Monday, Oct 29, 2007
Gold Fever
Reuters: Gold zooms towards $800
Gold rallied to its highest level in 28 years on Monday and targeted $800 as oil surged to a record peak and the dollar tumbled on speculation over a U.S. interest-rate cut. Are gold prices pointing to something very nasty????
Posted by pecker @ 02:26 PM (653 views) Add Comment
7 Comments
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1. The Reaper said...
Are gold prices pointing to something very nasty????
yes.
2. harold said...
Are gold prices pointing to something very nasty?
IRs = 20%
3. pecker said...
Worth buying gold stocks at this point anyone??
4. Simondo said...
I bought at $680 , i think $800 is on the cards but I'm not going to buy any more. I will take profit at $800 and hold. If the Fed in the USA drops interest rates again at Wednesdays meeting it could cause another spike in gold prices ( 800 is a possiblity).
Simon
5. Afrobaggie said...
Or physical gold?
6. harold said...
s2r1 has expressed the view (and I tend to agree) the gold is likely to fall in the short-to-medium term before bolting through $1000. A lot depends on the extent to which the fed cuts rates. One thing is for sure: don't keep your saving in either £s or $s. Personally, at present I favour €s amongst the fiats, but am watching gold closely (and nervously).
7. inbreda said...
If you think of gold as an asset (as opposed to a fiat currency that can feasibly become worthless overnight) then it is still a good investment (long term - just like they say about houses!). Buying some now, and continuing to buy if the price falls is what I plan to do, as I think long term it is not a big risk. short term it may fall. Medium term I think it will rise. IMO inflation can be accurately measured as the supply of M3 money. But this doesn't take account of the number of £ or $ that have not been printed, but HAVE been created (through creative accounting). When the markets realise that the money doesn't exist, but the inflation it causes does, then the $ will become worthless - of course this has to be relative to something, and I would say that the something is gold. A dollar is always worth a dollar, and an ounce of gold is always worth anounce of gold, but the difference between the two is about to be seriously exaggerated.