NBRI buying opportunity?>>>>>>>>>Gold Prices Surge on Overseas Concerns
Gold prices were up over $25 as of 9:15 Pacific Time on Friday, following an S&P downgrade of Japan's sovereign debt and violent protests in Egypt that boosted the metal's allure as a "safe haven" asset. The U.S. dollar also strengthened as currency traders moved out of yen positions.
Standard & Poors downgraded Japan's sovereign debt rating overnight to AA- from AA, saying it expects the country's fiscal deficits to remain high and that there is a lack of a "coherent strategy" by the government to tackle the issues. Egypt was rocked by a fourth day of violent mass demonstrations calling for the ouster of President Hosni Mubarak, and the government responded by shutting down Internet and cell phone service to the entire country.
In addition to these breaking news items, prominent metals analysts still express optimism long-term for gold prices. Sprott Asset Management strategist John Embry reiterated his positive long-term outlook for precious metals this week in the latest edition of Investor's Digest of Canada. Embry described this month's weakness in gold prices as the lowest likely level for prices in 2011, and "thus it is essential that investors take advantage of this opportunity."
As for those who say that the "gold bubble" has started to burst, Embry noted that the idea that gold is in a bubble is "beyond preposterous unless one honestly believes that the authorities can and will rein in the pace of money creation throughout the world. The simple truth is that they can't in our debt-logged universe unless they are prepared to accept a deflationary crash that will make the 1903's look like child's play."**
Market Data 
Markets 
AI
