Wondering what all the fuss about in the precious metals market?
It seems that the Republican Party, in an effort to sway independent third-party voters and Ron Paul supporters, has announced that it is seriously considering a return to a monetary system based on the gold standard.
According to a spokesperson for the party, the move is being adopted because it is something all Republicans can agree on, and has nothing to do with appeasing Ron Paul voters.
As Republicans debate returning to the gold standard, traders are more bullish about gold than at anytime in the last nine months.
“There’s no doubt about it, this is gold’s moment,” Charles Morris of HSBC Global Asset Management in London told Bloomberg. “All the long-term trend signals suggest that gold is in a very strong bull market.”
According to Bloomberg News, “Twenty-nine of 35 analysts surveyed by Bloomberg expect prices to rise next week.”
Republicans will adopt their party platform this coming week at their national convention in Tampa. Proposals to audit the Federal Reserve and create a commission to study the gold standard are likely to be included as planks.
It looks like those extremist views of Ron Paul that include transparency at our central bank and a sound monetary system are all of a sudden key issues with just a couple of months remaining before the Presidential election.
Perhaps gold’s time has finally come – or these are just platitudes designed to do exactly what the Republican Party claims is not happening, which is an effort to bring staunch supporters of third-party candidates over to the Romney camp.
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