And in the good ole US they keep printing money like it's confetti. When government debases currency by excessive creation it must eventually go exponential in its price to real assets. When that happens the theoretical price for gold is infinity.
As I mentioned on another thread, the nephew reported that last week in the Carolinas and Georgia, coin shops were refusing to sell silver at any price because of the huge price run-ups ($14 today). When they won't sell gold for any price you will know it is near the end for the dollar.
Those darn Asians are buying all the gold!
HG
Starting the stop watch to time how quickly the term "fiat money" is posted in this thread.
(click)
Hold gold.
Everybody is whining about the high price of gas and if you have heard this comment before I apologize for repeating it.
A gallon of gas in 1964 cost thirty cents. That is, three silver dimes would buy a gallon of gas. Today with silver at $14, a silver dime has one dollar worth of silver in it and you guessed it -- sells for about one dollar (10 times face) at the coin shop or coin show or on the street.
With gas at $3/gallon, three silver dimes will still buy you a gallon of gas just like in 1964. It's not the price of gasoline going up -- but the value of the American dollar going down.
We are taxed to death in this country. But it is the hidden tax of institution engineered inflation that is the worst of it all. When the American people wake up like the rest of the world has then there will be a gold rush like never seen before.
In six months you will be hard pressed to buy an American Eagle for less than $800. There may be a "price" for it on the paper exchanges but increasingly you will be unable to find the actual physical metal.
Oh well, you seen one Great Depression, then you've seen 'em all.
HG
I hold physical Au/Ag/Pt/Pd, mining stocks, and the ETFs (GLD & SLV). It's a good time to be short USD/long PMs.
And the demand for gold is being driven by demand for jewelry.
Apparently, the first thing a young man with a pocket full of the local currency wants is the company of a young lady. Well, one thing leadeth to another, and suddenly, he decides (for utterly unfathomable reasons) that he wishes to marry the young lady.
Problem is, young ladies expect their suitors to pony up a suitably shiny trinket in return for acceptance of a marriage proposal...
It's a good time to buy in. But there will be corrections down the line, probably in a couple of months.
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.
11 PM EDT a day later, and gold is at 668/669. And the same people who were trashing it at 330/oz continue to trash it at 660/oz. interesting...