Gold surges to 25-year high on Iran concern ($660)

Marketwatch ^ | May 1, 2006 | Myra P. Saefong

[bjs1779]

Yes, but it is staggering just how little can be produced. This is an older article when we were only 6.9 trillion in debt.

http://www.galmarley.com/FAQs_pages/commodity_essentials_faqs.htm

[dighton]

Starting the stop watch to time how quickly the term "fiat money" is posted in this thread.

When gold’s at $5,000 an ounce, I’m gettin me a Ferrari!

[bjs1779]

When gold’s at $5,000 an ounce, I’m gettin me a Ferrari!

Your first 6 oz though will have to go to your fair share of the national debt : )

http://www.brillig.com/debt_clock/

[bjs1779]

If you go the National Debt Clock, hit the refresh button a few times. Scary....

[Petronski]

Any questions?

Yes. Do you have the guts to post a similar graph starting at least 40 years ago, with a zero baseline?

[Blackirish]

Your right.

They have little bullion markets over there...called gold souks. One of the biggest is in Dubai...lot's of Indians there it's huge I've seen it.

Anyway about a month ago one of my Indian clients called me and told me there was a run on the market. People were paying $3.00 over spot.
The American futures market opened steady ...closed up $20.00 on the day.

Your right they are definitely a leading indicator.

[AdamSelene235]

you have the guts to post a similar graph starting at least 40 years ago, with a zero baseline?

[Petronski]

How about a logarithmic scale?

[bjs1779]

I think this is getting fun : ) On the consumer price index, what year did Nixon totally eliminate the relationship of currency from gold?

[Cicero]

It's a good time to buy in. But there will be corrections down the line, probably in a couple of months.

[Petronski]

On the consumer price index, what year did Nixon totally eliminate the relationship of currency from gold?

Could you adjust that graph for inflation and project it on a logarithmic scale please?

I mean, since it's so much fun...

[bjs1779]

Could you adjust that graph for inflation and project it on a logarithmic scale please?

I believe the ball is in your court now.

[Petronski]

I believe the ball is in your court now.

Your reply means I've shot and scored. You have only a few propaganda graphs that suit your talking points. Excuse me, that should read "a few deceptive propaganda graphs..."

[BlackVeil]

It is interesting how, in recent weeks, Iran gets mentioned in so many stories about the dollar fluctuating and gold rising.

The Iran issue is dragged into the economic debates.

[bjs1779]

Your reply means I've shot and scored. You have only a few propaganda graphs that suit your talking points. Excuse me, that should read "a few deceptive propaganda graphs..."

Darn, I always hate to win on a default. Worse than a rain out. I was looking for a good discussion on this and what do I get?

[Petronski]

Darn, I always hate to win on a default.

I'm happy to spare you that problem.

[BlackVeil]

It's a good time to buy in. But there will be corrections down the line, probably in a couple of months.

I agree with you - and it is the nature of commodities that prices jump around. However, I think that there is nothing to stop gold going to $800.

[bjs1779]

I'm happy to spare you that problem.

The ball is still in your court. Just hit the valuable greenback back to me.

[SFC Chromey]

My neighbor did the same when his Apple stock went north of $40. It's his third Ferrari.

[dighton]

I got me some AAPL too!

(lights $20 cigar with $100 bill)

;-)