Gold hits record above $890 on dollar, oil

[UpInArms]

Source: Reuters

TOKYO (Reuters) - Gold hit a historic high for a second straight day on Wednesday as fresh funds from investors poured into the market, supported by a bearish outlook for the dollar and strong oil prices.

Spot gold <XAU=> surged to a fresh record of $891.00 an ounce, surpassing the previous record of $881.10 reached on Tuesday after the market gained momentum as the key Japanese gold futures price <0#JAU:> hit their highest since March 1984.

By 7:59 p.m. EST, cash gold was trading at $890.60/891.40 compared with late New York levels of $878.10/878.90.

The key gold futures contract for December 2008 delivery <0#JAU:> on the Tokyo Commodity Exchange (TOCOM) rose as high as 3,154 yen per gram, the highest for a benchmark since March 1984.

"Gold is bullish. Funds are pouring into markets as they are performing well when stocks are slumping," said Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo.

"The speed of gold's rise is very fast but the market is focusing on taking gold towards $900 in the near term."

Read more: http://www.reuters.com/article/hotStocksNews/idUST21421720080109?sp=true

[roamer65]

1. Gold will go well past $1000 very soon.

It's the world getting out of the greenback while they still can. Gold is the true "Anti-dollar".

[BeHereNow]

3. And BHN is smiling BIG time!!!

Remember about four years back or so when all the
knuckle heads were making fun of Junker in the economic forum?
Accusations flying, calling posts on gold buying propaganda
spread on DU by gold salesmen?
Well... who's laughing now?

I have not only preserved assets at this point- I have more than doubled them.

BHN

[Steven_S]

6. I remember that....

I'm also long and heavy....

and smiling :)

[Kelvin Mace]

2. Totally meaningless number

Adjusted for inflation, gold was $2276 in 1980, thus gold is trading about a third what it traded for in 1980 in REAL value.

You can't just throw out numbers without context.

How deceptive can this be? Well, the biggest box office smash of all times is NOT "Titanic", but "Gone with the Wind" The success of a movie is how many tickets it sells. GwtW sold a hell of a lot more ten cent tickets than "Titanic"'s $7 a ticket.

"Titanic" clocks in at #6, behind:

2 Star Wars
3 The Sound of Music
4 E.T.: The Extra-Terrestrial
5 The Ten Commandments

OK, my rant is done.

[BeHereNow]

4. I disagree. Patience grasshopper, patience. n/t

BHN

[Hulk]

5. I can't understand why the dollar is sinking like a piece of shit....

...we make NOTHING...but bombs that is. We owe China a huge debt...that our GRANDKIDS will NEVER pay off for this stupid ass "war for nothing". I wonder why the dollar is worth toilet paper? Gosh, go figure.

Wake up America! Did you really expect anything else??...idiots!

[lonestarnot]

7. hmmmf

http://www.timesonline.co.uk/tol/news/world/middle_east/article3137695.ece

[abelenkpe]

8. woo hoo!

Go gold. :o)