Poor GDP Report Pushes Gold Prices Up 1 Percent

While gold has been hobbling along throughout July, the lower than expected numbers of the GDP report caused it to surge in the last trading day of the month by 1.1 percent, reaching $1,183.90 an ounce on the COMEX division of the NYMEX for December delivery.

Even so, it still finished July down 5 percent, falling $62.68. Spot gold price increased to $1,180.97, rising $12.20. This was the worst month for gold since December.

Gold surged on the day because gold investors rushed to cover their short positions in response to the GDP numbers.

Nothing has changed in the fundamental reasons of why gold has continued to rise over the last decade, and that will continue on.

Even the government attacks on the alleged fear-mongering of those pushing gold coins over gold bullion won't deter the rise of gold. The government attack is to shut up the voices of those who rightfully point out the risks related to the governmental policies around the globe which have brought to the economic catastrophe we're now experiencing.

Using Glen Beck as a focal point and the gold company he works with to sell gold coins and bullion, the government is using a few complaints (assuming they're even legitimate) to make it look like the reason gold is going up is because of unwarranted use of fear to sell gold coins rather than gold bullion.

The idea is to make a connection between gold and fear in a way that makes it seem like a bunch of hype. Don't think this isn't being orchestrated, even if a few innocent dupes are being used by the government to attack people investing in gold, which is a daily reminder of the failed and irresponsible policies of the government and Federal Reserve.

Giving the advice to acquire gold coins rather than gold bullion has been one that has been offered by many advisers for years, and it will continue to be because it's much more portable and easier to hide than bullion. Of course how many people can even afford to buy gold bullion in the first place, making this even more suspect.

Anyway, back to the fundamentals. Gold will continue to rise because of the practices attempted to be hidden by the government and Federal Reserve of continuing to print money and "stimulate" the economy, the ongoing sovereign debt crisis in Europe, and increasing and dangerous government deficits which are becoming more risky by the day.

Investors have been caused to dangerously relax because of the so-called banks stress tests in Europe which made it appear as if the majority passed with flying colors, while experts said they were in reality a joke. Even Citigroup (NYSE:C) noted, of the banks tested, 24 should have failed rather than only the seven asserted to have failed.

Even the downgrade of Ireland's debt recently was shrugged off as irrelevant by investors, who seemingly have swallowed the kool-aid.

The economic condition of the United States is dismal, China is being forced to slow, and Europe is in shambles, yet nobody seems to have remembered these things.

Maybe the BP (NYSE:BP) fiasco temporarily got their attention off of the ball. But that is close to being over as far as permanently plugging the oil well goes, and people are getting interested in other things again.

The fact that gold moved nicely today on just missing the GDP numbers by a small amount, shows investors are looking for a reason to push prices up again, and I don't think it'll take that long before it happens.

Democrat Attack on Gold, Glenn Beck, Goldline Continues

After the Democrats snuck the provision for gold coin dealers to have to provide a 1099 for every investors they acquire over $600 in gold from, it was only a matter of time before the upped their attacks on the alternative investment and currency, and that has come in their ferocious and unwarranted attack on Glenn Beck and Goldline, through the investigation of alleged "sales tactics" which are evidently too aggressive for Democrats' tastes.

How this requires an investigation is so dubious you have to dig some before you find out that the person leading the probe of Beck and Goldline is an Obama campaign contributor - Adam Radinsky.

Another Democrat, of course from New York, Anthony Weiner, has been leading the questioning and assertions concerning Beck and Goldline.

What is the big deal about? This horrible company is encouraging customers to acquire gold coins rather than gold bullion. Really! That's it.

A tiny group of customers alleged they were "coaxed" into buying coins instead of bullion, which have been harder to sell at a profit. There's not one thing in the world someone couldn't say the same thing about, so this is a non-story created by the Democrats because of their hatred of Beck.

What company in the world doesn't attempt to sell their more profitable products, which gold coins definitely are. But bullion has a lot of risks, due to its size, and the fact of how much it would cost, which the average person obviously couldn't afford.

Gold coins are recommended, for the most part, by most in the gold industry, and their portability and lower costs are a major reason for that. How that gets turned into an investigation is beyond the scope of a healthy human being and the way they think.

Democrats, who own the health bill, also hid a provision to force gold coin dealers to have to provide a 1099 for each person they pay over $600 to for gold they acquire. That will devastate many of the small business owners dealing in gold because of the shear volume of paperwork required.

Gold continues to expose the policies of the governments and central banks around the world as crooked and devastating to the value of the currency. This is why they act stupid and clueless when people ask them questions as to why gold prices are going up.

Glenn Beck Clobbers Gold "Weiner"

Glenn Beck in an interview with Bill O'Reilly made New York congressman look just what his names says he is, a big "Weiner," as proof of the quality gold company Beck represents was given, and obviously this clown is running for cover.

The worst thing about it is that Anthony Weiner may have been backed by some higher ups to make Beck look bad, and he's the typical leftist, socialist who believes he has the right to tell Goldline, the company in question, how much profit they should make on their antique coins.

Since when did the big Weiner get some expertise in business and the gold market? All types like him can do is push to tax the productive to redistribute their money in the usual socialist wet dream of a utopian society.

So what type of rating does Goldline have in the industry? According to the New York Times, it is A+.

This was a stupid move by Weiner, who is losing all credibility in the attempted oppresion of Beck, and is looking unusually stupid, even for an anti-business liberal, socialist like he is.