The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Gold Nears $1,900 per Ounce

Posted on | August 22, 2011 | 10 Comments

Anyone seriously expect it to stop short of $2,000?

Gold futures notch a fresh nominal record in electronic trading in Asia on Monday, against a backdrop of concerns over the health of the economies in Europe and the U.S.
Gold for December traded at $1,882.50 per ounce, up $30.20 in electronic trading.
Gold futures reached a fresh record closing high of $1.852.20 an ounce in regular trading in New York on Friday, after hitting an intraday high of $1,881.40 an ounce.

You should have listened to Glenn Beck!


Category: Economics

Comments

10 Responses to “Gold Nears $1,900 per Ounce”

  1. TC_LeatherPenguin
    August 22nd, 2011 @ 1:04 pm

    Having spent a good deal of time in the COMEX pits I can safely say those boys are gonna take out the $2K ceiling, maybe this week, just to see it happen… and then there will be one hella ($200-400) correction.

  2. ThePaganTemple
    August 22nd, 2011 @ 1:36 pm

    Seems to me like this might be a good time to get back on the gold standard. But I don’t know if that would be practical with a national debt shooting at 21 trillion.

  3. Joe
    August 22nd, 2011 @ 2:05 pm

    I am sure it will break 2000, but I would be hesitant to go heavy in gold.

  4. Daily Pundit » Relatively Speaking, It’s Best Is Behind It
    August 22nd, 2011 @ 11:56 am

    […] Gold Nears $1,900 per Ounce : The Other McCain Anyone seriously expect it to stop short of $2,000? […]

  5. AngelaTC
    August 22nd, 2011 @ 4:39 pm

    Even with a $400 correction it will be up about $150 in 2 weeks.  That’s a helluva annual return.  

  6. TC_LeatherPenguin
    August 22nd, 2011 @ 8:47 pm

    I mean the day they break the level (and probably the next day or two). Then they’ll chill out at around $1200-1400 and mount the next onslaught!

  7. TC_LeatherPenguin
    August 22nd, 2011 @ 8:50 pm

    Technically, it’s wildly overbought, but no one trusts any other traditional place to park their money while the paper-based options are all looking ready to collapse at any given moment.

  8. Quartermaster
    August 22nd, 2011 @ 11:42 pm

    The real debt is near 100 Trillion when unfunded liabilities are factored in.

    Add in derivatives and the US economy is a zombie, right along with the rest of the world’s.

  9. Quartermaster
    August 22nd, 2011 @ 11:43 pm

    It will break $2K, but correct. It will then break $2K again and keep going. We are just at the appetizer stage.

  10. Consumer Confidence Sags; Fed Wants More Stimulus; Gold Gains $38 an Ounce : The Other McCain
    August 30th, 2011 @ 7:06 pm

    […] Exchange.The FOMC report is online here. It’s worth noting that gold is still below the record price near $1,900 it set Aug. 22, but the talk of more “easing” (Fed-speak for deliberate inflation) suggests that […]