The Gold Market: Why Cash for Gold in New York Is Going Up

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If you watch the precious metal market (as I do) you might have read this Wall Street Journal article that the gold market in New York went up this week. Or maybe you just hear all those cash for gold advertisements flooding airwaves lately. Perhaps it has you wondering – why is the gold market on the rise?

Why is Cash for Gold on the Rise?

The issue has to do with our economic recession, and the fact that people are unsure what the future holds. Some economists argue that we’re in store for an inflationary period which will contribute to the devaluing of our currency. In times of inflation, even though money devalues, the value of the gold market does not fluctuate. Inflation has no effect on non-monetary items like gold and real estate, which could be used to secure goods if currency is unavailable.

Which is leading to the current frenzied gold market in New York.

From the Wall Street Journal article:

“The metal is not only seen as a refuge at times of economic uncertainty, but geo-political tensions as well. Thus, gold also benefited from simmering tensions involving North and South Korea. … ”
With the state of the economy, and the geopolitical tensions in Asia, that means most people should be saving any gold they have and investing in gold bullions they can get their hands on, right? The flip side of this argument is that the gold market in New York is not as stable as some might wish, and for now at least, cash is still king.

That’s why Cash for Gold companies are everywhere.

From the WSJ article:

“Markets are very unstable right now and jittery,” Foster said. “There is an overall mood of fear right now. People are thinking about conserving cash. There could be a flight to cash, where gold, equities and everything is sold off.” For the longer term, however, Foster said he looks for gold to go “much higher” due to ongoing worries about deficits not only in Europe and elsewhere around the world.

I tend to agree with this reasoning. Even as the administration pushes to homogenize the global economy (see this other great article about Clinton and Geithner’s difficulties with China) it is getting harder to peg the dollar, or really any currency in the International Monetary Fund to a single standard. And the fears about inflation aren’t dying down either – the new programs, the bailouts, the stimulus, somehow that’s got to be paid for and its likely those deficits are going to spur inflation. Right now, cash for gold looks like a good investment to this blogger.

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The Joshua Just Blog is written by Joshua Just, CEO and Founder of Diversified Investments. An experienced leader in the market place, Joshua Just has founded several successful firms in the areas of real estate, aviation, litigation & financial management.

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