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Gold Hits $700; Highest Level Since 1980

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rusty_parts2001 Donating Member (728 posts) Send PM | Profile | Ignore Tue May-09-06 02:28 PM
Original message
Gold Hits $700; Highest Level Since 1980
Gold prices surged to a new quarter-century high of $700 an ounce Tuesday as funds bought into the market, driven by tension between the United States and Iran and expectations of a pause in interest rate hikes.

Iran's president wrote in a letter to President Bush that democracy had failed worldwide and lamented ''an ever-increasing global hatred'' of the U.S. government. Secretary of State Condoleezza Rice rejected the letter Tuesday, saying it didn't resolve questions about the country's nuclear program.

Analysts at TheBullionDesk.com said Washington's dismissal of Iran's letter gave way to the gold rally, noting that it appears that tension with Iran will likely rise again, and also that the dollar will stay under pressure. A weakening dollar typically encourages investors to instead turn to gold, considered a safer alternative to the U.S. currency.http://www.nytimes.com/aponline/business/AP-Gold-Prices...
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arcane1 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 02:30 PM
Response to Original message
1. making quite a few evil people very happy
Poppy Bush was invested in gold-mining, wasn't he?

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ret5hd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 07:41 PM
Response to Reply #1
10. Making quite a few evil people VERY unhappy also...
Look into who's "short" gold (by a WHOLE lot). Names like Solomon Brothers, Goldman Sachs, etc etc. And now they are having to cover their "shorts" or face even greater losses. Same goes for silver.

The USD is falling like a rock (looks like Buffet was right, but his timing was a little off). Commodities flying high. Looks like a depression is around the corner, IMHO. So there are quite a few good people unhappy also.
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xxqqqzme Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 03:27 PM
Response to Original message
2. Hartmann - this AM, was ticking off
the percentage rise in ALL commodities. Copper, silver & platinum have had the largest percentage rise since 2001.
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TrogL Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Original message
3. Dollar hits 91 US as gold reaches $700 US an ounce (Canada)
http://www.cbc.ca/story/business/national/2006/05/09/go...

Rising gold and oil prices helped the Canadian dollar gain more than a cent against its U.S. counterpart in Tuesday trading, boosting it to a 28-year high.

The loonie was quoted at 91.00 cents US at 11:10 a.m. EDT, up 1.13 cents from Monday's close. That was the dollar's highest level since Jan. 16, 1978, according to the Bank of Canada.

The dollar was propelled by rising gold and oil prices. Gold futures hit $700 US an ounce in New York trading Tuesday the highest level for the precious metal in more than 25 years. That was up more than $20 US from Monday's close.


Click the link for the longer explanation.

The loonie's still climbing.
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Reply #3
4. How long before the bottom drops out...
Edited on Tue May-09-06 03:11 PM by marmar
The American economy is on borrowed time (and money).
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AndrewJacksonFaction Donating Member (471 posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Reply #3
5. Shhhhhhhh. Economy is roaring. downhill.
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lebkuchen Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Reply #3
6. As gold rises, Bush's poll #s sink
which means gold should be rising to $800+ very soon. Time to invest.
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mumon Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Reply #3
7. Why is George W. Bush's base like a Candadian dollar
both are loonies.
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AX10 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Reply #3
8. The Bush economy is BOOMING and ROLLING along....
down a steep hill onto a ground covered with hard rocks. :-(
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Bozita Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-09-06 04:30 PM
Response to Reply #3
9. Here's the NYT story on today's gold ...
http://www.nytimes.com/2006/05/09/business/09cnd-gold.h...

Price of Gold Surges to New Height


By VIKAS BAJAJ
Published: May 9, 2006

Prices for gold, platinum and other precious metals surged to new heights today as investors weighed an assortment of worries about geopolitics and energy and sought to claim a piece of the exuberant rally in commodity prices.

Gold futures, which have risen 36 percent so far this year, jumped 3 percent, to $708.3 per troy ounce, and platinum rose 3.4 percent, to $1,235.50 per ounce. Prices for crude oil, which metals prices are said to track, for June delivery rose $1.03, or 1.5 percent, to $70.80 a barrel on the New York Mercantile Exchange.

No single factor seems to be triggering the latest jump, but gold, traditionally seen as a hedge against inflation and rising energy prices, appears to be enjoying a run that is attracting other investors who are eager to get in on the action, analysts said.

"The way these things work is solid returns tend to build on themselves, and they don't slow down until they breakdown," said Daniel C. Pierce, a portfolio manager at State Street Global Advisors.

more...
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