Gold pushes to another record high Tuesday: $1,069.70
Gold pushes to another record high Tuesday
Ben Rooney, CNNMoney.com staff reporter
7:29 am EDT, Tuesday October 13, 2009
Gold rallied to a intraday record Tuesday as the dollar weakened and investors remain concerned about the threat of inflation.
December gold was up $11.50 to $1,069.00 an ounce after climbing to a high of $1,069.70 earlier in the session. That topped the previous intraday record of $1,062.70 an ounce on Oct. 8.
Gold has been on a record-breaking run since prices rose firmly above $1,000 an ounce last month. Many analysts expect the rally to continue into next year.
The market has been supported by speculation that the weak dollar will continue to depreciate as the U.S. budget deficit swells and investors flock to higher yielding currencies.
The greenback was down 0.3% versus the euro to $1.4830 and was steady against the pound at $1.58. The dollar index, a measurement against a basket of currencies, has tumbled about 14% from its March high.
Gold was also being driven higher by bets that inflation will become a problem in the future.
More:
http://finance.yahoo.com/news/Gold-pushes-to-another-record-...
Closed at $1,064.10.
I get daily price reports from CMI Gold & Silver and their numbers are as of the close of trading in New York.
New Hampshire and Ecuador
another day that I won't be able to buy...
I need a low. :-(
Paul-ladium
Palladium Man finally convinced me and I bought some today. I'm not a PM investor or hoarder, but I admired his vision and tenacity.
Well, maybe not all buying
Well, maybe not all buying is drying up, as silver market analyst, Ted Butler, reports that in the last 10 months, "some 150 million ounces of silver can easily be documented to have been bought by investors. Undocumented purchases would add tens of millions more ounces."
In fact, when you add it all up, "Investment demand for silver this year is running at a full 25% of world mine production and over 20% of total production (including recycling). This is a remarkable historical turnabout."
Thus, it is easy to see why Mr Butler is "bullish beyond belief for silver", since this kind of demand means that "In silver, the documented 150 million ounces bought in the first 10 months of this year is equal to 15% of all the silver bullion equivalent thought to exist!" Wow!
More than one-seventh of all the silver bullion "thought to exist" in the whole world was suddenly bought up in less than a year, and yet the price of silver has been pounded down to less than 10 bucks an ounce? No wonder I am so bullish on silver!
He also notes that the gold/silver ratio is at more than 80, which is "one of the biggest differences in history".
And not only that, but since there are 4 to 5 billion ounces of gold in the world versus only 1 billion ounces of silver, that means that "the total dollar value of all the gold in the world is worth 300 to 400 times more than all the silver in the world (80 times 4 or 5)".
Talk about undervalued! Hey! This investing stuff is easy! Whee!
Richard Daughty is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the editor of The Mogambo Guru economic newsletter - an avocational exercise to heap disrespect on those who desperately deserve it.
http://www.atimes.com/atimes/Global_Economy/KJ07Dj01.html
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
Palladium is up 47% in last 8 months.
Is will never be worth nothing. Palladium is rarer than gold. It is just not as often used as currency or traded.
Silver is something for people to also consider. Gold is now so high that is not the time to buy that, unless you see it going up by $50-$100 dollars/day. That would mean that TSHTF, and gold is going to $3000/Tounce or more.
Gold is the preferred wealth of Sovereigns !
Become sovereign by investing for retirement in Gold, instead of fake money federal reserve notes.
beesting
another day another gold
another day another gold high...