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!
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.
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.
I am sure it will break 2000, but I would be hesitant to go heavy in gold.
[…] Gold Nears $1,900 per Ounce : The Other McCain Anyone seriously expect it to stop short of $2,000? […]
Even with a $400 correction it will be up about $150 in 2 weeks. That’s a helluva annual return.
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!
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.
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.
It will break $2K, but correct. It will then break $2K again and keep going. We are just at the appetizer stage.
[…] 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 […]