Gold Record
When I started buying gold from about 7-8 years, seeing that the tech bubble had run its course, you could buy an ounce of gold $ 275. As gold continued to steadily climb, I kept buying. My last purchase was about $ 640 per ounce in early 2007. I just sold between $ 780 and $ 840. It need not be greedy. Thus, with gold today just under $ 900 where is it going? It just keeps setting of new records almost every week.
Before I consolidated a half-dozen of my websites under the banner Transformhouston.com, the old gold was BANNER The caption: Gold $ 1,500! So that's where I "think" it can go based on a dozen variables independent. But first we must break sharply to $ 900. Once this has been accomplished (and possibly a day or the hour now), the Public hype for $ 1000 will be on big time!
Our economy is in big trouble.
But the U.S. $ is in even greater difficulty and all this bodes well for gold.
UK is in trouble and stocks are usually in a primary bear market. Gold is in a primary bull market. Gold is also safe haven in a time when Iran is running boats around a large ship like a flea on an elephant taking. And then there's Iraq, Afghanistan, Middle East and terrorism in general, a foundation under the gold Heep.
Action Index Dow now buys only 14.50 ounces of gold. This is the smallest amount of gold on a part of the Dow will buy since July 1999. In 1999, an action of the Dow would buy 44 oz of gold. Thus, in terms of real money, the Dow Jones is now down 67 percent. And the money, gold is real. Do not forget the paper money (can you say the U.S. dollar) is the currency.
And then there's this thing called inflation?
The Bloomberg report said that the futures gold in China rose to 10 per cent on their first day of trading today on the demand from local investors seeking to buy the metal on the margin. The start of trading in Shanghai was "the greatest event in the gold market since the launch of gold exchange-traded funds in recent years,''John Reade, analyst at UBS AG in London, wrote in a report.
Bullion for immediate delivery rose to a record 891.70 dollars an ounce, a new record high! "Gold will be a great investment in 2008,''Greg Smith, managing director of investment adviser Fat Prophets UK Ltd., said In an interview with Bloomberg Television in London. "The $ 1,000 an ounce is certainly for now.''
If Ben Bernanke keeps lowering rates (and it will again January 30) in U.S. $ will continue to decline, inflation will continue to increase (# 3 on my New Year predictions ten), and gold, well, maybe $ 1500?
About the Author:
ernie@lrchouston.com
Article Source: ArticlesBase.com – $1,000 Gold Soon?
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