Posted on 09/17/2008 10:24:11 AM PDT by Proud_USA_Republican
NEW YORK (MarketWatch) -- Gold futures surged more than $68 an ounce on Wednesday, the most since 1980, as news of the U.S. government's takeover of the biggest U.S. insurance company and worries about other financial institutions worldwide fueled massive safe-haven buying.
Gold for December delivery was last up $63.90, or 8.2%, to $844.40 an ounce. It earlier jumped to $849.00, or as much as $69.50 an ounce. This would represent gold's biggest one-day jump in dollar terms since 1980, when the precious metal began trading on the Comex division of the New York Mercantile Exchange.
(Excerpt) Read more at marketwatch.com ...
’ Physical dealers reported a shortage in gold bars in Singapore and Hong Kong as jewellers stepped up purchases ahead of religious festivals in India, the Middle East and Southeast Asia.
Many weddings take place during the festive season in India which peaks in October with Diwali, the Hindu festival of lights. Gold jewellery forms an important part of dowry as parents prefer to give gold to their daughters for financial security.’
http://africa.reuters.com/wire/news/usnBAN123554.html
And people laughed at me and called me paranoid when I was buying gold at $280 to $350 an ounce and setting it aside for a rainy day. Guess who’s laughing now?
You are right! I bought a substantial amount in 1994 and have held on to it, and will hold it longer. I believe I was mistaken, however, to buy collectors coins with a collectors premium. I should have bought simple bullion coin. Nevertheless, I am sitting on a very handsome gain. I continue to sit.
Gold is once again the MONEY. For years people fooled themselves into believing that the politicians (governments) gave us money. The dollar fell today against the real money by an astounding 10%.
Kitco now showing gold up $79.10
wow!
The fall below 10,800 was the signal I was looking for. I think we are hitting the bottom today. It is a good time to be looking for bargains in the market. Of course I don’t think I would be looking at the financials or even housing for the bargains, those are still in danger of going to zero.
My futures broker advises there is no limit on gold futures contract moves. Some shorts could be facing bankruptcy.
Wouldn’t surprise me.
As someone who has been in the gold mining stocks since 03 and beaten like a rented mule recently, I take pleasure in someone getting wacked besides me.
Never graduated to investing in gold futures but believe they were shorted heavily by some big banks with encouragement from our govt to surpress golds price and give cover for a failing dollar.(jmo)
So if you had 1000 gold coins when gold was $250 an ounce, and sold it today, you'll have a lot of money . . . today. Now what do you do tomorrow? And if you hold it, it's costing you money to hold it.
I have no problem with goldbugs, as long as they acknowledge that it's only value is when you sell it, which then means . . . you don't have it any more.
Slightly less glamorous (but more profitable) Silver surged 15.41%.
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