Sunday, January 13, 2008

Gold at $1000 on Shanghai Gold Futures Market

Shanghai exchange seen driving gold far higher

"Shanghai's investors paid a large premium of about $100 an ounce over international gold prices, with the June futures contract hitting an intraday high of Rmb 230.95 a gram, or almost $1,000 an ounce." www.caseyresearch.com comments "This is just one more case of not trusting the paper money systems. A country can control its currency, its interest rate and its inflation, but not all at once. With the dollar crashing, the inflation in China is high. Chinese citizens are increasingly rich, and not stupid. Gold is an exit strategy from the renminbi’s dollar-linked inflation of 6.9%."

Posted by happyrenterz @ 10:35 PM (612 views)
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4 thoughts on “Gold at $1000 on Shanghai Gold Futures Market

  • planning4acrash says:

    So, happyrenter. You reckon we’ll get a buying opportunity before the next upswing?!

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  • If there’s one thing I learned from failing to get onto the housing ladder many years ago, it’s that you shouldn’t wait around for a “buying opportunity”. Gold is, like housing was, on a long-term upward trend. There may be month-to-month blips, but unless you’re a day-trader then just buy whenever you’re ready. If you want to be cautious then drip-feed your cash into it (google for “pound cost averaging”). I bought gold when others (including on here) told me not to buy at $750 because it will soon fall back to $650 again. ‘Nuff said!

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  • @p4c everytime i wait for a buying opportunity I see my £ melting in value and gold marching higher. So I just buy regularly and comfort myself that gold is still cheap by reading stuff like this from Dow Theory Letters

    Gold is a bargain: “What can I buy today at 1979-1980 prices? Russell, you’ve got to be kidding. Everything is much more expensive today. Forget those prices of 1979-1980. Get into reality, man.

    “Wait, there is one thing that I can buy today at around 1979-1980 prices. That one thing is gold. Gold today is selling just a bit higher than it sold for back in January 1980. How can that be? Brother, it be. Today you can buy gold for just a few percentages more than gold sold for at its high in January 1980.”

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  • “Chinese citizens are increasingly rich, and not stupid. Gold is an exit strategy from the renminbi’s dollar-linked inflation of 6.9%.”

    Forget the $ it is the £ that is this year’s dog.

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