Almost everything reported concerning the U.S. economy today confirms the ongoing recession, and Goldman Sachs (NYSE:GS) believe there's no doubt the Federal Reserve will inflate via quantitative easing, adding more support to gold, although that's probably priced into the price of gold at this time.
How much it's priced in will be determined by what the Federal Reserve does and to what extent.
There's no doubt the U.S. dollar will continue to weaken, which will benefit gold, and lower interest rates will remain in place.
News today that the sovereign debt of Greece had been understated and will have to be upwardly revised for the last several years is good for gold, as well as the downgrade of Ireland debt by Fitch Ratings and is being watched closely by Moody's (NYSE:MC), mostly on concerns over the cost related to the banking sector in the countries.
Private employers in America also reported they cut 39,000 jobs in September, where analysts were looking for an increase of 24,000 for the month.
Currencies in other countries continue to weaken against gold as well, confirming there is no bubble in gold, and nothing is out there which would suggest that should or will change any time soon.
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