goldsworthy
Full Member
- Aug 2, 2009
- 176
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GOT GOLD? Metal Bid Ask
Gold $986.80 $987.80 9.30
Silver $15.71 $15.76 0.38
Platinum $1,235.50 $1,245.50 14.40
Palladium $291.80 $296.80 6.80
Updated:9/3/2009 5:25:36 AM CS The sharp run ups in Gold intraday (on 9/2/2009) may be indicating that the government believes that the financial system is finally strong enough to allow a run up in Gold (assuming you believe that the government has been keeping it down). Central Banks have become net buyers of gold in the last few weeks which is the key indicator of something new in gold policy.
The Obama administration Keynesians understand that the USA needs to achieve a currency devaluation to improve its competitive position and increase exports but knows that this cannot be done because other countries will just match the USA currency manipulation. (In the Great Depression, the first countries to devalue were the first to recover. Look at Great Britain now.)
Countries with high dollar reserves may be tempted by a run up in gold to use their dollars to buy gold, resulting in a stealth devaluation of the dollar.
Based on the 75% devaluation during the Great Depression from $20 to $35 per oz, gold will pretty quickly go to above $1600 if this is what is happening.
LONDON (MarketWatch) -- Gold futures edged up $1.40 to $979.90 in electronic action on Thursday after the $22-an-ounce rally in the last session. Analysts at Credit Suisse said gold rallied after breaking resistance at $959 and was supported by a weaker dollar and a recovery in investment demand. The analysts added that there could be a test of the $1,000 mark in coming days
Gold $986.80 $987.80 9.30
Silver $15.71 $15.76 0.38
Platinum $1,235.50 $1,245.50 14.40
Palladium $291.80 $296.80 6.80
Updated:9/3/2009 5:25:36 AM CS The sharp run ups in Gold intraday (on 9/2/2009) may be indicating that the government believes that the financial system is finally strong enough to allow a run up in Gold (assuming you believe that the government has been keeping it down). Central Banks have become net buyers of gold in the last few weeks which is the key indicator of something new in gold policy.
The Obama administration Keynesians understand that the USA needs to achieve a currency devaluation to improve its competitive position and increase exports but knows that this cannot be done because other countries will just match the USA currency manipulation. (In the Great Depression, the first countries to devalue were the first to recover. Look at Great Britain now.)
Countries with high dollar reserves may be tempted by a run up in gold to use their dollars to buy gold, resulting in a stealth devaluation of the dollar.
Based on the 75% devaluation during the Great Depression from $20 to $35 per oz, gold will pretty quickly go to above $1600 if this is what is happening.
LONDON (MarketWatch) -- Gold futures edged up $1.40 to $979.90 in electronic action on Thursday after the $22-an-ounce rally in the last session. Analysts at Credit Suisse said gold rallied after breaking resistance at $959 and was supported by a weaker dollar and a recovery in investment demand. The analysts added that there could be a test of the $1,000 mark in coming days
