Gold Breaks Through $1,200!
December 1, 2009
Can gold “hold” the $1,200 level today? That’s doubtful as we have a slew of monthly reports due out today and this week; however, for the long haul the bright yellow metal is looking GOOD!
The US$ has shed another 40 cents at the opening bell this morning as it slowly slip-slides away.
Let’s see now, the US$ has lost 97% of it’s value in the last 97 years (since the Fed was created in 1913 to protect the US$). Thus, gold futures for February delivery advanced to $1,200.50 an ounce on the New York Mercantile Exchange’s Comex division. Ole Hansen, senior manager at Saxo Bank, said: “The fact that we are seeing the dollar weaken is helping to drive gold.”
Oh yes, and don’t forget the coming hyper inflation, the massive trillions of dollars in debt, and the military shambles in Afghanistan and 150+ other places where the United States has a military presence. So, since we’re $12,000,000,000,000.00 in debt, what’s another trillion over the next ten years? Let’s go ahead and add a national health care program.
Let’s add another 50,000,000 uninsured people to the medical program. I’m sure we can find the added and needed doctors to take care of them. NOT!
Everyone was waiting for gold to CORRECT and they have been WAITING for five years now; however, the way gold keeps recovering suggests there is still a lot of buying lurking in the wings (among) people who missed the opportunity to get into the market in the first place. If you believe Richard Russell and Harry Schultz as an example, gold is going to $2,500+. If you believe Mahendra, gold is going to $550.
Place your bets gentlemen (and ladies), we’re about to roll the ball and throw the dice for today!