Posted on 05/12/2010 7:32:32 AM PDT by SeekAndFind
Gold surged to a record high on Wednesday as investors piled in, seeking safety from turmoil in government bond markets and the risks of Greece's debt crisis spreading to other countries.
Spot gold hit $1,243.55 an ounce, a gain of nearly 20 percent since early February. It was bid at $1,240.75 an ounce at 1006 GMT (6:04 a.m. EDT) from $1,232.05 late in New York on Tuesday. U.S. gold futures hit a record $1,244.80 an ounce.
Investor buying this week was triggered by doubts that a $1 trillion rescue package to contain an escalating debt crisis in Europe would be enough to cut the chances of sovereign default in the euro zone.
"Safe-haven flows are going to continue for the time being, people are digesting news about the package," said Dan Smith, analyst at Standard Chartered. "This is something of a wake-up call in terms of how safe sovereign debt really is."
Investors and many traders think the scale of Greece's fiscal problems could make it tempting for the country to default, despite the package, which could start a run on the debt of countries such as Spain, Portugal and Italy.
That was partly offset by news that European central banks were buying Portuguese, Irish and Greek government bonds, but investors and analysts are not convinced.
"Gold is benefiting as euro zone government bonds lose some of their safe-haven appeal. With governments tightening budgets, it will take the pressure off central banks to hike," said David Thurtell, analyst at Citi.
(Excerpt) Read more at abcnews.go.com ...
Ever try eating a ten-spot?
This is not a good security blanket if there is no market to turn into cash to buy bread.
And if there's no wheat to grind all those dollars bills laying around will make a darned sturdy wallpaper.
"Government is the only entity that can take a valuable commodity like paper, slap some ink on it, and make it worthless." Ludwig Von Mises.
Good thing I have 8 oz of the stuff....
In my opinion any futures market is like a huge roulette table, IOW take your $$ and get off.
A big deal was made about the stock market going up 4% on Monday. It wasn’t that stocks were going up — it was that currencies were going down, due to the $1T Euro-TARP program.
I heard Dave Ramsey say something similar.
What are the stock market symbols for gold, silver and oil?
I keep hearing about the price fluctuations and see charts of them, but cannot find any symbol for any of them on the market exchange listings.
Thanks for the information in advance.
Ever try eating gold?
Ever try eating a ten-spot?
This is not a good security blanket if there is no market to turn into cash to buy bread.
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With my 45 pressed against the forehead I take your share? yes NO? will bethe rule of the day.
With my 45 pressed against the forehead I take your share? yes NO? will bethe rule of the day.
Actually discussed this with my neighbor (2 doors down and a farmer). These are the first people we will take out.
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bless be the Lord of trained my arms for battle. Psalms 144.1
Train like you fight, fight like you train
For ETFs, which are not exactly the same price as the commodities themselves, try GLD, SLV, and USO. Natural gas is UNG or UNL.
Commodities symbols themselves changes every month.
Try http://www.kitco.com for good graphs of gold and silver.
A note that 8:15 ET is when NY gold trading begins. A sharp move there at the open often indicates the direction for the entire day -- and it looks like it's up a smart eight bucks in a half hour:
A better view from the same page:
Similarly, silver is up 20c, that's more than a percent.
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RE: The EURO is Tanking
Well,what can I say ? The Euro has fallen back to $1.25. Why did I use the word “back” ?
Well because when the Euro was first introduced it was pegged at $1.25/Euro. It is only returning to its original value at the time of its birth.
This is not to say the USD is strong. That is why a good measure of a currency’s strength is its value relative to Gold (or Silver ).
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