Gold Above 370.00 per Oz...Hits High of 373.90 [6 Year High]

Kitco ^ | 1/27/03 | mixed

[antaresequity]

Gold Cracks 370.00...equity futures off, Euro edging up in overnight trading...

SPOT MARKET IS OPEN closes in 10 hrs. 9 mins.
Jan 27, 2003 03:21 NY Time
Bid	372.10
Ask	372.60
Change	+4.40
	+1.20%
High	373.90
Low	368.80

6 Year High in Gold

[bvw]

US History is replete with short, little wars that actually were good economically, otherwise. These wars are forgotten and the long, bitter, massive wars remembered.

[Phaedrus]

The largest population on earth, the Chinese, were very recently allowed to privately own gold.

Interesting news to me. Can you point to a news article or source for more detail?

[razorback-bert]

How did oil prices behave immediately before, during, and immediately after Desert Storm?

[Semaphore Heathcliffe]

Yes...these are momentous times..I wouldn't miss this for the world.

ditto. front row seats to an as-yet indeterminate event.

[Semaphore Heathcliffe]

...perhaps "trend" is more appropriate term than "event."

[RightWhale]

The last gold surge was tied directly to the Chinese

Reminded of Marco Polo, who sewed gemstones into the lining of his coat for the financing of his journey. Gold and gemstones--won't get you through airport security anymore.

[jwh_Denver]

Interesting news to me. Can you point to a news article or source for more detail?

This info is about 2 months old give or take. I took a look at Gold-Eagle where I know I saw several articles about it when it was announced but could not find anything today. I'll look further.

[weikel]

Like ive been saying peace could break out at any moment. It will drop like a polish fighter once that happens. Im going to advise my Father to put everything he has into shorting gold now.

[Jason_b]

It is older than that. It has been talked about for over a year. They recently opened the Shanghai gold exchange. So far, gold sales brisk.

Another thing we have in common with the Commies: the Chinese government allows or disallows its citizens from owning gold----The US government allows(nixon)/disallows(FDR) its citizens from owning gold.

Personally, I think there is an equivalency between owning gold and keeping and bearing arms. I don't see how the government can legitimately infringe any free person's right to own either. But for part of my life, Americans could not own gold bullion. I was too young to care when that changed. But I would certainly care now if it changed back. And I would hope that if ever the US government for any reason tried to curtail the right of the American citizen to own gold, there would be a reaction not unlike that which would result if the US government suddenly decided to totally ban guns.

[Jason_b]

"Those who began their long term investing in March of 2000 will wait 20 years before breaking even."

Don't forget to factor in inflation. At average 7% yearly, and remember that the destruction of purchasing power compounds yearly, it might take a multiple of 20 years to get your capital back in real inflation adjusted terms, and in that time, there could be a whole another bubble followed by a burst, giving rise then to thoughts just as you stated above today.

Face it. Buy at the top of any bubble, and lose it in the burst, and it is gone forever---to the guys who got out early. No one who lost it is ever getting it back.

[Destructor]

I've been buying gold for about three years now. Some of the status quo Freepers have called me a fool. Ultimately, I will have the last laugh!

[Poohbah]

Don't forget to factor in inflation. At average 7% yearly, and remember that the destruction of purchasing power compounds yearly, it might take a multiple of 20 years to get your capital back in real inflation adjusted terms

7% inflation? Son, we're in a DEFLATIONARY cycle right now.

[Poohbah]

I've been buying gold for about three years now. Some of the status quo Freepers have called me a fool. Ultimately, I will have the last laugh!

Actually, if the worst case that the gold freaks conjure up to move product ever comes to pass...

You'll wish you'd invested in copper-jacketed lead...

[Semaphore Heathcliffe]

it's possible to invest in both at the same time.

[Poohbah]

Yeah, but if you seriously believe in the stuff that the gold shills are spouting...copper-jacketed lead will have a far superior ROI.

Look at it this way: for all the kvetching by the more extreme gold bugs about how Federal Reserve Notes are "worthless fiat money," they will be worth more than gold ever will be in an economic collapse.

After all, you can't wipe your a$$ very well with a gold coin :o)

[imawit]

The indexes are taking on the chin today. But, the decline is not showing strongly in breadth yet anyway. And the long bonds are not moving dramatically either.

Who knows, a few more hours to go and then the "State of the Union".

[Centurion2000]

War is not good, and it does not create prosperity nor cause stability.

It is the uncertainty which is causing the fluctuations. Once the war breaks out there will be a spike. 5 days later after the war is over, things will rally.

[Orion78]

Should have bought in at $270 PING!

[jwh_Denver]

And I would hope that if ever the US government for any reason tried to curtail the right of the American citizen to own gold, there would be a reaction not unlike that which would result if the US government suddenly decided to totally ban guns.

I would hope so too but owning gold is is pretty low if at all on the care list of most Americans. The screams of those who do know what it means to own bullion essentially would be a non-event.

[Destructor]

"Actually, if the worst case that the gold freaks conjure up to move product ever comes to pass..."

"You'll wish you'd invested in copper-jacketed lead..."

I do that too! I also go out to the range and practice once a month.

When Y2K happened and most of the people in the country were worried- I wasn't! Not even a little bit. In addition to gold and silver I also buy stocks, and bonds. I even try to save as much cash as I can just to have some liquidity. Guess I'm just a nut lookin' for a place to crack, huh?