Gold prices closed up $70 yesterday - the biggest one-day spike since 1980. This marked a sharp reversal from a two-month correction that shaved over 25% off the price of the precious metal.

David Galland says profit taking by institutional investors has ‘trampled’ metal prices. But the deepening crisis on Wall Street, geopolitical tensions and a traditional September bounce could send gold soaring back towards $1,000 an ounce. David says this could “happen literally almost overnight.”

Here’s a no-brainer long-term investment strategy to stick to: buy and hold resources now.

If you own gold or are thinking of buying gold, David Galland’s latest article for The Daily Reckoning is a must-read.

Gold is starting to climb northwards from its nine-month low reached on August 15. But at just under $832 an ounce this morning in London trade, the yellow metal is still way off its March high of  $1,032.70.

Dave says two important events mean the recent setback in gold prices will not last long. The first of these is soaring inflation in the U.S. - which, if calculated by pre-Clinton metrics, is now running at 13.6%. The second is the failure of the euro as an alternative to the dollar…

Not so very long ago, I published here a photo of an honest-to-goodness bank run in England, as depositors tapped politely at the door of Northern Rock Bank in the hopes of receiving their money back.

Here at Casey Research we have been on the record as bearish on the outlook for the economy for some years now. Lest you think that is loose boasting, I can offer proof in Doug Casey’s August 2005 article, the dramatically titled “Profiting from the End of Western Civilization”.

Gold may be even more precious than we think. During the last several years, mining companies around the globe have discovered almost no new large-scale gold deposits.