Gold Prices Surge to Record Highs ($1,271.70 an ounce -- a record closing high)

The Street on yahoo finance ^ | 9/14/10 | Alix Steel, Andrea Tse

[NormsRevenge]

NEW YORK (TheStreet ) -- Gold prices popped Tuesday as investors turned to the metal as a safe-haven asset and momentum buying pushed prices to new all-time peaks.

Gold for December delivery settled $24.60 higher at $1,271.70 an ounce -- a record closing high -- at the Comex division of the New York Mercantile Exchange. The gold price hit a record intra-day high of $1,276.50 an ounce, $10 higher than its previous high set in June.

The U.S. dollar index was losing 0.91% to $81.11 while the euro was gaining 1.01% to $1.30 vs. the dollar. The spot gold price was rising more than $26, according to Kitco's gold index.

[NormsRevenge]

[DonaldC]

We’ve not reached inflation adjusted Carter prices yet. I’ll worry about this later...

[Partisan Gunslinger]

We’ve not reached inflation adjusted Carter prices yet.

Which means our fiat currency has been pretty crappy at holding its value since 1980.

[Moonman62]

Looks a like a bubble to me.

[End Times Sentinel]

In the days after the election, I dumped my entire portfolio (Haliburton, Northrop Grumman, Exxon, TEVA, ect.) and put it all into gold.

Gold was selling at about $750 at that point.

Quite possibly the ONLY smart financial decision I ever made.

[Red Badger]

If your not on the elevator, it’s already passed your floor.............

[palmer]

Looks a like a bubble to me.

Looks like you still haven't bought gold yet.

[R. Scott]

I hope it’s a bubble. I want to buy a little more but can’t afford it at these prices.

[onyx]

I think your bubble will burst before gold’s.

[devere]

The weird thing is that US treasury bonds also had a nice rally today. What’s coming next? Inflation or deflation?

[onyx]

I trust that you took delivery.

[Eric in the Ozarks]

I bailed at 10,390 about six months ago.
Into bond funds and sleep better.

[jiggyboy]

Any "new high" thread requires the scorecard:

[onyx]

The Dollar crashed through what should have been a floor of support near the 82 level as if the boards were made of rotten, termite-infested timbers. It is now headed to 80, where if it fails, the ill winds of inflation blowing through the economy are only going to intensify.

~Jim Sinclair~

[Nick Danger]

DonaldC: We’ve not reached inflation adjusted Carter prices yet.

You: Which means our fiat currency has been pretty crappy at holding its value since 1980.

When the other guy adjusts his comment for inflation, which he did by referring to "inflation adjusted... prices," then if you claim that this means something about the ravages of inflation, you come off sounding like an idiot. So next time, don't do that. Don't base your claim about inflation on inflation-adjusted prices.

The only thing you can conclude from what he said is that the gold market does not yet reflect conditions that are as bad as they were under Carter. Give Obama time... I'm sure he can achieve that.

[End Times Sentinel]

Indeed.

I only wish I’d plowed some into ammunition too.

[a real Sheila]

Do you think you will cash out at any time?

HOw do we know this isn’t another bubble?

[bert]

The Carter era $800 gold price is clearly anomaly that was extremely short lived and not really pertinent to anything. In short, it has no value in the discussion except to take up space.

[NeoCaveman]

We’ve not reached inflation adjusted Carter prices yet. I’ll worry about this later...

Which would be about $2400 if we accept government inflation figures and quite a bit higher if you believe they lie.