Posted on 09/20/2024 11:28:16 AM PDT by RomanSoldier19
(Reuters) - Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East.
Spot gold was up 1.3% at $2,620.26 per ounce by 11:55 a.m. ET (1555 GMT), while U.S. gold futures rose 1.2% to $2,645.90. Silver gained 1.4% to $31.21.
Bullion's latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point reduction, adding to the appeal for gold, which pays no interest.
(Excerpt) Read more at msn.com ...
Gold isn’t rising, USD is declining, more dollars needed to buy Gold….look at Australia, record amount of Aussie dollars needed, etc… most just can’t grasp the concept.
Going up 1.2 percent is “soaring”?
That’s why TPTB need World War III - preferably nuclear
One year ago, gold was 1,954/ounce spot. At the first of the year, it was 2,076/ounce spot. Today, it's 2,635/ounce spot. Yeah, I'd say it was soaring.
As an owner of gold, I like the new highs.
However, the increase in gold prices is somewhat an indicator of the future.
1. More inflation
2. More government spending
3. Drop in value of dollar
4. More wars
So if gold is an accurate predictor, this indicates that it will be President Kamala Harris on Nov 6th.
Be careful of what you hope what the future price of gold will be.
It’s either soaring or it’s horribly overpriced but the buyer will have to make that determination. Basically though it’s just a clickbait headline and story.
THIS!!!
Yep, the national debt keeps going up by a trillion dollars every 90 - 100 days.
It won't be long before math catches up with us, and hyper-inflation is here.
I don't want it to happen, but it seems certain that it will.
Bitcoin is up lots more over the last month. For gold it’s also wars that are prodding it upwards. We have two major wars going on and things have been heating up in Israel vs Hezbollah. Israeli missile killed 20 or so elite Radwan squad Hezbollah commanders yesterday.
Seems that had to meet in person in Beirut because they cannot use phones or pagers, KABOOM!
An accurate measure of the dollar’s perceived value, gold holds constant value, it is the perception of what a dollar is worth that changes.
With more wars gold will soon be the only currency excepted world stability be damned.
Hooray!! People just can’t seem to understand that gold price is simply a measure of the dollar’s purchasing power. When gold goes up, it simply shows how much less a dollar can buy due to inflationary creation of too many dollars (Federal spending). But inflation is just “corporate greed,” as the MSM and Democraps would have it.
You just perfectly described why gold is not really an investment but a hedge against inflation and a protection of wealth.
An ounce of gold 100 years ago has pretty much the same buying power as an ounce of gold today.
I have about 30% of my portfolio in gold and silver by the way. So I'm not against precious metals at all. But I recognize them for what they are - wealth protection.
Pffft...
Nothing to do with being a political predictor -- at all. Smart investors see the 50 BP rate cut as a sign that the economy is in trouble, albeit wrapped in happy, syrup economic talk. Explain to me why Warren Buffett, who is a Harris supporter, sold a ton of stocks and is currently sitting on a mountain of cash? Waiting for Harris. LOL!
I'll wait for a pull back on gold and then I'll buy. I will buy not because I think Harris will get in, but because the US economy, and the world economy, are teetering. Democrats have so mismanaged the economy and foreign affairs that a lot could go belly up very fast.
If, as many predict, the recent rate cut, with more coming, leads to significant rekindled inflation you will want to be in gold and T-bills. Of course, you need to deleverage all your debt.
Although Trump is our only possibility at this point, even Trump will have a tough economic road to hoe if elected.
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