Gold hits $700 for first time since 1980

Reuters ^

[Capitalism2003]

NEW YORK (Reuters) - U.S. benchmark gold futures scaled a new 25-year high at $700 an ounce on Tuesday, boosted by relentless investor buying powered by geopolitical concerns and expectations of further price gains ahead, dealers said.

By 11:30 a.m. EDT, June delivery gold on the New York Mercantile Exchange's COMEX division was up $20.10 or 2.9 percent at a session peak of $700, which marked the loftiest level for futures since September 1980.

[Smokin' Joe]

On the radio today was a statement that gas is likely to fall 75 cents a gallon by Labor Day.

Supposedly there is a move afoot in COngress to dump the $.54 per gallon tarrif on imported ethanol. US suppliers are not able to keep up with the increase in projected demand due to the dumping of MTBE as a fuel additive (replaced with ethanol) and Congress' mandating an increase in ethanol fuels, so we will be/are importing ethanol from Brasil.

[Capitalism2003]

"Leastwise, that's my opinion."

Thanks for your opinion.

However in the opinion of every government and central bank on the planet, along with millions of people who buy and sell gold on a daily basis, the current value of gold is $708.00

:)

[bjs1779]

Watch out when I sell! I'm down to one car in my garage now : )

[Capitalism2003]

*droooooooooool*