GOLD COULD TEST ALL TIME HIGH TODAY
January 2nd, 2008It was a Guesses for 2008 post, not a Guesses for Later Today post!
Sheesh!
Congrats to all gold longs.
Via: Reuters:
Gold swept to a 28-year high on Wednesday driven by surging oil, a weaker dollar and simmering geopolitical tension, making a test of record highs at $850 an ounce a real possibility on the first business day of 2008.
Other metals jumped on bullion’s bandwagon with platinum closing in on a record $1,542 an ounce, silver hitting a five-week high and palladium at its best in six weeks.
Spot gold surged to $848.60 an ounce — its highest since January 1980 when gold prices were fixed at a record $850.
It later backtracked slightly to $846.30/847.00 by 9:07 a.m. EST, compared with $832.70/833.50 quoted late in New York on Monday.
“The fundamentals are very strong for gold — there’s no doubt about it,” said David Thurtell, metals analyst at BNP Paribas.
“Certainly the safe-haven bid, weaker dollar and credit market turmoil has been favorable for gold, and oil hitting $97 is not doing it any disservice,” he added.
Gold gained more than 30 percent in 2007, in its biggest annual gain since 1979.
The euro was up half a percent on the day versus the dollar with investors betting that upcoming U.S. economic news might be weak enough to confirm a need for more U.S. interest rate cuts.
Don’t forget $100 oil today either! Gold – a preview of inflation to come in ’08. Oil – PO goes mainstream this year?
Re: your presidential predictions, I agree that Kucinich is just wasting time, but with Ron Paul, maybe. I know he’s not a CFR shill like Carter was, but wasn’t Carter used just the same to discredit the liberal democrats and conservationists. I know Reagan wasn’t a CFR man either, but he picked a CFR man for his running mate who eventually got the prize (should it have been earlier with the botched assassination attempt, I don’t know). If the agenda is to truly kill the US middle class by 2012, who better to be the next president than Ron Paul? Isn’t it the perfect setup? Paul is shown to be totally powerless and inept in stopping the train from crashing, thereby discrediting libertarians in the eyes of the American populace for all time, thus allowing the jackboots full rein. And if Paul somehow pulls a rabbit out a hat, I’m sure his veep will be a CFR shill waiting in the wings. Paul is an old man, surely subject to a timely fatal heart attack or stroke should the need become apparent.