The Price of Gold Per Ounce is Going to Go Ballistic - Find Out Why

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As I'm writing this article, the current price of gold is up to over 0 an ounce. At 12:18 p.m., the gold futures price (for August delivery) was trading at .10. That's a rise of 3.5 percent! And if gold manages to close at that level, it would be the biggest percentage gain in 16 months!

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How is The Price of Gold Per Ounce is Going to Go Ballistic - Find Out Why

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So, why is gold surging after languishing since March, when the metal hit its all-time high of ,033.90 an ounce?

The Fed Is All Talk and No Action

Yesterday, the U.S. Federal withhold kept interest rates at 2 percent, even though they acknowledged that inflationary expectations were rising. People are beginning to worry that the Fed might be behind the curve. Expectations for a rate hike have diminished with the Federal withhold saying that they believe inflation was likely to moderate later on in the year.

On the one hand, you've got the Fed saying that they are involved about inflation. But on the other hand, it appears they aren't going to 'walk the walk' and do whatever about it. That's why gold is going ballistic today.

Oil is exciting Higher

Another theorize for the surge in gold today was oil prices. Today, you had Algeria's Oil priest - Chakib Khelil - come out and say in a French television interview that an Iranian conflict could cause oil prices to rise over 0 a barrel. And maybe even as high as 0 a barrel! On that note, the price of oil surged to 8.95, which is just a bit below the description high of 9.89 that was set on June 16th. Why? Because Iran just happens to be Opec's second biggest oil producer and proven oil reserves owner. Gold reacted big-time to those comments.

On a long-term basis, the price of gold is going to go even higher. Here's why:

Gold is typically purchased to safe against the loss of purchasing power. The Federal withhold seems to be suggesting that they are more involved with protecting the growth of the feeble U.S. Economy and that inflation is the lesser of the two evils. The best way to combat inflation is straight through higher interest rates. Other central banks seem to be taking the rise in inflation much more seriously. The value of the dollar has fallen dramatically since the Fed began aggressively cutting interest rates in. If the Fed is seen as being 'behind the curve', the dollar is going to sink further. This will drive investors out of bonds and equities and into either foreign assets or hard assets such as gold and silver bullion.

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