Gold Tops $1080 Today

[Hardondee]

All those dollars the Chinese reserved for a PM purchase still need to be spent on something. Anyone care to guess what PM that may be?

Ohhhhhhh!  Me!  Me!  Me!



Ag!?

[Brigadoom]

Just sat and watched it go over $1092.50.  This is fun! 

[jcs44]

$1096.80

Another new record high in overnight trading...the USD is back to bouncing along the 76.1 mark in early morning trading and the DOW futures were +68 points around 6:10 AM EST.

Most of this overnight activity is being labeled a product of "speculation" that Bernanke and the Fed are going to leave the interest rate untouched, despite the economic recovery.

[Hard Assets]

We have been told that interest rates "will remain low for some time". Imagine the stock market and housing if they raise a quarter.

Can you say free fall?

OTOH, leave them alone and watch gold break $1,100 minutes after the announcement.  The FED/treasury want a lower dollar anyway, how long can they have these ridiculous trade imbalances anyways?

[NYALB]

We got $1090, come on $1100.  I can't wait to hear all the idiots on the TV financial news after this hits $1100 today. 

[cz]

And here I was wondering, after it dropped the other day, if buying 2 more oz at $1045 was a bad idea :-P

[jtmo3]

I'm in the same boat cz and missed out. Now I'm wondering the same thing at almost $1100.

[Abhaha]

And here I was wondering, after it dropped the other day, if buying 2 more oz at $1045 was a bad idea :-P

It goes up it goes down; you just can't get too wrung out about it.

Been watching it for over 5 1/2 years. Mostly it has gone up over the long term.

[haniel]

And here I was wondering, after it dropped the other day, if buying 2 more oz at $1045 was a bad idea :-P

You were wondering?   What about India?  "Should we buy 200 tonnes or not?"

[Bill Hicks]

And here I was wondering, after it dropped the other day, if buying 2 more oz at $1045 was a bad idea :-P

It goes up it goes down; you just can't get too wrung out about it.

Been watching it for over 5 1/2 years. Mostly it has gone up over the long term.

If you're a doomer, buying PMs is a long term move, as it should be.  I'm actually hoping for another dip below a $1000.  The idea is to stock up before TS really does HTF.

[cz]

And here I was wondering, after it dropped the other day, if buying 2 more oz at $1045 was a bad idea :-P

It goes up it goes down; you just can't get too wrung out about it.

Been watching it for over 5 1/2 years. Mostly it has gone up over the long term.

If you're a doomer, buying PMs is a long term move, as it should be.  I'm actually hoping for another dip below a $1000.  The idea is to stock up before TS really does HTF.

Yeah, I keep hoping, actually, for a dip... but its been pretty stable above $1K now, and I figured I could add a bit.

At some point, if its worth it to you to *have* it, the price is irrelevant really.  I do buy canned foods & such on sale when I can, but I also know that when TSHTF, and you're starving, you'll be *wishing* you hadn't passed up on that stuff because "it wasn't on sale".

[Rival]

I got into a discussion about gold today and got stumped. It seems that you can recieve dividends, interest, or rent from just about every asset class out there by lending it out for a period of time.  I can lend my $$$ to a money market, and get repaid with more $$$ than I started. If I lend enough $$$ to a company, I could live off of the dividends without ever touching my prinicipal. I can buy a house, and collect rent without ever touching my equity. In capital markets I can increase my holdings of just about everything simply by lending or renting, with one glaring exception: I cannot increase my gold holdings by renting it out. There does not appear to be any way for me to turn an ounce of gold into two ounces over time. The only way to profit from my physical gold is to sell off my prinicipal, and you can only sell it once and then it is gone.

Am I missing something here? Why are precious metals the exception to the capital accumulation rules? Any ideas?

[jtmo3]

Rival, it's all about risk. All the other things you mentioned, could become worth zero. About the only way gold returns zero is if it's stolen.

[metaforge]

Bought my first batch today.  Yes, late to the game... 

[Abhaha]

Yeah, I keep hoping, actually, for a dip... but its been pretty stable above $1K now, and I figured I could add a bit.

I watched it go into significant dips in the past 2 years, but at this point I would be surprised to see it go lower than $1K because many many more people are starting to NOTICE even in the MSM. So if it goes down even a little bit--go for it if you want it, CZ.