Gold futures rise above $1,600 an ounce

Marketwatch ^ | 7-18-11 | Polya Lesova and Virginia Harrison

[Atlas Sneezed]

Gold futures rallied above $1,600 an ounce in electronic trading on Monday, as concerns about the euro-zone debt crisis and the lack of agreement on raising the U.S. debt ceiling prompted investors to seek a safe haven in the precious metal.

Gold for August delivery GC1Q +0.54% rose $7.90, or 0.5%, to $1,598 an ounce on the Comex division of the New York Mercantile Exchange in very early morning U.S. trading. Earlier in the day, the contract surged as high as $1,601.20 an ounce, according to data from FactSet.

Gold futures finished last week at a record nominal settlement price of $1,590.10 an ounce.

[Atlas Sneezed]

[CholeraJoe]

Indeed! Look for Au and Ag to continue to rise.

[GonzoGOP]

Indeed! Look for Au and Ag to continue to rise.

The question is at what price does Obama make an FDR style grab for the gold. It is just too tempting a way for Obama to raise some funds on the backs of "rich" people.

[wafflehouse]

is granny going to give up her gold necklace for Obama? I’d say probably not.

[Kozak]

How? You think people are going to just go, “okay take it”?
This isn’t the 1930’s. If they come looking for it, they may find a lot more lead copper and brass then gold or silver.
They can make it illegal to hold or trade, and look what that’s done to stop the drug trade....

[blam]

$1600 (GOLD!)

[Red Badger]

Dow Jones Industrial Average Index

[GonzoGOP]

is granny going to give up her gold necklace for Obama? I’d say probably not.

Most of the gold is not bling, but bars sitting in banks. Those are easy for Obama to grab. He doesn't even have to haul it away, just post treasury department guards on the vault.

If you have physical ownership of gold you at least have some chance of hiding it. If you own a slip of paper that says you have gold in a vault someplace, and Obama decides to make the grab, forget it.

[bert]

We no longer have gold circulating. If you have no gold it can’t be grabbed.

If you have gold in the ground it can’t be confiscated.

Obama has no money to buy the gold that is out there. It can not happen

[blam]

Financial Crimes On Wall Street And The Debt Crisis

"All of you subscribers in the EU and UK get your funds out of the bank, now, and into gold and silver coins."

[blam]

Financial Crimes On Wall Street And The Debt Crisis

"All of you subscribers in the EU and UK get your funds out of the bank, now, and into gold and silver coins."

[screaminsunshine]

And Silver is back to 40.

[AAABEST]

Did banksterpatriot finally get the zot?

I searched his SN using the syntax you pinged him with, but I get a "nobody by that name."

[GonzoGOP]

How? You think people are going to just go, “okay take it”?

Yep, because the majority of the gold is not in the hands of individuals, but sitting in bank vaults. And the people who own the vaults don't actually own the gold, so they aren't going to fight for it.

If you buy gold take physical ownership. If you have metal in hand it will be hard for Obama to get it. Of course with the exchanges shut down it would be hard to exchange it at a favorable rate, but if your goal is just to preserve wealth until Obama is in the dustbin of history you are good to go.

But the gold being traded today at $1600 and ounce isn't actually being wheeled around the trading floor on carts. It is all electronic, the actual metal is all stacked neatly where Obama can grab it.

[Red Badger]

All of you gold are belong to US!...................

[blam]

[cableguymn]

I could be wrong. I don’t buy paper gold. But is there an once of gold to back every once of paper gold sold? or do they sell more paper gold than they have in real gold?

[djf]

If the Euro tanks it would not surprise me to see gold drop dollar-wise.

For a while, at least.

[Lazlo in PA]

So all the talk of Gold on the decline the last two weeks was BS. What a surprise.