As elected leaders in Washington work to serve the nation by stabilizing the economy and defending the integrity of the country's credit rating, NPR reports several of them own gold.
Typically used as a method of preserving wealth in light of shaky economic times, gold attracts about twice as many Republicans as Democrats, according to the 2009 and 2010 personal financial disclosure reports the news outlet reviewed. The leaders are not required to cite their exact finances and investments typically did not encompass large amounts of their worth. The investments primarily were gold, gold derivatives and stakes in mining companies.
Capitol Hill's largest investor is Sen. John Kerry, Massachusetts Democrat. He and his wife own as much as $1.5 million in gold.
U.S. Rep. Ron Paul, Texas Republican, holds shares in 22 mining companies. A longtime advocate of resuming the gold standard, Paul is the precious metal's lead advocate on the Hill and his investments are worth as much as $2.4 million.
U.S. Reps. Steve Cohen, Tennessee Democrat, and Randy Neugebauer, a Texas Republican, hold about as much as $50,000 and $100,000, respectively.
With a record price of $1,624.30 per troy ounce, the precious metal is poised to drop in value Tuesday while retaining prices of at least $1,600 per troy ounce, according to Reuters.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
