade are still there, and stronger than ever. The gold price is set to break past its 12th year of consecutive annual increases, and it’s for a reason. Investors buy gold to protect wealth and profit when the economy flounders. This is exactly what we project will continue to happen in 2013, which could push the gold price above and beyond its all time record high of $1,920 per ounce.”
Gold Price (GP) is a leading precious metals website since 1992. They offer investors a free award-winning gold starter’s kit by visiting http://www.GoldPrice.net or calling 1-800-767-1423.
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