Posted on 04/25/2011 4:07:46 AM PDT by tobyhill
Spot silver surged more than 5 percent to top $49 ounce on Monday, moving closer to its 1980 all-time peak lifted by a weak dollar and strong physical demand in Asia that also sent gold to a record high for a seventh consecutive session.
Spot silver was heading for its biggest daily gain in five months, hitting a 31-year high of $49.31 an ounce. It was trading at $49.07 as of 5:45 a.m. ET.
Spot gold hit a record high of $1,518.10 an ounce, before easing to $1,517.05. U.S. gold futures hit an all-time high at $1,518.6.
"Everyone is buying," said a Hong Kong-based dealer. "There is stop-loss buying, as well as a good buying interest from China."
U.S. silver futures jumped 8.2 percent to $49.82 an ounce in unusually large trading volume, just about 50 cents off its all-time peak of $50.35 hit on January 18, 1980. They stood at $49.11 as of 5:42 a.m. ET.
(Excerpt) Read more at reuters.com ...
No one could have seen that coming!
What is the chatter that Obama moved $83 Billion to a Honduras private account, $72 Billion was in USD and US securites and $15 Billion was in Gold and Silver Bullion? It is being reported by Interpol and Russian intelligence.....anyone have any info on this? All you have to do is Google it, there are lots of reports on it.
It’s just the advance for the new book “he’s” writing ... ;) ;)
any reputable links?
Gold will go to $20,000 an ounce. Told the wife in 2001 it will go to 1500. She preferred cash..in a security box. She is there and I am here.
There are a number of links, search it. NY Spot opener has already dropped $1.50.
It will not hurt to remind your friends who are memory deficient that the last time Silver reached $50.35 was on January 18, 1980 and the DEMOCRAT President was Jimmy Carter.
Raging inflation and incompetent Presidents are strongly correlated.
What did silver do in 1980 after hitting $50/oz?
The Hunt Brothers attempted to corner the silver market. Controlling enough to cause the price to spike and sell at the top was the plan.
I don’t think they succeeded. The current market is broader and different conditions prevail.
nor do i think they were trying to “corner” anything. they moved their oil money into silver when oil was getting killed. nothing illegal about that.
When gold is at 20,000/oz, there will be blood in the streets and anarchy, or martial law and tyranny, or both.
HOWEVER wife says to keep it all, and increase allocations of toilet paper and bullets.
You may be right. I have no details. What ever their intent, it was just business
***”but eventually, gravity wins”
not sure why “wins” got chopped from my last post
Sounds like a short squeeze. Silver is parabolic - watch out speculators.
Please define “parabolic” (I know what it means mathematically, but I don’t see an increasing rate of increase as I do on an actual parabola.)
I suspect many people use the term to mean (going up surprisingly, and I fear it might go down, as opposed to an objective definition that can actually be evaluated, and assessed against past events).
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