I've been happy with my investment in "RIO". They sell iron ore. Big demand for it beyond wearing it around your neck.
Posted on 04/17/2006 11:18:47 AM PDT by DebtAndDelusion
Gold bugs' only problem on Monday was trying to find which of a myriad of bullish factors to pick to explain yet another move to fresh 25-year highs. The usual suspects -- inflation, geopolitical tensions, and a weak dollar -- were all present at the open of trading after a three-day weekend.
Most visibly, crude oil topped $70 a barrel amid heightened concerns about Iran's nuclear ambitions. In recent action, crude was gaining 68 cents to trade at $70 a barrel.
Gold for June delivery was recently up $13 at $613.80 an ounce, off an earlier 25-year high at $614.30. Other metals were following gold's lead, with silver rising 38.5 cents to $13.24 an ounce, off a 22-year high of $13.33. Copper was recently up 7.35 cents at $2.89 an ounce, after hitting yet another all-time high at $2.93.
Ali Larijani, Iran's National Security Council Secretary, said Western requests that Iran stop its nuclear-enrichment program are "illogical," according to Iranian news agency ISNA.
The standoff between Iran, the world's fourth-largest producer of crude oil, and Western countries has sparked concern over supply disruption. Crude oil prices are at levels unseen since last September when Hurricane Katrina disturbed Gulf Coast production.
Gold's surge so far this year has been fueled both by rising geopolitical tensions, as the precious metal serves as a safe haven, and by the inflationary pressures from surging energy prices, as gold also acts as a hedge against inflation.
Other metals have mostly followed gold's lead, but with their own twists. Silver has been surging even more amid expectations that a soon-to-be-launched exchange-traded fund (ETF) will boost demand for the metal. The fund, much like the streetTRACKS Gold (GLD:NYSE - commentary - research - Cramer's Take) ETF, should make investing in the commodity easier for retail investors.
countries like Brazil have created new currencies time and time again. OOH those pesky zeroes!! I do believe that the current currency may make it unless they start the printing presses again.
You just don't want to give up your equity, do you?
I've been happy with my investment in "RIO". They sell iron ore. Big demand for it beyond wearing it around your neck.
"Most of this is driven on the cost of oil which continues to rise based on speculation that Iran will be attacked."
Oil isn't rising my friend. The currency oil is priced in ($US) is falling.
"The dollar is not sinking"
What are you smoking??
I am not smoking anything. The dollar is strong against major currencies. Whether gold becomes more valuable doesn't change crap.
Ooo I haven't seen a goldbug thread in quite some time.
I took my position at $265 and haven't changed a thing since then, but now am looking for a sell price.
Apr '02 USD index was 120. This morning it's at 88 and fighting to hold at that level.
Put that reefer down and pay attention!!
I salute your ability to cherry pick data. How about looking at where gold was in January 1980 and where it is now.
Cherry picking!! LOL.
I am merely taking the last 4 years continuous. You, my clown friend are cherry picking a 1980 date out of thin air. Like I said, put the reefer down, and clear your head.
Not continuous. You picked a peak point to offer your comparison. If you look back one year, the index is higher today. If you look back two years, the index is higher today.
Gold came right back today. A little surprising for a Friday only a day after it took a hit. Looks like 700 next week : )
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