Newt Says No!
September 29, 2007
Former House Speaker Newt Gingrich will not run for president in 2008 after determining he could not legally explore a bid and remain as head of his tax-exempt political organization, a spokesman said Saturday.
“Newt is not running,” spokesman Rick Tyler said. “It is legally impermissible for him to continue on as chairman of American Solutions (for Winning the Future) and to explore a campaign for president.” Continue Reading »
Needing A Pullback!
September 29, 2007
Nothing goes straight up; however, if anything does, it soon topples over. We need a correction, build a base, and then resume the climb. Gold exceeded earlier highs, surging to its highest point since 1980 as fund buying accelerated amid record low dollar values and another new peak for oil prices in London.In confirmation…..’Funds are throwing lot of money at gold,’ said Kitco analyst Jon Nadler. He added, however, that gold’s one way ascent over the past month is taking on some ‘ominous and speculative features that may not see it correct in orderly fashion’.
Gold hits 28-year high- $745
September 28, 2007
Gold jumped 1.6 percent to a 28-year high on Friday, boosted by a record low dollar and firmer oil prices, while platinum reached a 10-month peak and looked to test an all-time high. Spot gold rose as high as $745.50 an ounce, its highest level since January 1980 when the metal rose to $850.
$740 & Rising
September 28, 2007
The December futures contract for gold was up another $4.70 Thursday taking the yellow metal over $740 for a close. “Gold is a great bet,” said Walter Otstott, senior broker at Dallas Commodity Co. “The euro is strong. You have high energy prices. You can’t help but see the inflationary pressures building.” Gold is now up over 10% for the last 30 days of trading, or mroe than $68 an ounce.
Are We Killing The Goose?
September 27, 2007
The one that lays the golden eggs- of prosperity? Just how high can the price of a barrel of oil go before, not just America, but the entire planet chokes and can’t be resusitated? Oil was up $2.79 a barrel today to close over $83 a barrel. Meanwhile, the U.S. Dollar fell to a record low against the euro, boosting the appeal of commodities as alternative investments. But that notwithstanding, how high will gasoline prices now rise at the pump? Continue Reading »
Dollar Woes - Gold’s Joy
September 27, 2007
Gold gained in London as the US$ slid to an all-time low against the euro, boosting demand for bullion as an alternative investment this morning. The dollar slumped on speculation a government report will show a drop in U.S. home sales, bolstering the Federal Reserve’s case for cutting interest rates. Gold is seen by some investors as a hedge against further declines in the dollar. The U.S. currency has weakened against 14 of the 16 most-active currencies since June 30, falling 4.4 percent versus the euro. Gold has climbed almost 11 percent since then. A cut in interest rates would help the euro, and give indirect support to gold.
He Came, He Lied, He Left
September 26, 2007
His two days of fame in front of American cameras was a hit- in Iran. His commentaries and picture of reality was either that of a liar or a highly dilusional person that needs mental help. And now he heads off to Venezuela where he’ll be embraced by another tyrant with an even bigger ego- Hugo Chavez. Yep, I’m talking about none other than Iranian President Mahmoud Ahmadinejad. Continue Reading »
The Trend Is Your Friend!
September 25, 2007
One of the early investing ideas I latched on to was to figure out what the TREND was and then GO THERE!. In the last five years the trend for gold has been up after being a negative trend for twenty years. This morning is a good example. Gold opened DOWN $8 and I thought, maybe this is the correction, or at least an opportunity for a rest for a few days. However, the yellow metal turned around (primarily my suspicion on the tanking US$) and closed at 12:30 today off just 30 cents. And it was up until the last five minutes.
Mayoral Disagreement
September 25, 2007
In the political shootout over gun laws, Rudy Giuliani and Michael Bloomberg, one presidential candidate and one potential presidential candidate, fire a lot of shots without hitting each other. Giuliani, the former New York mayor, recently told the National Rifle Association he supports a measure that blocks access to aggregate gun trace data, a law that his successor, Bloomberg, long has targeted for repeal. Continue Reading »
Guess Who’s Coming To Dinner?
September 24, 2007
And also to the United Nations! But, not to ground zero. It’s none other than Ahmadinejad, who is due to address the UN General Assembly in New York and hold other meetings. He can’t wait to come and inform us Americans the truth about the Holocaust and other hithertofore unknown facts about the world of Islam. Ahmadinejad said he would be meeting “intellectuals and independent US politicians” on his trip to Tehran’s arch foe. Continue Reading »
India On Gold Buying Spree
September 23, 2007
India imported around 664 tonnes of gold in January-August, up 86.5 percent from a year ago, a World Gold Council official said on Saturday. Ajay Mitra, WGC managing director for India, told Reuters that by the end of this month imports could top those in the whole of 2006. India imported 715.5 tonnes of gold in 2006, according to WGC data. In an interview last month, WGC’s managing director and chief marketing officer, Philip Olden, said India’s 2007 gold imports could be 50 percent above last year’s level.
Romney Rains On GOP Parade
September 22, 2007
Republican presidential candidate Mitt Romney is scolding his party in a nationally broadcast ad Sunday and in an open letter to party leaders that asserts that the blame for Washington’s dysfunction does not rest just with Democrats. The media push casts Romney as an agent of change, a recognition that even Republicans have grown weary of their government. Continue Reading »
Gold Glitters!
September 22, 2007
Let’s do a brief recap. For the week gold was up $21. If you owned 100 gold coins, it as a $2,100 profitable week. Gold is up $73 for the past thirty days or up 11%. Wouldn’t it be nice if that would hold for twelve months (132%). But the reality IS, gold is only up 26% (only…I’ll take it!) for the past 360 days or $148 an ounce. Using those same 100 ounces (coins) of gold and your profit would be $14,800!
While I am expecting a pull back, profit taking, and the like (nothing goes straight up), seeing the uncertainties that are now ever present in the world, the inflationary spiral that is looking, and the rest of the world getting tired of buying our fiat US$, anything can happen! Strap on your seat belt!
Gold hits 28-year high
September 21, 2007
Spot gold rose more than one percent to hit a 28-year high at $730,20 an ounce on Thursday on safe-haven buying and a slide in the dollar to record lows against the euro. Gold, which has risen more than 15% this year, hit an all-time high of $850 in January 1980.
“The market was in two minds yesterday, jumping between $722 and $726, but the euro’s push through $1,40 against the dollar gave the market fresh impetus to break up again,” said Tom Kendall, metals strategist at Mitsubishi Corporation in London. “The metal is likely to see some consolidation now until the U.S. markets open. We could see further gains then, but the higher we go, the more nerves will be jangling,” he said.
A weaker dollar makes gold cheaper for other currency holders and often lifts bullion demand. The metal is also generally seen as a hedge against oil-led inflation.
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