Posted on 11/06/2007 4:44:12 AM PST by ml/nj
LONDON (Thomson Financial) - Gold hit its highest price since January 1980, following record high oil prices which stoked inflation jitters.
The precious metal rose to as high as 819.93 usd per ounce, its highest price since the 1980 peak of 850 usd, just as London's Brent oil hit a record high of 92.36 usd per barrel.
(Excerpt) Read more at fxstreet.com ...
Ya can have my brandy, you can have my wine, even have my lady if you like, but the gold chest at free republic will cost you your life matey! Arrrrrrrgggggg!!!!!! (squinting eye, ...shaking my left hand as if it was gone but had a hook on it instead...)
Stocks, if you think about it, don’t make people completely nuts like gold. That is the best part about gold I think. Oh, there’s no overpaid CEO either!
Gosh, if we’d only kept that gold we bought in 1979, we’d almost have our money back by now-—28 years later.
It is not currency. It is a purchase - you also should have paid any sales tax on the purchase - did you?
OK, I did open an international growth account in 1992 but that doesn’t play here.
Of course not.
And it is legal tender, backed by the US Government.
<...so I can bet the other way.>
Lots of folks are gearing up to do so. If that is the case, the end is going to be quick, swift, just like the financial stock collapse. Just curious, what kind of sell signal would you look for, so you’re not the last guy out?
Above, I wrote something that ties in with your comment. The other side of the trade, whether it is gold, oil, euro, cdn, etc.... is the dollar, or the us equity market is it not?
The crash of international markets in 93/94, in Europe, Asia, and Latin america was all about currency. The currencies of those countries again, are nearing/above those previous highs. I suspect the tide turns soon.
Somewhere in this, is a 50k trade, that turns into 1m.
For anyone that agrees with my thoughts, would love to hear your ideas on what that trade might be, and maybe more important, when.
So you are a double tax cheat.
Hey, you were young, it was the cool thing to do.... You know better now, and can preach to your kids about how foolish, THAT is.
Don’t be ridiculous. Honest money was abandoned by the US government 100 years ago.
Isn’t a double tax cheat, really a way of paying taxes. Kind of like that double negative thing, making a positive? I think Eyedigress can legitimately now ask for a tax refund, of the money he cheated.
Besides, it’s gold, nobody makes any money in that...
Hot Dog!
Sales tax is regulated by the state. Even though there is a general sales tax in Washington state, there is no tax on gold bullion.
Please be more careful if you are willing to call somebody a cheat or a fraud.
Foolish me. LOL (I was young but the old man said go growth all the way) :^)
Have fun paying taxes on your SS. WOW!
But to try and answer your question about exit points, I guess as long as oil goes up and up, and people continue to pay increasingly higher prices of gas, continue to buy gas guzzling vehicles as what I can see, continue to buy increasingly expensive fancy imports...and yet through all of this the economy is still expanding, I see it as bullish for the current trend. The trade outlook is only now starting to correct itself in the form of dropping deficits, and that along with the dropping budget deficit should allow reality to kick in but when that happens I have no idea.
I go with the advice of my broker. I don’t know all the laws but I do live where there is no state income tax. The tax on currency is written as such that it is very difficult to treat it as anything but currency. I will stop there.
Yes, that’s very true. An example of “Markets can remain irrational longer than you can remain solvent” type of situation. Bears could see the problems, which are now becoming clear to everyone, but overestimated the speed at which the system would correct and underestimated the extent to which the irrational exuberance would continue. On an inflation adjusted basis, the DJIA doesn’t look so hot versus 2000, but if you bought the 2003 bottom, you’re doing well. You sound pretty level headed. That’s the key, IMO. It’s imperative to keep emotion from clouding judgment.
When you say you’re waiting for the bubble to pop, what are you talking about? gold? oil?
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