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$700 Gold

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Gold Reaches $700 an Ounce in New York for 1st Time Since 1980

May 9 (Bloomberg) -- Gold rose to $700 an ounce in New York for the first time since October 1980 as tensions increased over Iran's nuclear-research program.

The U.S. government said a letter from Iran's president hasn't reduced its determination to halt the Islamic republic's nuclear research. Geopolitical turmoil can spur investors to buy precious metals as a store of value. Gold touched a record $850 in January 1980 after a 1979 Iranian revolution slashed oil exports and spurred 12 percent inflation in the U.S.

``No one is buying Iran's overtures,'' said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. ``This is purely a geopolitical move for gold. We've been here before. The difference is that this time, there are nukes involved.''

Gold futures for June delivery gained $20.10, or 3 percent, to $700 an ounce at 11:24 a.m on the Comex division of the New York Mercantile Exchange. A close at that price would be the highest since October 1980. Prices are up 63 percent in the past year.

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I'm due a redundancy payout and I'm very nervous about keeping it in sterling. Would you still advise whacking a chunk of it into Gold even though it's at it's highest level since 1980??

If so whats the best way of doing it?

:blink:

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Guest Bart of Darkness

I'm due a redundancy payout and I'm very nervous about keeping it in sterling. Would you still advise whacking a chunk of it into Gold even though it's at it's highest level since 1980??

Good question, any takers?

Gold seems to have reached the $700 threshold much faster than $600 (with very much less in the way of pullback along the way). Are we due a pullback or will the Iran situation keep the price going upwards?

(devslim, plenty of good research material in the Investement in General forum)

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stick about 25% of your investment fund into physical gold and silver would be my answer.

be prepared to hold for 5 years at least

alternatively buy some shares in some miners

or do both

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$700 sounds good, but if you bought the physical recently, a lot of profit will have been eaten up in the dollar devaluation against sterling :( Still a very health profit though. :D

Are we the first retail investors in the UK to get the gold bug? (lots more to come?)

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Guest Guy_Montag

stick about 25% of your investment fund into physical gold and silver would be my answer.

be prepared to hold for 5 years at least

alternatively buy some shares in some miners

or do both

Interestingly I was having a discussion with a colleague today about something completely unrelated - and he mentioned that there is sever shortage of qualified & experienced geologists involved in mining (&l oil exploration). I had never heard of the Bre-X scandal until he mentioned it.

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Interestingly I was having a discussion with a colleague today about something completely unrelated - and he mentioned that there is sever shortage of qualified & experienced geologists involved in mining (&l oil exploration). I had never heard of the Bre-X scandal until he mentioned it.

Gordon Brown, IR35 - pretty much kiled off the mining and oil exporation business in the UK a few years back as, as a resut of IR35, wages plummeted, tax bills for self-employed geologiests soared through the roof and companies then had a windfall tax, thanks again Mr. Brown, put on their profits. Brown, IMPO, basically killed the industry off and, with wages being so awful and no work being around anyhow, who wanted to train as one.

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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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