Gold Prices At 28 Yr High

CHUQ · Posted: Mon Dec 31, 2007 4:05 am Post subject: Gold Prices At 28 Yr High

Yet another indicator that a recession could be in our future.

Dec. 31 (Bloomberg) -- Gold is headed for a seventh year of gains as it held near its highest in almost 28 years, boosted by crude oil gains and the dollar's decline against major currencies.

Bullion for immediate delivery traded up 80 cents at $841.30 an ounce at 1:04 p.m. Singapore time. Gold gained to $843 an ounce earlier, the highest since Nov. 7, when the metal touched $845.84 an ounce. Silver for immediate delivery added 0.5 percent to $14.87 an ounce.

Gold gained 32 percent this year as surging fuel expenses boosted demand for the metal as a hedge against inflation. The spot price climbed to a record $850 on Jan. 21, 1980.

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Kizzume · Posted: Mon Dec 31, 2007 5:47 am Post subject:

This isn't looking so rosy right now. I don't think things are about to collapse, but I do think we're in for some turbulence. Oil prices, the housing market, and the dollar.
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

We've been headed for a recession for some time now. The spin doctor's are trying their best to deny it but it's coming.

CHUQ · Posted: Tue Jan 01, 2008 3:48 am Post subject:

Govt intervention is the only thing that has prevented it so far.
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

So much for a free market economy. Laughing

CHUQ · Posted: Wed Jan 02, 2008 3:00 am Post subject:

Yep, that is why I go off when I hear people talk the free market....there is none. Only the illegal drug industry is basically the only free market left. Sad, huh?
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

I was reading an article that said the feds wanted to do more to calm the markets.