Anybody care to venture when it will break $500? Where it will be on January 1, 2006? Or January 1, 2007?
Posted on 11/28/2005 10:47:03 AM PST by kiriath_jearim
Rush to gold pushes prices higher
The price of gold has continued its relentless climb and looks set to pass the $500-an-ounce level this week.
The metal's price hit an 18-year high of $498.75 (£290.66) in early trading on Monday.
Its rising value is being driven by strong demand for jewellery and moves by some countries to increase their gold reserves.
The threat of terrorism and the ensuing economic uncertainty has also added to gold's image as safe investment.
Analysts say that the gold price is likely to continue past the $500-an-ounce mark, even if some investors decide to take their profits at that price.
"A lot of investors are just buying because the price is going up, then trying to find reasons to explain it," said Yingxi Yu, a precious metals analyst at Barclays Capital.
The gold price hit a record of $873 an ounce in January 1980, held above $500 for one day in December 1987, but hit lows of about $250 an ounce in 2001.
Platinum prices have also surged in recent months, driven by strong jewellery demand and the metal's important role in car exhausts.
It stands at a near 26-year peak of $997 an ounce.
Hmmm....gold is going up because gold is going up.
The "momentum play"; sound familiar? I seem to recall something like that fairly recently....
Well, at least it is a reason...
At first glance at the headline, I thought Limbaugh was now influencing the price of gold.
What I want to know is where you can sell the coins without being ripped off?
That is what happens when you make a "panic" spot decision on a long trend. Next time, beware of the long term trend line.
They'll come in handy. The world ends quite often nowadays.
That's what I thought too.
save----looking for the same info
Anybody care to venture when it will break $500? Where it will be on January 1, 2006? Or January 1, 2007?
Any coin dealer. There is a couple of bucks spread between the buy and sell price, but that's how the guy stays in business.
I shoulda bought some gold back in 2000.
i remember the first time i heard Michael Savage ...in 2001. Then a commercial by that company( which i can't remember the name of) about investing in gold...wish i would have invested then...now...way too late
Funny that they don't mention the ETFs as driving demand. But I'm sure that's a part of it. GLD now holds 7.2 million ozs (226 TONS!) of gold in trust. IAU has a smaller amount, but it's growing faster.
Also India and China like gold, so there is demand there.
Also not mentioned is the impact of various central bank leasing and selling operations that may be near their end (as they have sold or lent as much as they can).
How much gold is left in Ft. Knox anyway?
--Gold--the only product on earth of which virtually all that has ever been extracted is still available--
TRy:
http://www.ajpm.com/htbin/gold.cgi
They might have a better price, but your local dealer will save you a lot on shipping.
HA Ha I know what you mean, I still have silver from then. Remember Bunkie Hunt?
"They'll come in handy. The world ends quite often nowadays."
yes, everyday the libs find something new that will cause disaster for all of us. Thankfully I grew up! I know my wife is glad I did.
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