Spot Gold Price … Possible New Record?
California gold nugget
Gold has gone up from an average of $280 per ounce in 2000 to around $900 per ounce currently: a two-hundred and twenty percent rise.
It’s hard not to be impressed with the way gold has held up under the pressure of a complacent stock market’s nearly nine-week-old bear rally. The rally occured because a few big banks reported that they made some money. But, many believe these bank earnings are as bogus as Bernie Madoff’s.
I would expect the olx axium of Sell in May and go away, may be the optium advice for stock market players in 2009! This is because I expect fear to return sometime soon – probably before mid-June. If this is correct, the base that Gold has been building since early April should be sufficient to propel the spot gold price over $1,000 and perhaps set a new record high. gold prospecting
COMEX gold is being maniuplated by the Fed through a couple bullion banks.
They are doing a fine job of keeping gold down and everyone flooding into it.
But, eventually gold is up because even the Fed will eventually use it to cut the US debt in half or more by revaluing gold to the dollar. Only, they will do it when they feel it is time to do it.
Until then, gold will be stuck in the range of 750 to 900 dollars. Unless, Chinese or middle eastern folks take advantage of golds low price and start buying it on the COMEX with the intention of taking delivery.
Then the game will be over for manipulation by the Fed.
So, either the Fed will eventually cause the price of gold to go to four figures on their time table or some foreign entity will get into the game before that happens to keep from loosing dollars when the Fed does it.
Gram Scale
So I’m confused! Is the price of gold going UP or DOWN?! If gold can’t go through the roof during a ‘global fiat currency’ freakout, or credit crunch, debt bubble burst, whatever, then when? My sense is that the deflation demon will finally take out gold (‘goes up on an escalator and comes down in an elevator’!)
I also agree with whomever said gold was a good hedge against inflation NOT recession. The hysterical chatter about an inflation time bomb going off is exactly that… I’d say gold will hit $500 well before it hits $2K.
Arizona silver