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Gold Price Passes $600 An Ounce

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Gold price passes $600 an ounce

Gold prices have climbed past $600 an ounce, driven on by investors who see the metal offering better returns than shares or bonds.

Gold futures for June, the most popular contract, closed at $599.60 an ounce in the US, but reached a peak of $601.90 in earlier trading, a 25-year high.

Prices have now surged about 20% since the end of November.

The prices of commodities like copper, zinc, silver and sugar have also jumped recently as investors bought in.

"Commodities are the flavour of the month," said David Gornall, head of foreign exchange and bullion at Natexis Commodity Markets.

"Gold, silver, zinc or copper, it doesn't really matter, as long as it's a commodity."

This will spook the Fed, expect further IR rises.

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So how much has Gordon's golden fleece cost us now?

'Brown's gold sale losses pile up as bullion price surges':

http://business.scotsman.com/index.cfm?id=2313142005

Remember how some six years ago he declared he would sell 60 per cent of Britain's gold reserves held by the Bank of England?

Many suspected the exercise was designed to inspire confidence in the then soon-to-be-launched European single currency. This was because some of the proceeds were to be earmarked for the purchase of euros.

In due course, Brown sold off 300 tonnes at just $275 an ounce -- close to a 20-year low.

Roughly a third of the proceeds were then invested in euros -- which then proceeded to plummet.

The gold price did not do much for a time. Now it has enjoyed a stunning rally.

The result is a stonking loss on those Gordon Brown gold sales. In fact, the Chancellor's disastrous foray into international asset management now looks to have cost the British people some £2 billion.

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Gordon backed the wrong horse for Britain's future prosperity: Debt supported HPI/MEW otherwise known as the "Miracle Economy."

Silly billy...... :lol:

Edited by Realistbear

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The cost of Gordon's golden fleece.

http://www.google.co.uk/search?q=ounces+in+a+tonne

1 tonne = 35 273.9619 ounces

http://www.google.co.uk/search?q=35273.961...$(600-275)

35 273.9619 * 300 * US$ * (600 - 275) = 3.43921129 billion U.S. dollars

http://www.google.co.uk/search?q=$3.4...llion+in+pounds

US$ 3.44 billion = 1.96156697 billion British pounds

= £2 billion.

Edited by Jeff Ross

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whats the best way to buy gold but not attualy hold it yourself?

I currently stooze with my credit cards and am thinking of buying gold with my stooze pot. Risky yes.

I would need instant access to sell/buy my gold.

hope someone can point me in the right direction.

Edited by goldmercury

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whats the best way to buy gold but not attualy hold it yourself?

I currently stooze with my credit cards and am thinking of buying gold with my stooze pot. Risky yes.

I would need instant access to sell/buy my gold.

hope someone can point me in the right direction.

Try goldgrams website.

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Gold just had a mini-crash on the NY market:

http://money.cnn.com/2006/04/07/markets/ny....reut/index.htm

New York gold falls 1.6 percent

Investors cash out on gains built up over the week, other precious metals drop, too.

April 7, 2006: 11:39 AM EDT

NEW YORK (Reuters) - Gold futures in New York tumbled from a 25-year high on Friday morning, pressured by speculator and trade selling as the dollar climbed after a closely watched U.S. jobs report and as oil prices eased.

Seems higher IR on the dollar are proving to be a draw?

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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