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Gold broke 1700!

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posted on Aug, 8 2011 @ 12:25 PM
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Monday August 8 2011 at 1:20 PM: Gold at 1712 dollars an ounce.

I predicted that gold would break 1700 by Friday, well I was wrong, it took until Monday to do it. Anyone know the exact date gold broke 1600? It was not very long ago. The goldprice.org website said the last 30 days was an increase of 100 dollars, so it is less than a month of 1600 prices. But I remember even last week it was around 1612 so if this is an indication of how quickly the dollar is plummeting we are all in for trouble (unless of course you own gold which I don't).




posted on Aug, 8 2011 @ 12:27 PM
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It was 1658 the other day...platinum was at 1700....wtf is going on????



posted on Aug, 8 2011 @ 12:30 PM
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Originally posted by loves a conspiricy
It was 1658 the other day...platinum was at 1700....wtf is going on????


As far as I can understand, the steady increase in gold is an expression of the decrease in the dollar through hyper-inflation. Not coincidentally, Greenspan said recently that the government can just print money to pay their debt
The markets are now rushing to gold as a haven from the dollar.



posted on Aug, 8 2011 @ 12:32 PM
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basically.... ghadaffi is winning, regardless of bombs!

does your cash machine dish out these?



posted on Aug, 8 2011 @ 12:34 PM
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Up-to-the-minute is - Gold is now at 1712 Change from previous close @ +47.60 / 2.86%

Yeehaw!

-Lightrule



posted on Aug, 8 2011 @ 12:35 PM
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Originally posted by filosophia

Originally posted by loves a conspiricy
It was 1658 the other day...platinum was at 1700....wtf is going on????


As far as I can understand, the steady increase in gold is an expression of the decrease in the dollar through hyper-inflation. Not coincidentally, Greenspan said recently that the government can just print money to pay their debt
The markets are now rushing to gold as a haven from the dollar.


You nailed it dead on. The dollar is free falling, has anyone checked the increase in other currencies concerning gold? I never see those comparable statistics.



posted on Aug, 8 2011 @ 12:36 PM
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reply to post by filosophia
 


Your post is correct mostly although to use the term hyper-inflation at the moment is not appropriate, we are not into hyper inflation territory yet. It devalues the term to use it now.



posted on Aug, 8 2011 @ 12:50 PM
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Gold is now at 1720
Change - +55.70 / %3.35

-Lightrule



posted on Aug, 8 2011 @ 12:52 PM
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Originally posted by JibbyJedi

Originally posted by filosophia

Originally posted by loves a conspiricy
It was 1658 the other day...platinum was at 1700....wtf is going on????


As far as I can understand, the steady increase in gold is an expression of the decrease in the dollar through hyper-inflation. Not coincidentally, Greenspan said recently that the government can just print money to pay their debt
The markets are now rushing to gold as a haven from the dollar.


You nailed it dead on. The dollar is free falling, has anyone checked the increase in other currencies concerning gold? I never see those comparable statistics.


Euro: 1170
Pound: 1017
Yuan: 10,700
Japanese Yen: 204,850

per ounce



posted on Aug, 8 2011 @ 12:56 PM
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Originally posted by justwokeup
reply to post by filosophia
 


Your post is correct mostly although to use the term hyper-inflation at the moment is not appropriate, we are not into hyper inflation territory yet. It devalues the term to use it now.


30+ trillion secret fed bailout is not hyper-inflation? How about the 1.5 quadrillion derivatives bubble the fed has no choice but to print to fulfill. If it's not hyper-inflation now it will be very soon.



posted on Aug, 8 2011 @ 01:09 PM
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Originally posted by filosophia
Monday August 8 2011 at 1:20 PM: Gold at 1712 dollars an ounce.

I predicted that gold would break 1700 by Friday, well I was wrong, it took until Monday to do it. Anyone know the exact date gold broke 1600? It was not very long ago. The goldprice.org website said the last 30 days was an increase of 100 dollars, so it is less than a month of 1600 prices. But I remember even last week it was around 1612 so if this is an indication of how quickly the dollar is plummeting we are all in for trouble (unless of course you own gold which I don't).

Now how do I find out how many ounces my chain and cross is and what my ring is probably less than an ounce, but I am sure my chain and cross is at least an ounce whoaaaa mama!!!!I'm in the money!!!



posted on Aug, 8 2011 @ 01:18 PM
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reply to post by filosophia
 


No, its not.

"Definitions used vary from one provided by the International Accounting Standards Board, which describes it as "a cumulative inflation rate over three years approaching 100% (26% per annum compounded for three years in a row)", to Cagan's (1956) "inflation exceeding 50% a month." As a rule of thumb, normal monthly and annual low inflation and deflation are reported per month, while under hyperinflation the general price level could rise by 5 or 10% or even much more every day"

I dont think its going to happen like that. I think it will be a prolonged period of managed high inflation that will destroy the middle class entirely as the world economic balance shift to the east but I don't think it will get Weimar Republic/Zimbabwe levels of bad.



posted on Aug, 8 2011 @ 04:38 PM
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so since im one of the many people with out a job living in colorado. i guess i should go up in the rocks and pan for gold. any one know of a good spot to go?



posted on Aug, 8 2011 @ 05:04 PM
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you can see how much the gold price has increased on kitco.com the web site has a nice little break down that tells you how much is due to predominant buying of gold and how much is due to the strength of the dollar so as it stands at time of writing. gold change due to strength of us dollar -$7.80. and price change due to gold buying +$61.60 total change +$53.80.
Source

Gold now worth more than platinum
edit on 8-8-2011 by thehiddentruthseeker because: Gold price overtakes platinum price



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