Gold hits record high on 'plan' to ditch dollar

Source

"Gold prices hit an all-time high as the dollar weakens," said Barclays Capital precious metals analyst Suki Cooper.

"The dollar weakness appears to be related to ... (reported) secret talks about oil being priced in a basket of currencies including gold rather than the dollar, which has added to concerns about the future role of the dollar in international financial markets."

The dollar's future as the world's top currency was thrown into doubt on Tuesday as a report said Arab states had launched secret moves with China and Russia to stop using the greenback for oil trading.

Arab states have launched steps with China, Russia, Japan and France to stop using the dollar for oil trades, British daily The Independent reported on Tuesday, but the report was denied by Kuwait and Qatar and reportedly by other nations.

The United Nations meanwhile on Tuesday called for a new global reserve currency to end dollar supremacy, which has allowed the United States the "privilege" of building a huge trade deficit.

Related link.

It's China's world. (We just live in it)

After a shopping spree for natural resources, the Chinese are shifting to automakers, high-tech firms, and real estate. Where will they strike next?

Without china's current ability to spend spend and spend, this whole talk about ditching the dollar would not even gaining ground in the first place. I believe china is the one who embolden and empower this 'movement', but it's okay, china and the others have the right to do so. We'll see whether they will succeed and what will happen to the US later.

On a related note:

Death of Petro-Dollar, Told Ya So

The story hit like a thief in the night, even bearing Biblical proportions. The end of the exlusive sale of MidEast oil in USDollars, the rise of Russian and Chinese influence in the Persian Gulf, the rise in importance for the Intl Monetary Fund basket of currencies, the final clarion call for the free ride by Americans on the Dollar Credit Card, and hidden implications that the Saudis must shop for a new security lord in the region with broad military might, these are revolutionary steps with profound geopolitical implications. The back-to-back stories in the UK Independent struck like powerful bolts of lightning in the middle of the night from a North American perspective. These articles by a highly respected journalist will be posted on the Banker Church Doors just like Martin Luther’s demands for change in the Protestant Reformation that smashed the monopolistic power of the Catholic Church centuries ago. Enough of the mixed metaphors. This is truly incredible news. The US will soon no longer be permitted to sell its indulgences. This is major Paradigm Shift material.

To say the Jackass was jazzed in the last few days would be a gross understatement. This is a lock for gold to hit $1500 within months, and $2000 within a year. This is a lock for silver to hit $30 within months, and some screaming figure within a year that cannot be fathomed right now, like $50. Be sure to see almost zero follow-up for this story in the crumbling US press networks, widely compromised, distrusted, and mocked after years of lapdog behavior to twist story after story in line with syndicate marketing plans designed to maximize their profits, minimize public wealth, and further the march to a police state.

More at source
www.financialsense.com...#

FYI: Spot Gold 1061.40 new all time high

USD 75.767 new yr low

No problems mate...Fosters!!! (We'll need it...and a lot soon!)

reply to post by Hx3_1963


Now is the time to hedge for the coming inflation.. we knew it would happen eventually.. with the US producing very little, and even consumption down significantly.. the markets rise along with Gold is spelling out that the coming year is going to be a hard one. I myself cannot afford Gold, I will try and buy up as much silver as I can but something tells me supplies my be thinning soon.

Well its about time when had a good run time to pass the torch.

I have no problem with this happening it had to happen at some point so why is there a problem did people think things would stay the same or that we would also be on top.

[edit on 8-10-2009 by jatsc]

Peter Schiff U S Rally Is Doomed, Gold Will Hit $5000



Like one gold advertiser says, "Gold - It's never been worth zero."

Originally posted by sad_eyed_lady
Like one gold advertiser says, "Gold - It's never been worth zero."

Perhaps many of you have heard this anecdote: They say that the price of a reasonably-high-quality toga and sandals, etc. in Roman times and the price of a reasonably-high-quality suit and shoes, etc. today are roughly the same in pure-gold terms, with the same being true for the same standard of clothing all throughout the history in between. This shows the remarkable ability of gold to hold value despite the ups and downs of thousands of curriencies and other forms of wealth.

You might argue that a suit represents an improvement over a toga and sandals, but on a hot sweaty day I beg to differ.

[edit on 10/8/09 by silent thunder]

Yup, I've heard it. So if gold goes up to $5000 does that mean a new suit will as well?

Why is gold so popular anyway with all the other types of metal (excluding lead we found out the hard way with that one) that we have used since humans found metal why not silver it has health benefits over gold and stuff.

Originally posted by sad_eyed_lady
Yup, I've heard it. So if gold goes up to $5000 does that mean a new suit will as well?

Yes mam. Unless you're lucky enough to find one at your local Dollar Discount Store....

[atsimg]http://files.abovetopsecret.com/images/member/fd9e97cb724d.jpg[/atsimg]

Ooops !


By-the-By...excellent new piece on inflation by Eric Janzen....

The Game - Part I: Queen of Hearts

Originally posted by sad_eyed_lady
Yup, I've heard it. So if gold goes up to $5000 does that mean a new suit will as well?

Absolutely. Or, to put it more precisely, perhaps, the value of gold will remain roughly the same as its ever been, while the value of the dollar and what it can buy plummets due to inflation and mass credit-creation.

Just ask Zimbabwe, Argentina, or Weimar-era Germany.

Found this today

Lihir says gold could reach $US1,500

Australia's second biggest gold company Lihir Gold Ltd says the price of gold could climb to $US1,500 per ounce.

Gold rose to a record high of $US1,062.70 an ounce on the New York Mercantile Exchange on Thursday.

The value of gold has soared in recent weeks as the US dollar experienced weakness, China restocked and investors looked for a hedge against inflation.

Lihir Gold chief executive Arthur Hood said he expected the price of gold to continue to rise.

"There's been talk this week about $US1,500 and I see that as perfectly achievable," Mr Hood told ABC's Inside Business on Sunday.

[edit on 12/10/2009 by wycky]