Gold Breaks $1700

[joslar15]

Currently at $1700.25 with a peak so far at $1701.15 in the Asian market. Tokyo closes in 2 hrs. London opens in 3 hrs.

 

[mrortega]

I'll bet our Fearless Leader is losing sleep these days. I wish George Bush would just stop screwing up our country and go away. Oh. Wait!

 

[indykid]

Going to be an interesting start to the week as we watch how the other markets react to the US slide. The question will be is there anyone in our government with the intelligence to straighten the mess out? I believer right now the scary answer is no.

 

[spec4]

Going to be an interesting start to the week as we watch how the other markets react to the US slide. The question will be is there anyone in our government with the intelligence to straighten the mess out? I believer right now the scary answer is no.

Certainly no on in the Obama administration has the ability to turn this around. The only quick fix I see is if Congress got together and put an immediate moratorium on any increase in spending. If this situation helps get Obama out of office, we may look back at it as a giood thing.

 

[cosermann]

I'll bet our Fearless Leader is losing sleep these days. . . .

I doubt it. I'm convinced things are going pretty well according to how he wants them to go.

 

[Cheapdiesel]

I keep wondering if I should sell the silver I paid $16 an ounce (I felt like I was nuts to pay it at the time) everytime I look at the price it is up up up. IDK I wonder how far it can go before the bottom drops out.

 

[Hemingway]

I'll give you double your money on your $16 investment

I'm wondering if it isn't time to swap gold into platinum? Has gold ever been more expensive than platinum??????

 

[RockofStrength]

Certainly no on in the Obama administration has the ability to turn this around. The only quick fix I see is if Congress got together and put an immediate moratorium on any increase in spending. If this situation helps get Obama out of office, we may look back at it as a giood thing.

Well, Obama wants us to actually increase spending so we can climb out of the hole. Something tells me Congress is going to go along with it. Call me crazy, but they just might.

 

[Brown]

I keep wondering if I should sell the silver I paid $16 an ounce (I felt like I was nuts to pay it at the time) everytime I look at the price it is up up up. IDK I wonder how far it can go before the bottom drops out.

I don't believe we are anywhere near a top price for silver yet. At the minimum wait and see what it does after the FED meeting. If they come out with QE3 you will make triple if not more on that investment. Patience

 

[cosermann]

I keep wondering if I should sell the silver . . ..

Scroll down to, "When should you sell your gold stash," (the Jan. 5th entry) on this page for an interesting perspective on that question:

http://ferfal.blogspot.com/search/label/gold

 

[Kirk Freeman]

Look at it this way, guys, at least we are setting some economic records.

Record gold, record silver.

 

[joslar15]

Look at it this way, guys, at least we are setting some economic records.

Record gold, record silver.

Yep, Oboner is setting a record with his "fundamental transformation of America" with a 500 pt drop last Friday, and a 635 pt drop today!

 

[INMIline]

On the plus side gas prices should drop

 

[edsinger]

Guys I was watching Gold as the Eastern markets open. It was a battle to get over $1700, it got to $1699 4 times and was beaten back again and again. At 11:30 PM or thereabouts it hit it. Once it did it stayed. I then made my plans for today.

For those of you that don't know, SDOW is a ETF that shorts the Dow 2X. I managed to sell some stocks I was still positive on at the start, and then bought SDOW. I made 13% today. Thing is I have to know when it is at true bottom.

Scary Sh&t today.

 

[NathanJefferson]

Scroll down to, "When should you sell your gold stash," (the Jan. 5th entry) on this page for an interesting perspective on that question:

http://ferfal.blogspot.com/search/label/gold

Link doesn't seem to work...

 

[Hemingway]

I think this is the link he was trying to post.

(And it's a darn good one)

SURVIVING IN ARGENTINA: January 2010

 

[bhvostal]

I'll bet our Fearless Leader is losing sleep these days. I wish George Bush would just stop screwing up our country and go away. Oh. Wait!

I think the only way he is losing sleep is from all the late nights at the nightly fundraisers he's having. What a leader. He's cushioning his coffers while the U.S. and Europe are going down the drain.

~ Brian

 

[88GT]

I don't believe we are anywhere near a top price for silver yet. At the minimum wait and see what it does after the FED meeting. If they come out with QE3 you will make triple if not more on that investment. Patience

Plenty of reasons to agree, given that silver hit $50 not too long ago under less "bad" circumstances.

What I can't figure out is why silver isn't tracking gold. I know it doesn't track it simultaneously, but given the economic information lately, I don't know how it can remain where it is, let alone down for a day. Barring a drop from a sell-off if it starts to climb a bit.

 

[joslar15]

In Asian trading, it has now hit a peak of $1744.85! Currently at $1740.25 with about 4 hrs to go til close. Launch is under way. Once it breaks $1764, look for MAJOR escalations.

 

[hondatech2k2]

And thus, the collapse begins. People are loosing faith in paper currency as it is worth nothing more than broken promises. The bills haven't even said they were backed by gold for a few decades now. That should have been a warning sign right there. I predict the $1740 price tag will clime even higher as even more people loose faith in it. Too bad I do not have any gold.... got a bunch of pure 1oz silver though =)