Gold just hit $700 an ounce - 25 year high.

[leftyladyfrommo]

So now I can sell my jewelry when I run out of money because I don't have a job.

What is going on? The stock market is also way up.

[mdmc]

1. no way!

How far away is June 6th? :wow:

[leftyladyfrommo]

2. it is a headline over on Reuters.

I don't understand the June 6th part?

[AverageJoe]

3. June 6 = 6/6/06 n/t

[leftyladyfrommo]

5. You mean like the sign of the beast?

I probably need to go over on the Rapture Site and see how things are stacking up there. We might be getting ready to be raptured right into the next universe. I hope they have pot over there - would make the party so much more fun.

[Dr.Phool]

12. We're about to get raptured

Into a third world banana republic.

[earth mom]

34. Ain't that the truth?!

How soon before bread is a $150 a loaf? :yoiks:

[mdmc]

6. that is the day that they start rounding up dissenters

on the way to war with iran.

perhaps.

perhaps driving up the price of gold.

[leftyladyfrommo]

9. Huh?

I am so out of it. There will be no war with Iran. We will negotiate. Anyway that was the spin this morning.

[mdmc]

13. That is so cute leftladyfrommo... simply adorable!

thank you so much for that uplifting reply :). I too remember when "war as a last resort" was the story of the day.

Here is to diplomacy :toast: Here is to negotiation! :toast: Here is to reasonable foreign policy! :toast:

I wonder why there is such a run up on gold? :hmmm:

[leftyladyfrommo]

18. Well, I did see some report about "forts" along the Iraqi,

Iranian border. But I'm sure they are not for war stuff.

[mdmc]

20. I bought concert ticket for summer events instead of gold

stupid me! ( I have tickets to see Trey and Phil Lesh at Bethel, and PHC (Garrison Kellior) in July.) :mad:

[leftyladyfrommo]

22. That should be more fun than trading gold.

I've never heard of Trey and Phil Lesh.

[mdmc]

24. Trey is some dude from the band Phish

Phil Lesh is the former bassist for the Grateful Dead.

I fear that I will be in gitmo before these shows take place. :tinfoilhat:

I really wanted to see Prairie Home Companion too!

[leftyladyfrommo]

25. You spent $700 for these tickets?

I'm sure they will be worth while. You can look back many years from now and remember what a good time you had. I do that with the Jefferson Airplane concert I attended. Of course, most of them are probably dead now.

[mdmc]

26. the tix were far less then an ounce of gold

they were only like $50.00 each.

Hopefully I can see the shows.

[leftyladyfrommo]

27. That sounds like a good price.

I would like to see Garrison. I have heard him on NPR and those shows were really funny.

[mdmc]

32. the best part about his show is that you can picnic before hand

they let you bring wine and food in, and you can spend all afternoon enjoying the park. Then, in the evening, you get to see a great show.
Ah, God Bless LIBERALS!

[leftyladyfrommo]

35. That does sound fun. I hope you make it.

[leftyladyfrommo]

31. Oh, I was wrong. I just read the article again and those forts

are being built because of "rising tensions" with Iran. Oops.

[mdmc]

36. yikes!

:scared:

[Spider Jerusalem]

4. Not in constant dollars; it'd have to reach over $1700/oz to be higher...

than the 1980 high in real terms.

[leftyladyfrommo]

7. Party Pooper

I was ready to get out the party hats.

[OrangeCountyDemocrat]

8. No Selling....Just Buyin'

Picked me up some more this morning. Should have bought yesterday and saved a few bucks.

I might think about selling in 2009, or when the price goes over $3K. Maybe.

[leftyladyfrommo]

10. So, are you saying I shouldn't sell my jewelry until 2009?

[OrangeCountyDemocrat]

14. I'm Saying It's Going To Get Worse Before It Gets Better....

And I ain't talking about the price of Gold getting worse, I'm referring to the economy and the $.

I'm sayin' that you'll look back at the price of $700/ounce and say...."I wanted to sell back then?"

Look at the sky......that's how high the price of Gold/Silver can go to. This administration is in power for another 2 3/4 years, and things will get much worse, unless you haven't been paying attention.

[flamin lib]

11. Commodities are a reflection of the strength of currency.

Gold and other stable commodities do not fluctuate in value, money does. Gold is stable in that it isn't so subject to supply and demand--the supply is very stable. As such it makes a good bench mark for how healthy a currency is.

edited for grammer

[happyslug]

37. Gold is like any other commodity, except Gold Bugs are often true believer

Gold is like any other item (including Dollars) it is subject to the rule of Supply and demand. Right now the demand for Gold (in terms of Dollars) is high, while the demand of Dollars (in term of Gold) is low.

Dollars have been since WWII the main means of Exchange world wide. Gold Bugs tend to want Gold be to the only medium of Exchange thus they believe Gold is Stable while Dollars and other forms of Cash are NOT (i.e. Dollars and other Mediums of Exchange). This just is NOT true, Gold Bugs make it "True" but assuming Gold price is Constant, and thus if you price everything in terms of Gold it is the OTHER COMMODITIES that price goes up and down NOT Gold. This has been false for Centuries. An Example of this is the election of 1896 where William Jennings Bryan ran for the Presidency on the issue of minting more Silver Coins compared to Gold Coins so to have some inflation in the US Economy. Bryan was opposed by the Republicans who backed the "Gold Standard" (It is generally conceded that Bryan won the Election of 1896, but the GOP cheated to win the Popular and Electoral Vote). Four years later Bryan he ran again, but quickly dropped the Silver Issue for it was dead. Gold Fields in South Africa and Australia had opened up in the intervening four years that produced the inflation that was needed WITHOUT minting more Silver Coins in the US. Notice Silver was NO LONGER an ISSUE do to the INCREASE in the SUPPLY of Gold which LEAD to a DECREASE in the "REAL" price of Gold. Thus a clear example of Gold be affected by Supply and Demand.

Anyway, Gold Bugs do NOT like treating Gold as another Commodity, Gold to them is the main medium of exchange with "fiat" money "False Money". Both Dollars, Pounds, Euros and Gold are all affected by Supply and Demand for that particular medium of Exchange. Right now Gold is on the Rise for people are having less and less confidence in other mediums of Exchange. In the 1980s with the oil Glut, The Dollar was preferred to Gold (Which lead to the huge drop in Gold Prices in the 1980s and 1990s compared to the prices of the 1970s). In the 1990s the YEN stayed constant while the Dollar Boomed with the raise of the Internet (in the 1980s the opposite was the case, the YEN boomed while the Dollar was flat do to the rise of the microchip). Both changes can be seen as the YEN Raising in Dollar terms in the 1980s and declining in Dollar Terms in the 1990s. The same with Gold, if you assume Gold has a constant value, than the Dollar has been declining for the last few years. If you assume the Dollar has constant Value, then the price of Gold has been going UP for the last few years (The reality appears to be a combination of both, the Dollar losing value while Gold increasing in Value).

My point is Gold does NOT have a constant value, its value depends on the Supply of Gold (Including Gold released from Government Storage in addition to Gold From Gold Mines) and the demand for Gold (Gold is in demand for the electronic industry including the Military which had a constant demand for Gold do to its excellent ability to carry electric current, it is better than Silver, which is better than Copper, but Copper is a lot cheaper than Silver and Gold). Gold will continue to increase in regards to Dollar, but more do to the Dollar weakness than Gold's strength.

[dogday]

15. Poor just keep getting

poorer :mad:

[puerco-bellies]

16. Gold is trading at $862 per oz in the December 08 contract.

I believe that we will see 800 per oz on the NYMerc by december. As a matter of fact I've got my money on it!

[leftyladyfrommo]

19. Wow, this is so over my head.

But I can relate to the poor getting poorer part. That would be me.

[aikoaiko]

17. nice cycle, but looks like a bad time to buy if history is repeats.

[Warpy]

21. Look to the real estate bubble

because real estate is no longer the place to put one's ill gotten gains from the overworked and underpaid and overcharged. They're all stashing it in the stock market and in metals futures, not just gold.

Even cheap-o aluminum alloy has gone up 50% in the past year. Most other metals have at least doubled and quite a few have tripled.

Gold is best as a hedge against inflation, since it tends to hold its value no matter what happens to a fiat currency like the falling dollar.

I'm hanging onto all my inherited jewelry, too, just in case.

[leftyladyfrommo]

23. Never thought about the real estate slow down.

I wish I knew more about all of this stuff but I'm too busy studying other stuff. And this kind of thing just makes my head hurt. I have no mind for money.

[Warpy]

28. Read the Economics forum here at DU

There is a lot of useful information there, along with endless repitition of Macro Economics 101 (propaganda).

[IChing]

29. You need also to look at other metals your penny for example

three weeks ago( i posted this info a while back) it was worth 1.4 cents because of zinc prices now it is worth 1.5 cents in the metals that make it up.

Aluminum, Zinc and copper made even greater gains than gold did today.

[lonestarnot]

30. Penney hoarder salute!

[ComerPerro]

33. Bush's real base is buying up America for pennies on the dollar

that's why stocks are going back up and the price of gold is going up.

A lot of people hoarding investments