Coxe – Gold Now Trading At All-Time Highs As A Global Asset
September 27, 2012
Today 40 year veteran Don Coxe told King World News, “Gold is a global asset, and as a global asset it’s trading at an all-time high.” He noted that it is only, “… the dollar price of gold where it isn’t at an all-time high.” Coxe, who is Global Strategy Advisor to BMO ($538 billion in assets), also spoke about “… an extremely rare event for equity markets,” which was directly related to the mining shares.
Here is what Coxe had to say: “We’ve had a period of consolidation (in gold) for the last two weeks. Almost every other day we trade the ‘Independence’ level, which is $1,776. Well, we traded above that, then we went below it, and now we’re back up to $1,768, and maybe we are going to finish the day at $1,776.”
Don Coxe continues:
“What this suggests is that there are sellers around the $1,800 level. The mains support, recently, has been coming from central banks, but the ones that are admitting to buying gold are the small central banks. We haven’t had the support this time of year that we usually have out of India because gold, in rupees, is not just at an all-time high, it’s at an astronomic high.
So with Diwali coming up next month, buying the usual amount of gold for Diwali is an expensive proposition. However, gold is trading at an all-time high for currencies in the world, if you put them all together….