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.
(Excerpt) Read more at foxbusiness.com ...
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.
http://www.youtube.com/watch?v=oWzSn4ih4nA
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 won’t 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. He’s 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; it’s 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.
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