Gold jumps to 26 year high

[garybeck]

but hey, the economy is doing great, right?

Gold, silver futures close at quarter-century highs
Copper, platinum reach records on bets that dollar will continues to weaken
E-mail | Print | | Disable live quotes By Myra P. Saefong, MarketWatch
Last Update: 2:50 PM ET May 11, 2006


SAN FRANCISCO (MarketWatch) -- Gold futures rallied Thursday to close at another multi-decade high of nearly $730 an ounce, silver reached levels not seen in a quarter century, and copper and platinum set records as traders bet on longer-term weakness in the U.S. dollar and strong global demand for metals.

"A global readjustment is taking place and the short of it is -- the U.S. dollar is losing its dominance," said Peter Spina, chief investment strategist at GoldSeek.com.

"Clearly, the shift from the U.S. dollar is accelerating," he said. "Combine this with other driving factors in the gold market, you have the recipe for much higher prices."
Gold for June delivery climbed as high as $728 an ounce on the New York Mercantile Exchange -- an intraday level futures prices haven't seen since September 1980, according to monthly charts from Thomson Financial. The contract closed up $15.80, or 2.2%, at $721.50 an ounce.

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B77ECF697%2D8ACB%2D4A64%2DB964%2D676599535AD8%7D&link=&keyword=gold

[lonestarnot]

1. Could this be another speculation of yet another war?

[Dunvegan]

2. The Iranian Oil Bourse is opening next week...check.

Two more carrier groups are on their way to (possibly) the Gulf...check.

Bush isn't too worried about today's massive NSA wiretapping headlines...check.

I'd say...(checking my Magic Eight-Ball)...Signs Point to YES.

[lonestarnot]

3. Hold on to your hats kids!

[lonestarnot]

4. kick

[Ksec]

5. Gold would be my choice if I had a few million to invest

Its hard to do an Enron on Gold you have in your possession.

[Javaman]

6. Up goes oil, down goes the dollar...

The next month and a half will be a very pivotal point in American history.

[KharmaTrain]

7. The Euro and Gold Are Safe Harbors

In the past two years...especially since asshat has been re-selected, I have moved as many assets as possible off the dollar and the American market and into International funds tied to more than just the NYSE and a few selected pet mutual funds...and the results have been very, very good.

The run-up in gold was long overdue (the price had remained around $325-350 for nearly 25 years) and a rise was long overdue, however, the big defecits and a all that debt makes the dollar not even worth the paper its printed on these days.

The old chestnut is Gold is the only way to survive during tough times and the price rise is one sure sign things are in shit shape with this economy. The corporate world isn't much better as its already downsized, outsourced and consolidated itself into an even bigger mess...we're just a good bankruptcy or two from watching a real serious financial collapse...and foreign investors see this far more than anyone here does.

How ironic...CNN was ready to do the happy dance as the market was supposed to set a new record high today, but instead there was a major sell-off. Corporate America has had its way for the past 25 years and the bill is about to come due.

[garybeck]

8. one thing we know, this is definitely a sign of *something*

economists know what they're doing. they are dumping the dollar like never before. it could have to do with Iran. It could just have to do with an impending stock market crash, huge jump in inflation, who knows.

but something is coming.