Skip to comments.Gold prices pass $500-an-ounce in Asia trading
Posted on 11/28/2005 10:06:09 PM PST by HAL9000
Gold crosses the 500 dollars the ounce in Asia
HONG KONG - the rates of gold have crossed Tuesday the 500 dollars the ounce in Asia, for the first time for 18 years, indicated brokers.
Gold exchanged with 500,5 dollars the ounce with 05H00 GMT on the markets of the Asia-Pacific, its higher level since 1987.
"It is as if a correction were going to occur at one time or another but I do not think that the courses will go down under 475 USD because the tendency is still hawser", explained to the agency XFN-Asia Ashok Sekar, adviser customers at Tricom.
Gold is on an up cycle, and I believe it will go much higher. It might be $600-$700 in the near future.
Strength in the USD and Gold...
I can't get Kitco.com to come up.
Gold Breaks US$500 Barrier
MELBOURNE, Nov 29 Asia Pulse - The gold price has topped US$500 an ounce on the local market, reaching its highest levels for nearly 20 years.
At 1230 AEDT the price of gold in Sydney had hit US$502.15 per fine ounce, up US$4.50 on last night's close. ADVERTISEMENT
And the price may be set to rise further still, with some analysts forecasting the gold rush to continue.
CommSec commodities analyst David Thurtell said gold was now at its highest level since 1987 and he expected it to keep going up for some time yet.
"It has probably got some legs yet," he said.
Mr Thurtell said he expected the gold price could reach US$550 in the first six months of 2006.
"Then we could see a bit of a demand reaction and a bit of a supply response," he said.
Buy, buy, buy!!! LOL
If I lived in Asia, I would be buying Gold too
last time gold was high and I bought , I lost my shirt.... ;^)
Last time I bought, gold was at an all-time low. Then it went lower. A lot lower. It has finally gotten back above what I paid for it. Will probably sell now.
What I was stating concerning the correlation between gold's rise and 'creeping inflation' is making headlines.
Really, the more short term the sheeple can be kept thinking the lower inflation seems. It wasn't much this month, week, day, so it is low. But over 30 years forget it.
The proper term describing what is adversely filtering through the entire American & global economy is a 'petrol fueled inflationary spiral'.
The old saying it is the same house, it is the money that has changed in price can be modified, it is the same petrol but it is the money that has changed in price.
It may be an oversimplification to say this but there is still a lot of truth in it: Every additional new dollar put into circulation makes the existing dollars less valuable. That is why the prices go up, to gather more of the cheaper money. The merchants are getting more nominal cheaper money but no more purchasing power than with earlier lower prices and stronger money.
That is where your inflation comes from. So it is not skyrocketing energy prices (it is the same energy, extracted and delivered the same way), the problem is over the long term crashing money, or money that is doing a poorer and poorer job of storing the wealth of its holders.
It's very true, however when one key commodity gets a 40% price jolt in one year,(even if some of the price includes massive sales tax increases) and that commodity, in this case crude oil, overlaps into the entire economy pruducing various other uses as listed on the charts below, then the general population is effected economically.
Thanks for the petro fractions graphic. Refining is an amazing process.
Here's a couple more graphics:
Nice graphics. Saved them all.
I own over fifty silver coins of silver and I bought it at around $7 per ounce. Not bad now considering silver is $8.63 per ounce as of December 5th 2005.