Skip to comments.Gold Reaches New Highs as Dollar Sinks
Posted on 04/21/2011 7:28:31 PM PDT by Nachum
LONDON Gold prices hit record highs for a fifth session on Thursday and silver rallied to its strongest since 1980 as the dollar slid to a three-year low against a basket of major currencies.
The action in the currency markets added fuel to a rally sparked by concerns over the U.S. economic outlook, rising inflation, worries over euro zone debt and historically low interest rates in the United States, analysts said.
Spot gold was bid at $1,502.10 an ounce at 1322 GMT, against $1,498.15 late in New York on Wednesday, having earlier peaked at $1,508.75 an ounce. U.S. gold futures for June delivery rose $3.90 an ounce to $1,502.80.
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But, but, but, but, but you can’t eat gold
I bought more silver today, despite the high price.
It’s not that I think silver must go higher... but that the dollar must go lower.
Not a peep from the Communist press.
1.00 USD = 0.952579 CAD
“Not a peep from the Communist press.”
They’ll ignore it when Silver hits the all time high at $50, which given the past three days could be sometime next week.
Gold and silver are both at new highs. Although for some reason the stocks have been lagging somewhat the last few days.
It's a bunch.
Throw in real estate, mineral deposits, oil bearing property, and we probably don't really have a net national debt.
BTW, you can't eat gold, and when the going gets real, real, real tough it's better to have an attic full of tulip bulbs than just about anything else.
And you find people still laughing about the Late Medieval Tulip Bubble!
You cannot eat gold, but you sure can buy food with it.
Oil is now tracking Gold. It is not the “Speculators” it is the currency.
I just committed to another purchase myself of 40 Morgan Dollars. I don’t expect responsibility on the part of either party, so it’s wise to accumulate silver. What I like about the ‘junk silver’ is that it can be sold off in small amounts and is readily accepted.
So, what did the rich people use to buy food, and what food was preferred.
To explain, they really do grow a lot of tulips in Nederland ~ they eat them too but mostly they grow them as little storehouses against famine, disaster, financial collapse, or whatever.
With the flooding in Walcherin, an island mostly below sealevel, they had the disaster of the last 1000 years.
The best currency for buying the only food available ~ the ever present tulip bulb, was a DIAMOND or other GEM STONE. They are light, easy to store, etc. The least desirable currency was GOLD. It's heavy, hard to store, enemy troops are always looking for it since it comes in discrete chunks (gold coins) that area actually quite difficult to hide when you are surrounded by 16 feet of cold, dark, nasty seawatter.
Diamonds on the other hand are hideable ~ even if only in cracks in the timbers of the house holding up the roof.
So, no, when it gets really bad, you are ahead with gem stones, and behind with heavy metals.
The ancients might take off on a journey with a few jewels which they'd exchange for currencies of gold, silver, electrum, copper, bronze, brass ~ whatever ~ once they'd arrived.
Looks like a bubble...exacerbated by Obamalini’s brilliant Middle East policy.
Even though I am gaining dollars on gold, I wish gold was at $250(where I bought) and the dollar strong.
I don’t get it.
If we are experiencing high inflation, where is it?
The supply and demand of everything being equal, shouldn’t inflation cause the price of everything to rise in equal proportion along with gold, silver, oil, and stocks?
Show me the inflation.
His policy is to aid in the creation of the MU Muslim Union. Modeled after the EU and the AU here. NWO trade zones.
Maybe the Gold buyers saw the recent poll showing that even most Tea Party members oppose any cuts in medicare.
On the bright side, Obama is having the justice department investigate why oil prices are so high (no investigation into gold prices) because Democrats claim it's all speculation, why would anyone have previously bet that oil prices would go up?
Right now the inflation is in the base commodities and stock market. Gold and silver aren’t even technically into their run until they surpass their inflation adjusted highs of the early 80’s...
I misread your tagline and thought it said we had to pay the left for the bill.
$100 of 90% Silver Coins Melted at the Refiner Returned $2310.81.
Surely you jest. There are so many industries that have raised their prices, it is scary. Go product by product and we are seeing significant price increases.
Steve Wynn (Las Vegas) spoke of this only today. His hotel employees are facing all sorts of extra shared costs they never had before. Our buying power has been vastly reduced, the currency has been so badly damaged that China is finalized its agreement with at least four major trading partners to use an alternative currency to the dollar only this week.
“If we are experiencing high inflation, where is it?”
Have you been in a grocery store lately? Just recently I discovered butter went up $.50 in a week. That’s significant when the price had been under $3.00. Food prices have gone up dramatically over the last year.
As I asked on another thread: what kind of moment have we come to when the leader of the Free World uses his power to seek out scapegoats for the destructive things he himself has done intentionally?
Why would they bother melting it down?
You’re correct, the strength of precious metals is a symptom of national weakness...not good.
You mean Obama? :)
Well, he has a re-election coming up and things are not going well. The ‘are you better off now than ...???’ argument isnt likely to work for him. His base is upset he is making deals with Republicans, independents are mad his is not making deals with Republicans. Gas and food prices are rising, but unemployment is not dropping, the stock market is on the edge of collapse.
That doesnt leave him with many options for 2012 but to scapegoat. Like this 'There are no jobs because the greedy rich are making money by keeping you unemployed'.
Did you see this ?
:What this means is that Obama wont run primarily on his record or his plans for the future; his political strategy is to assault Republicans in as agreeable a manner as possible. Hes going to run a campaign based on fear, employing an avalanche of fraudulent arguments, all the while portraying himself as reasonable and mature, the only adult in a political room full of children. This approach is not only dishonest; its stale. The nation is increasingly weary of Obama. At this stage, then, the president is weak and getting weaker.
Polls Paint Bleak Re-Election Picture
I would rather have my holdings decimated as a sign the glory days are back for this once great nation. Money can always be made up somehow - there will never be another United States.
Bittersweet, to say the least.
America, we hardly knew ye...
Why pay the premium for Morgans, when more recent junk silver is cheaper, smaller denomination, and less worn (meaning more silver per face value)?
I bought them at junk silver prices. I agree junk silver is the best route; I prefer dollars or halves though.