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Gold Tops $1,900 for First Time

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posted on Aug, 22 2011 @ 06:16 PM
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Gold extended its rally to a record above $1,900 as mounting concern that the global economy is faltering spurred demand for bullion as a protection of wealth. Goldman Sachs Group Inc. lowered its forecast for U.S. growth in 2011 on signs that the recovery in the largest economy lost momentum. German Chancellor Angela Merkel attempted to shut the door on common euro-area bonds as a means to solve the debt crisis, saying she won’t let financial markets dictate policy. Gold is in the 11th year of a bull market. Prices have more than doubled since the end of 2008 as governments worldwide struggled with debt crises and as record low U.S. borrowing costs boosted the appeal of bullion as a hedge against inflation.


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Well here we are at another high for gold. Some said it would never happen, while others don't expect it to stop until somewhere between the $2000-2500 mark. I myself am not so sure there is a limit to the heights that gold can go if the government keeps on printing money, I personally think gold will keep on climbing. Silver has a little catching up to do, but silver is a little different because it is not only an investment metal, but it is widely used in many industries too.
I do not think there will be a "bubble" for gold, simply because it is being used by too many investors as a safe haven investment. It is just too highly valued, by too many different cultures for various reasons to reach a peak, and then collapse.




posted on Aug, 22 2011 @ 06:29 PM
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reply to post by SpaDe_
 


agreed, with the Asia markets now opening up there own gold and silver exchanges and having that new demand, i think the sky is the limit



posted on Aug, 22 2011 @ 06:38 PM
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Erm, yeah... I have friends that work at pawn shops and.. basically all they are interested in paying high prices for nowadays is gold only gold. Forget diamonds, ruby, silver. Right now it's gold mania.

Could be (no, likely yes) a lack of trust in paper money, fed reserve, on and on.. can't blame any of the common folk for wanting to stock up. Not many items in antiquity stand the test of time, not sea shell money for example. Silver it does tarnish/corrode. Foods like sugar, salt, or any other edible - it rots. What do we have that stands the test of time GOLD!!!



posted on Aug, 22 2011 @ 06:44 PM
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GOLD! ..... bichez



posted on Aug, 22 2011 @ 07:05 PM
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I have for long advocated Gold as one of the only true hedges .. however today i am beginning to contest my own sentiment.. I Agree that gold has no limits and that it gold holds intrinsic value unlike paper money which hold extrinsic however if the market does "crash" mostly if the dollar loses its vale what is a person going to do with gold? There is alot of talk about gold will be the only acceptable form of currency but if only a few have gold or if there is hyperinflation what could one use to barter with gold? gold will be close to worthless even if you trade it in all your expenditures are hyper inflated so how long will you be able to survive off the gold you have, given you can find someone to even exchange with.. Another possible scenario is the government using the "Crash" as an excuse to confiscate gold, they would then set Fixed amount (pennies on the dollar) to purchase it..



posted on Aug, 26 2011 @ 05:02 PM
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Nice recovery in the metals with Gold finishing $129 off the 1700 low, and Silver holding firm above $41. The HUI Gold miners index, typically a reliable leading indicator for short-term price direction closed up on the day. Silver Wheaton Corp, arguably the best proxy for physical Silver followed suit. All bodes well for higher spot prices as we move into the coming week.

Lets see what happens.

GL



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