Why are precious metals moving upwards? After all, the market smashed them down all summer as the dollar strengthened. The short answer is that right now gold and silver are the only decent game in town.

The recent pull back in gold prices is seen as a buying opportunity by many. The demand is so high that the US Mint has stopped selling popular one-ounce 22-karat American Eagle bullion coins to dealers as they scramble to build the inventory back up. From Reuters:

“Nobody has the Eagles or the Buffalos right now. We bought 2,000 ounces late last week, and those were the last 2,000 ounces that we can find in the marketplace,” said David Beahm, vice president of New Orleans-based Blancard.

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“Who cares about gold? It is the epitome of human stupidity. A metal that is dug out of the ground at great cost to be reinterred in bank vaults as a protection against the same stupidity as caused it to be dug up in the first place.”

Sovereign Society members and readers often ask me if there’s any U.S. law that forces them to report their gold, silver or other precious metals to the U.S. government - especially if they hold those precious metals in foreign accounts or safety deposit boxes.

There’s nothing like a roaring gold price to bring out the forecasters! Investors are scuttling for a refuge from the slumping dollar and surging energy costs. And low and behold, Citibank, Gold Fields and leading US coin dealer Blanchard, to name a few, all see $1,200 gold on the horizon!