The Other McCain

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Gold Price Hits Record High

Posted on | June 17, 2010 | 17 Comments

Nothing to worry about:

Gold futures closed at a record high on Thursday, handily surpassing the mark reached just last week as investors grew more concerned about the U.S. economy and its proxy, the stock market.
Gold for August delivery, the most active contract, added $18.20, or 1.5%, to settle at $1,248.70 an ounce on the Comex division of the New York Mercantile Exchange. That left the June 8 record close of $1,245.60 in the rearview mirror. . . .
“Equities are in a precarious situation,” said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. Investors feel stocks may be overbought and turned to the safety of gold, he added.

Should have listened to Glenn Beck.

Category: Economics, Glenn Beck

Comments

17 Responses to “Gold Price Hits Record High”

  1. nicholas
    June 17th, 2010 @ 11:16 pm

    $1,248.70 an ounce! Holy cripes!!

    “Investors feel stocks may be overbought”

    Stocks may be overbought?! More likely investors may feel the dollar isn’t stable, as well they should. Right now the Euro is tanking, thanks in large part to the situation in Greece and Spain, given the dollar relative strength, but the crumbling going on in Europe is being driven by the same kinds of policies that this wack-job economic kamikaze in the White House. The dollar is going down… big time… and gold is racing ahead of the collapse. Brace yourself however you will, buy gold or silver or what have you, but the dollar is going undergo significant devaluing soon.

  2. nicholas
    June 17th, 2010 @ 7:16 pm

    $1,248.70 an ounce! Holy cripes!!

    “Investors feel stocks may be overbought”

    Stocks may be overbought?! More likely investors may feel the dollar isn’t stable, as well they should. Right now the Euro is tanking, thanks in large part to the situation in Greece and Spain, given the dollar relative strength, but the crumbling going on in Europe is being driven by the same kinds of policies that this wack-job economic kamikaze in the White House. The dollar is going down… big time… and gold is racing ahead of the collapse. Brace yourself however you will, buy gold or silver or what have you, but the dollar is going undergo significant devaluing soon.

  3. CGHill
    June 18th, 2010 @ 1:46 am

    In an example of perfect timing, the cover story at Mother Jones is called “The Golden Fleece,” and it purports to explain how all those people who paid attention to Beck paid dearly for so doing.

  4. CGHill
    June 17th, 2010 @ 9:46 pm

    In an example of perfect timing, the cover story at Mother Jones is called “The Golden Fleece,” and it purports to explain how all those people who paid attention to Beck paid dearly for so doing.

  5. theCL
    June 18th, 2010 @ 2:11 am

    In an example of perfect timing, the cover story at Mother Jones is called “The Golden Fleece,” and it purports to explain how all those people who paid attention to Beck paid dearly for so doing.

    A sure sign to buy more gold. If Mother Jones is against it, gold should double from here. And as a retired stockbroker, I believe it’s got a long way to go … up! The dollar is in crisis. Big time.

  6. theCL
    June 17th, 2010 @ 10:11 pm

    In an example of perfect timing, the cover story at Mother Jones is called “The Golden Fleece,” and it purports to explain how all those people who paid attention to Beck paid dearly for so doing.

    A sure sign to buy more gold. If Mother Jones is against it, gold should double from here. And as a retired stockbroker, I believe it’s got a long way to go … up! The dollar is in crisis. Big time.

  7. Estragon
    June 18th, 2010 @ 4:06 am

    From a technical point of view, the market was oversold and has only now moved back into balance. Coincidentally or not, it is right at the 50-day Exponential Moving Average, a significant point of resistance.

    What the market hasn’t discounted is the enormous influence of government borrowing in the economic activity we’ve seen in the last year. It’s not real – just like in the Keynes-Hayek rap video, the market mistakes all this new borrowed money for real capital.

    Here’s a good explanation of the situation: http://tinyurl.com/26vyjlk .

    Once again, anyone contemplating buying gold at its all time high should review their plan with a competent professional before betting the farm. Anything that is going up is a good buy – as long as you remember to sell at the peak, or at least cash in profits when you can.

    How do you know when it has peaked? Well, that’s the problem . . .

    Remember that investors in every boom in history have believed it wouldn’t end. It was true of the market in the ’20s, of gold buyers in ’79-’80, of tech stock buyers in ’99 – ’01, of real estate investors in ’03-’07, and of tulip bulb buyers in the Netherlands in the 17th Century.

    “Oh, no, THIS TIME WILL BE DIFFERENT!” (That’s what the others thought, too) . . .

  8. Estragon
    June 18th, 2010 @ 12:06 am

    From a technical point of view, the market was oversold and has only now moved back into balance. Coincidentally or not, it is right at the 50-day Exponential Moving Average, a significant point of resistance.

    What the market hasn’t discounted is the enormous influence of government borrowing in the economic activity we’ve seen in the last year. It’s not real – just like in the Keynes-Hayek rap video, the market mistakes all this new borrowed money for real capital.

    Here’s a good explanation of the situation: http://tinyurl.com/26vyjlk .

    Once again, anyone contemplating buying gold at its all time high should review their plan with a competent professional before betting the farm. Anything that is going up is a good buy – as long as you remember to sell at the peak, or at least cash in profits when you can.

    How do you know when it has peaked? Well, that’s the problem . . .

    Remember that investors in every boom in history have believed it wouldn’t end. It was true of the market in the ’20s, of gold buyers in ’79-’80, of tech stock buyers in ’99 – ’01, of real estate investors in ’03-’07, and of tulip bulb buyers in the Netherlands in the 17th Century.

    “Oh, no, THIS TIME WILL BE DIFFERENT!” (That’s what the others thought, too) . . .

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  11. Nostromo
    June 18th, 2010 @ 12:59 pm

    Don’t “bet the farm” buying gold, but 10% of your nest egg is prudent. Several miners are doing well and provide some leverage to boot.

  12. Nostromo
    June 18th, 2010 @ 8:59 am

    Don’t “bet the farm” buying gold, but 10% of your nest egg is prudent. Several miners are doing well and provide some leverage to boot.

  13. bruce
    June 18th, 2010 @ 5:25 pm

    i am glad i have been buying gold for over 10yrs.oh people use to make fun of me and say what do you want that stuff for?well they are not laughing now, i also bought land in the middle of a forest along with guns and ammo.i have taken all my money out of the stock market and invested it in cows,pigs, and chickens.what i am saying is bongo and his band of commie traitors can go preform an unnatural act on them selves.

  14. bruce
    June 18th, 2010 @ 1:25 pm

    i am glad i have been buying gold for over 10yrs.oh people use to make fun of me and say what do you want that stuff for?well they are not laughing now, i also bought land in the middle of a forest along with guns and ammo.i have taken all my money out of the stock market and invested it in cows,pigs, and chickens.what i am saying is bongo and his band of commie traitors can go preform an unnatural act on them selves.

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  16. An Average American
    June 23rd, 2010 @ 3:27 pm

    Gold isn’t at a record high in inflation adjusted dollars. In that regard it’s all time high was in 1980 when it reached around $2,200 in 2010 dollars.

  17. An Average American
    June 23rd, 2010 @ 11:27 am

    Gold isn’t at a record high in inflation adjusted dollars. In that regard it’s all time high was in 1980 when it reached around $2,200 in 2010 dollars.