Gold today reaches an all time high breaking the barrier of $1800 for the first time in history , gold rose by a staggering $160 since last Friday breaking all times highs against the US Dollar but also against the Euro . JP Morgan Joins Goldman Sachs In Upping Gold Forecasts to $2,500 a troy ounce by the end of this year , tighten you belts guys the rally is just starting and we are about to take off ...Lol... Sharon Epperson reports from the floor "well, you know, we often talk about the fear factor that's in this market. and gold is the absolute fear gauge. that is what we're seeing and traders on the floor here are telling me. we are looking at gold prices that hit that record of $1,801 and have come off of that slightly. $160 move just since Friday in gold and volumes that we haven't seen ever before here at the CME group. when you look at gold priced in dollars, record there, gold priced in euros record too. it lets you know this is a global story, the global economy's in turmoil. that is what we're watching, and that is what is reflected here in the gold price, particularly when it applies to the European bank situation and also here in the u.s. the fact that we're going to see low rates for the next 22 months. that is driving the price higher. but what could drive the price for $2,500, that is something that is the fear or the vix. the gold vix in particular, a great indicator of that. look at how it's spiked just in the last couple of days. that kind of volatility is the reason that JP Morgan is saying we could see gold at $2,500 an ounce in the next six months."
Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)
Wednesday, August 10, 2011
Bob Chapman The Dollar will lose its reserve standard status to the Gold
Bob Chapman - Radio Liberty 3rd Hour - 08 Aug2011
Bob Chapman : people rioting worldwide are trying to get their government to listen to them , this is going to continue and get worse especially as unemployment keeps increasing , the bottom line is they really cannot contain violence ... Why would anybody buy a treasury bond that has negative interest ?! , the dollar has been weakening and it is in no shape to assume the leadership amongst the currencies of the world , Gold is taking over as the world reserve currency , the inflation is going to get much much worse , so more and more central banks are buying gold for their reserves ....Bob Chapman The Dollar will lose its reserve standard status to the Gold
Gold Sets Another Record over $1800/oz As the Stocks Tumble
Gold hits another all time Record in New York, where prices rose to $ 1,801 an ounce.The new black day in the markets favors the gold rush that has set another all time record high. The futures expiring in December quoted on the Comex in New York for the first time reached 1,800 dollars per ounce (up to 1800.40) and then retrace to $ 1,788 (+2.5%). Today, fears have been accumulating over France with the risk that some banks in difficulty could default . France is heavily exposed to the peripheral countries of the Eurozone debt .
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