REVscene Automotive Forum - Gold hits $1,174 per ounce

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Gold hits $1,174 per ounce

Quote:

LONDON — Gold prices soared to a record 1,174 dollars an ounce here on Monday as a sliding US currency and worries about a possible spike to inflation increased demand for the "safe-haven" metal, traders said.

Gold hit exactly 1,174 dollars an ounce in late trading on the London Bullion Market. It later pulled back slightly to stand at 1,170.32 dollars.

"Gold reached new highs as the dollar continued its decline," said ODL Markets analysts in a note to clients.

The dollar slid against the euro Monday on concerns that the Federal Reserve may keep emergency stimulus measures in place for a while longer, traders said. Comments by a US Federal Reserve official that he would prefer to keep the central bank's asset-buying programme active beyond its current cut-off date pushed the dollar lower, analysts said.

Federal Reserve Bank of St. Louis President James Bullard said an extension of the programme, widely considered a negative factor for the US currency, would give more flexibility to US policymakers.

"Central bank rhetoric provided fresh incentive" to push the dollar lower, said Jane Foley, analyst at online trading firm Forex.com.

"Gold prices printed another fresh high on the back of dollar weakness with Bullard's comments promoting the discussion of medium-term inflation potential, though economic data continues to indicate a absence of price pressures," Foley added.

source: http://www.google.com/hostednews/afp...A06CHOR_e6RU1g

HOLY FUCKING SHIT!!!! :eek:

Its gonna hit $1200 pretty soon I tells ya

never a good thing. :/

any guesses when it will hit $2000?

That's not good,I guess I will have to save some more before I can get that 250 gram gold chain I always wanted.

Gold has no direct impact on us.

they said its going to hit $2k next year

The impact on the US with Gold is that people are buying Gold instead of USD, so there is an impact

its at $1167.8 atm gold.org

^we live in canada we gives a fuck about the USD.
isnt it a good thing that people r investing in GOLD so the USD drops. CHEAP SHOPPING?

^ the united states is our... siamese twin. if it goes down, we will too.

who will then buy our softwood lumber then? china?

Quote:

Originally Posted by bigassbooger (Post 6697648)

^we live in canada we gives a fuck about the USD.
isnt it a good thing that people r investing in GOLD so the USD drops. CHEAP SHOPPING?

g'damn you're stupid

Quote:

Originally Posted by bigassbooger (Post 6697648)

^we live in canada we gives a fuck about the USD.
isnt it a good thing that people r investing in GOLD so the USD drops. CHEAP SHOPPING?

With a really weak American dollar, the Canadian economy will get fucked, and theoretically your shopping money will evaporate.

lol.. i bought gold at 820/oz and that was too late

i was going to jump in when it was 500/oz but i didnt back then. if i had more money i would buy up more gold for wealth preservation.

I have tons of gold sitting at the bank....maybe it's time to take it out and flip it.

who can give me a brick ?

$1174 an ounce...holly shit

:eek:

Quote:

Originally Posted by bigassbooger (Post 6697648)

^we live in canada we gives a fuck about the USD.
isnt it a good thing that people r investing in GOLD so the USD drops. CHEAP SHOPPING?

you should take that bigassbooger out of your brain. Its obviously lowering your intelligence.

this is no surprise at all.
in fact lots of speculators were estimating gold would hit $2000 THIS year, just months after the recession hit hardest around march. well, they were off their mark, and i doubt it'll hit $2000 next year either.

wait, zhangfei made a useful thread?

Quote:

Originally Posted by ZhangFei (Post 6697575)

HOLY FUCKING SHIT!!!! :eek:

:haha:

Quote:

Originally Posted by Jah Gekko (Post 6697714)

I have tons of gold sitting at the bank....maybe it's time to take it out and flip it.

I made a mistake but, a ton is 32000 ounces and you have multiple tons, you really are Gordon Gekko. :)

Quote:

Originally Posted by trip (Post 6697712)

if i had more money i would buy up more gold for wealth preservation.

So you can repeat the errors of the 80s? When gold was at $850 then dropped to $350 before hitting ~$200 in the 90s?

If you bought gold at the peak in the 80s, with inflation, you'd be down money right now even at the current peak.

man, USD can't fall, it'll be hell if USD is no longer the universal currency

Quote:

Originally Posted by taylor192 (Post 6698180)

yah, think with inflation, in actual 2009 dollars gold in the 80s was worth 2250 an ounce.

http://www.youtube.com/watch?v=gTqvXaJCw34

robert kiyosaki explains what is happening to the american dollar.

Quote:

Originally Posted by bigassbooger (Post 6697648)

^we live in canada we gives a fuck about the USD.
isnt it a good thing that people r investing in GOLD so the USD drops. CHEAP SHOPPING?

You're clearly a poorly educated retard. Do you have any idea what currency fluctuations mean in relation to trade deficits and economic growth?

Quote:

Originally Posted by Gt-R R34 (Post 6698351)

yah, think with inflation, in actual 2009 dollars gold in the 80s was worth 2250 an ounce.

Now do the same with BC housing prices in 1995 to 2002, where they stayed flat and inflation made them money losing ventures.

We're in for some big trouble when this all unwinds.