Posted on 08/07/2011 8:59:35 PM PDT by Nachum
The first of many gold price upgrades is here, as Goldman's David Greely finally catches on to what has been all too obvious to anyone with a frontal lobe: "Gold prices hit a new record high last week, closing at $1,663/toz on August 3. Despite this rally, the rise in gold prices has continued to lag the plunge in US real interest rates, with 10-year TIPS yields trading below 30 bp. With our US economics team lowering their outlook for US economic growth, implying US real rates will remain lower for longer, and with sovereign debt issues in both the United States and Europe intensifying, we are raising our gold price forecasts to $1,645/toz, $1,730/toz, and $1,860/toz on a 3, 6, and 12-month horizon, respectively." Next up: everyone else.
Note summary:
Gold prices rise to record high as 10-year US TIPS yields plunge to a record low
Gold prices have rallied strongly since the beginning of July, rising 12.2% to a record (nominal) high close of $1,663/toz on August 3. While the rise in gold prices has been sharp, it continues to trail the fall in US real interest rates. In particular, 10-year US TIPS yields plunged from 77 bp to a mere 24 bp over the same period, according to the US Federal Reserve. Consequently, despite this rally to yet another new record (nominal) high, we believe that gold prices will continue to rise as:
(Excerpt) Read more at zerohedge.com ...
We're thankful our cotton crops did well...some around us did not. Very thankful we didn't plant corn.
May God keep and bless America.
The entire world is afire and you want to lecture me on manners?
Its pretty extreme.
Only those ranchers who can afford hay and have water can wait it out. All the rest have had to sell. That means a shortage in the future.
Thank God you were blessed with a good cotton crop. I’m happy for you.
Well, folks, I’m calling it a night. God be with you all and may God bless America ..... one more time.
This should have been done last year, as you suggest. Personally, even though they have been saying for months that the US was in "downgrade territory", S&P had to find a reason. The debt ceiling debate gave them the opportunity to do the downgrade without taking any real heat. Had they done the downgrade last year, they no doubt would have been scorched in front of the world by senate and congressional sub-committee hearings.
Cotton does well here.
Truth be told I havent seen anyone growing that around here as of late.
Usually in about another month it looks like Christmas around here because the place is swimming in it.
I live in an old cotton town
Yeah, I had my worst garden ever here in South East Texas. Thankfully we got a couple of rains two weeks ago but now we are back to no rain and hot hot hot.
Please, Lord let a good rain come down on Central/SE Texas...after the cotton is quickly picked.
Gnight Terry.
We’ll get through this.
Were gonna get a good hurricane season (I think) but thats a mixed blessing.
Yes, especially if you bristle at politeness, and ignore the substantive question.
LOL. No offense to Beelzebug. It just struck me as funny.
I got rain friday before last.
A good slow soaker, but it evaporated about as fast as it came down and there were no signs of it the next AM
A nice tropical storm could do wonders anywhere along the Texas coast :)
Its coming. Trust me.
I like the tropical storms. I just dont like the hurricanes
Got over 25K and I am not sure that is enough!!!. Just keep getting more and some more food to keep.
I just don’t know how far we can keep falling before something breaks. Hold on is all I can say.
Sounds like fun. And, it’ll be much cooler (weather) then.
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