Gold hits fresh peak around 820 usd as oil prices surge

Thomson Financial ^ | Nov 6, 2007

[ml/nj]

LONDON (Thomson Financial) - Gold hit its highest price since January 1980, following record high oil prices which stoked inflation jitters.

The precious metal rose to as high as 819.93 usd per ounce, its highest price since the 1980 peak of 850 usd, just as London's Brent oil hit a record high of 92.36 usd per barrel.

[bjs1779]

Remember when the Hunt brothers tried to buy-up the silver market, `82 I think. Believe they lost their shirts, but I made 9 times face value, so there was a happy ending after all.

I got 2 grand for a roll of unc silver dollars that I bought 5 years earlier. I paid 74 bucks for them. I don't see how I can bad mouth silver.

With ETF's now, I don't know how high we could go. That makes the Hunt brothers look like vagrants : )

[bjs1779]

if somebody offered me $20 for an ounce even now, I’d be reluctant, no matter what the ticker says.

My feelings, exactly!

[Lokibob]

Historically, the gold to silver price ratio hangs around 15, so at this price of gold, silver should (could, might, possibly, dreaming here) go to $55/ounce.

....Bob

[djf]

$55 an ounce would put a sh*t eatin grin on my face a mile wide!

I’d be singin like Neil Young:

Come on, baby, let’s go downtown,
Let’s go, let’s go,
let’s go downtown.
Come on, baby, let’s go downtown,
Let’s go, let’s go,
let’s go downtown.
Snake eyes, French fries
and I got lots of gas.
Full moon and a jumpin’ tune,
now you don’t have to ask.

Dam! Wish I was 20 again...

[bjs1779]

Historically, the gold to silver price ratio hangs around 15, so at this price of gold, silver should (could, might, possibly, dreaming here) go to $55/ounce.

What if gold goes to 3000.00 per ounce. After all, that is only half the price of rhodium as we speak.

[editor-surveyor]

I look for $35 silver in a few weeks.

[DeaconBenjamin]

Where did you come up with that reverse? It looks bizarre.

[DeaconBenjamin]

[editor-surveyor]

Have you purchased any of Grover’s currency?

[editor-surveyor]

Yours is an 06, and Bob’s is an 00

[bjs1779]

And the US dollar is still crashing right now.

[Professional]

Just wait til gold goes down! That squawking will be almost as obnoxious as the gloating of the pro gold group right now. Or, maybe gold will NEVER go down, oh the humanity...

[DeaconBenjamin]

I have never seen a reverse like that on a US silver eagle. FWIW.

[bjs1779]

I have never seen a reverse like that on a US silver eagle. FWIW.

So what?

[Lokibob]

You are absolutely right, it doesn’t look like the reverse of any other eagle. I already had questions about this coin, so I guess I need an expert to look at it. It is proof on the obverse, and has that strange eagle on the reverse.

.....Bob

[editor-surveyor]

"Just wait til gold goes down!"

Just exactly what conditions do you see on the horizon that would bring gold down?

[Publius]

Correct. BTW, the latest silver eagles have a different reverse side.

[Professional]

Gravity never fails.

[Publius]

BTW, the gold eagle has a nominal face value of $50, not $20.

[eyedigress]

Gold will fall for the same reasons it did in 1981. I have BU gold that is at a premium and should hold until the forclosure crisis starts to wane. If i recall the Carter era rates approached 17 0r 18 percent, which to me might have the same affect as mass forclosure and bank debt.