Gold a safe haven as US 'enters depression'

The US is entering another depression and, similar to the 1930s, the only sensible solution is to Invest in Gold and other precious metals, it has been suggested.

According to Ian Gordon, founder of the precious metals investment firm Longwave Group, US unemployment is somewhere in the region of 17 per cent and the economy is dying, with a stock market crash also seeming likely.

With gold companies likely to increase in value during this period, the reputed economist added that Gold Bugs could continue diversifying between Gold and Gold stocks.

"We know that investing in precious metals worked in the '30s. People were pushing their money into gold stocks because they wanted to be in gold in any shape or form," he said.

Meanwhile, Market Oracle editor and experienced trader Nadeem Walyat has predicted that the bottom for Gold Prices will raise from the recent £1,050 to approximately $1,100 in the coming mont.

"It also should be noted that over the past week, Gold, Stocks and the dollar have been showing strength, weren't we repeatedly told that cannot happen?" he questioned.

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