Gold Takes Out All Stops As It Hits New Record, Approaches $1,280
Someone forgot to tell gold to crash today. The spot price for the next true currency, and self-imposed non-Fiat standard, was at $1,277, a fresh all time high, as it prepares to take out the stops at $1,280, which would send it promptly over $1,300. As Jim Rickards pointed out, the daily devaluation of gold and all fiat currencies continues as gold is now the only absolute that can not be diluted by central bank printing, and in a world of relative daily currency devaluation, it will increasingly be the benchmark against which to judge the bankers' desire to destroy their own paper money. And as the BOJ action demonstrated, gold is going much, much higher. In the meantime we expect blonde CNBC anchors to continue making fun of gold.
And here is FMX Connect's gold commentary for today:
October Gold settled at $1263.20 per 100 troy ounces on Wednesday, a net loss of of $3.10 for the day.
gold was up $9.30 to $1276.30 per 100 troy ounces as of 7:40 AM EST,
this morning. The December U.S. dollar index was down .346 to 81.405.
October platinum was up $4.70 to $1610 per 50 troy ounces. December
silver was up 14.9 cents to $20.72.
FMX Morning Newswire
Bloomberg (Reported 9/16/2010)
rose to a record in London and New York as investors sought protection
against turmoil in the global economy and financial markets.
climbed as high as $1,276.35 an ounce in London and has outperformed
global equities, Treasuries, crude oil and most industrial metals this
year. The dollar fell to a five-week low against the euro today.” Gold Rises to Records in London, New York on Demand For Wealth Protection
NS Futures (Reported 9/16/2010)
gold market comes into the Thursday morning trade action nears its all
time highs, and seemingly deriving support from a number of different
themes. While some might doubt the inflation angle in the face of a
suspect global economic track, the UK has recently posted hotter than
expected inflation readings and the US PPI and CPI reports have some
rather notes gains forecasted by some analysts.
equity markets in Asia and Europe were generally lower, U.S. stock
indices have posted moderate losses during the early Thursday. The
Dollar is lower against most of the major currencies during overnight
trading, although posting a small gain versus the Pound.” Daily Metals Commentary
Reuters (Reported 9/16/2010)
was steady on Thursday as weak U.S. economic data reiterated the
uncertainty surrounding the global economic recovery, while silver hit a
new high as investors sought this alternative safe-haven asset.
industrial output slowed last month and a regional measure of factory
activity touched a 14-month low in September, pointing to a cooling in
manufacturing as the boost from an inventory build-up fades.” Gold steady on weak data