http://www.marketwatch.com/story/gold-hits-fresh-high-as-dec-contract-tops-1160-2009-11-22
Gold hits new high on weaker dollar, Iran
By Polya Lesova & Moming Zhou, MarketWatch
NEW YORK (MarketWatch) — Gold futures rallied Monday for a seventh day, with the December contract hitting a new high near $1,170 an ounce, as dollar weakness and escalating tensions between Iran and the west boosted gold’s appeal as a safe haven and a hedge against inflation.
Gold futures have already seen a seven-day winning streak ended on Nov. 11. The metal has only recorded one losing session this month.
“It is an unbelievable rally,” said Darin Newsom, a senior analyst at Telvent DTN, adding that buying is coming from inflation hedge and safe-haven buying due to continued global economic concerns.
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Forever, just like the tech and the housing bubble.
One item from Fleckenstein's bubble-features list - "Banks will need to find a way to put money into gold -- because no modern mania has ever ended without the banks finding a way to lose money in it" - isn't that far from the truth. Banks tend to lend pell-mell to gold companies when the top of a gold bubble's reached. We're not there yet: the typical gold exploration stock is selling way below what it would be if the banks were beating the bushes for projects to finance. Lending money's still hard to find, particularly for reactivated mines.
At the peak of a gold bubble, exploration stocks with mine-sized deposits will be selling as if bank financing were a sure thing. We're far, far away from that point now.
$1,174 now. HOLY COW!
Jim Sinclair agrees with Alf Fields predictions..
http://jsmineset.com/2009/05/10/alf-field%E2%80%99s-gold-price-predictions/
The question isn’t how much gold will rise; it’s how much the dollar will sink. Is gold volatile or is it the dollar? Which has its value determined by legislative fiat?
Perhaps gold is essentially staying the same and only appears to be rising much like a mountain in a draining lake.