Gold hits 6-month high, eyes U.S. payrolls data

Reuters ^ | Thu Sep 3, 2009 | Jan Harvey

[Atlas Sneezed]

LONDON (Reuters) - Gold prices rallied on Thursday to their highest level since February on strong investment demand amid caution ahead of key U.S. non-farm payrolls data on Friday.

Bill O'Neill, managing partner of New Jersey-based LOGIC Advisors, said that asset-diversification demand for gold and other precious metals by jittery investors amid shaky equities markets propelled gold's rally.

Spot gold hit an intraday peak of $992.55, which marked the highest price since February 24. It was at $989.10 an ounce at 12:07 p.m. EDT, against $976.60 an ounce late in New York on Wednesday.

[Atlas Sneezed]

$995/oz. at time of this posting.

[Atlas Sneezed]

Silver is at a 1-year high.

[Centurion2000]

995.65 now.

[the invisib1e hand]

Gold hits 6-month high, eyes U.S. payrolls data

One eye on payroll data. The other, on the unravelling of 2000 years of civilization.

[Centurion2000]

silver is at 16.19 now

[netmilsmom]

Life is good.

I’m waiting for the next special on silver and I’ll get another load.

[Atlas Sneezed]

To call this “6-month high” understates it. Gold has been testing and barely crossing 1000 for 18 months, with a peak of 1002, and this being the 5th assault past 980 in that period.

Gold is within less than 1% of an all-time high, up 40% from when Obama was elected.

[John123]

There is a massive short position in gold and silver markets by the bullion banks.

If they capitulate... then the short covering is going to get really bloody... on the other hand... I suspect that the Chinese companies are some of the clients of these bullion banks... and China announced recently that state-owned companies can walk away from money losing commodity derivative trades...

Yikes!

[Atlas Sneezed]

I’m waiting for the next special on silver and I’ll get another load.

---

It was $13.50 two weeks ago. Did you buy then?

[GonzoGOP]

I think I'm going to go pan for gold in Alaska. If the prices keep going up you could actually make a living at it, instead of it being just a hobby. Although the old mine tailing's tend to produce better results. The old 1900s mining techniques were not very efficient and a lot of the gold dust ended up in the tailing's. Of course so did a lot of Mercury and Arsenic so it's not all fun and games.

[netmilsmom]

Close.

I bought at 14.10 spot I put in the order but wasn’t sure I wanted to drop 300.00, the next day, the price adjusted 5.00 more. I jumped on it.

But the coins I got earlier in the year were only 11.67. (I wish I could remember the FReeper who told me to buy silver when I was whining that we couldn’t afford gold)

And right now we are putting up tomatoes, apples, silver and lead (ammo).

[Atlas Sneezed]

Good job!

[netmilsmom]

Thanks!
I have to feed my kids. I figure even if Dad keeps his job, he will be earning half what he is now when the inflation kicks in.

I have a great recipe for hot cocoa mix made with powdered milk, we’re drying our harvest (what little there was in MI) and if it comes down to it, I know a farm not too far away that has chickens. The silver will be for durable goods.

[Freddd]

I bought at $11...

[Atlas Sneezed]

In my opinion, then wisest price to have bought at is $4, 6, 8, 7, 11, 10, 13, 9, 12, 14, 15.

And the wisest price to buy in the future is 16, 14, 15, 12, 19, 22, 20, 23...

“Averaging in” means never having to say you’re sorry. And when you’re in and planning to buy more, you’re never really disappointed when the market swings in either direction.

[Sawdring]

Any Alaska gold panning expedition should be preceded by watching Gold Fever on the Outdoor Channel