Gold soars to record high of $995.20 an ounce

[UpInArms]

Source: CBS Marketwatch

NEW YORK (MarketWatch) -- Gold futures closed with strong gains, after hitting $995.20 an ounce Wednesday, boosted by ongoing investment flows into commodities, a rally in crude oil and dollar weakness.

Gold for April delivery rallied $22.20 to end at $988.50 an ounce on the New York Mercantile Exchange. Earlier it surged to a record high of $995.20 an ounce.

Silver and copper futures also rallied.

"We've got the stock market back up, and as such, the trade is flowing back into gold," said Zachary Oxman, a senior trader at Wisdom Financial.

"Dollar weakness and the huge crude rally are helping as well," Oxman said.

Read more: http://www.marketwatch.com/news/story/gold-soars-record-high-99520/story.aspx?guid=%7B515721B3%2D4EE8%2D4557%2DA0E2%2DE1CF18236DDF%7D&dist=sp_inthis

[whistle]

1. And the U.S. dollars falls to new lows

[BeHereNow]

2. Dollar .65 and dropping to the Euro...

Time to buy some more mining stocks.
BHN

[Bilbo Heugan]

8. $1000 is a nice round number. "Investors" like nice round numbers

to tell them when to reverse course. That's on the one hand.

On the other hand, where will it be on the morning we wake up and find out our government has just devalued our currency by 50% to restore balance?

[Hydra]

3. Damn, I wish I had some gold

I remember just a few years ago when people said saving in gold was the province of loonies. :evilgrin:

[ClintonTyree]

5. I bought 4 ounces in 2003.....

when it was around $380 an ounce I think, just to have something around the house in case everything went down the crapper. When it got over $500 an ounce I sold it because I thought it would NEVER hold that price. :cry: I "misunderestimated" the reverse Midas touch of George Bush. Everything he touches turns directly to shit. Man.......I could have been a "thousandaire" now! :banghead: DOH!

[singilarpoint]

22. Don't feel bad!!!

Back then I was telling everyone to go buy gold. So what did I not do? Go buy gold. I always give great advice, I just never follow it!!!!!!!!!!

[slackmaster]

7. How to know when to buy gold

When it's not being pushed in newspaper and AM radio ads, and the price has been relatively stable for a few years. Then you buy a little and don't plan on having it appreciate in the near future. Eventually another cycle will push prices to ridiculous levels, then you sell.

Right now about 2/3 of the price of gold is based in fear and panic. Buying it now is essentially betting that things are going to get a lot worse.

I really don't believe that's the case. Two of the biggest factors - The housing "crisis" and the high cost of energy - tend to correct themselves. Housing prices WILL come down and people WILL conserve energy.

[Phx_Dem]

25. The precious metal prices are rising

due mainly to institutional investors looking to hedge their bets. Instead of purchasing the actual metal (like coins) better to invest in metal stocks like GLD and SLV.

Also, the housing market is not going to "correct itself", we are heading towards a market meltdown like we have never seen. Read up on mortgage derivatives and the monolines.

[Javaman]

30. I read yesterday that due to the rolling blackouts in south africa...

the gold mines have had less power to operate, thus driving up the price of gold.

[Phx_Dem]

31. Supply is certainly a factor

and demand is up in India and several other countries in that region.

There is some profit taking today so far--GLD is down 1% and SLV down 1.85%.

[BeHereNow]

10. Silver is still affordable- go for it! It's going to keep going up.

I bought silver @ 6.24 an ounce. It is now over 20.00
and will continue to value in my estimation.

BHN

[SlowDownFast]

15. Yep. You got it BHN!

I already own both gold and silver, but for those who are interested, I wouldn't buy it all at once now at this price.

Maybe a little now, wait and see if there's a correction (there ought to be one soon), and then buy some more.

Silver is "poor man's gold", but it works just the same. Many surmise it will continue to outperform gold's rise percentage-wise.

Silver Eagles/Maples are best. Bars with a mint mark are good too.

Here is one well known reputable dealer (good prices):

www.apmex.com

For larger purchases ($2000 or more=best prices):
www.golddealer.com

I have purchased from both.

[BeHereNow]

21. I bought Maples and Philharmonics- Monex

I like my guy at Monex- I think they are pretty good
to deal with too. I'm wishing I had moved more
assets into metal now, not to mention euros...
BHN

[PassingFair]

11. If you had it, would you sell it right now?

[Hydra]

13. I would!

Not because it's smart, but because it would pay the bills! :evilgrin:

[PassingFair]

18. My friend says; "Sell it when EVERYBODY WANTS IT!"

Buy it when NOBODY wants it.

I've got some ugly 80's style
jewelry in a safe deposit box around I should
probably sell.....

[benEzra]

20. I wish I had bought some platinum back when it was $380/oz in the late '90s...

it closed at $2252.00/oz today.

:wow:

[Pale Blue Dot]

4. It's OK! The stock market went up today!

Nothing to see here!

:eyes:

[slackmaster]

6. I sold some of mine yesterday

Got paid $942 for a Canadian Maple Leaf coin that my late stepfather paid about $275 for.

Also got $188.50 each for two 10-ounce silver bullion bars that I bought when it was around $4 per ounce.

[raincity_calling]

9. Where do sell those things?

Do you sell them at a coin shop?

[slackmaster]

12. Yes, most coin shops deal in bullion

The only shitty part of my experience was that on display right next to where they handed me my check was a 1913 US Eagle $10 gold piece, the one with the cool reverse relief Indian chief. A coin I have wanted since I was a small child, and only $700.

Here is the $2.50 quarter eagle from that year.

http://www.holeycoins.com/images/1913-$2.5.jpg

Bastards. The only thing that stopped me from buying it was that I had already earmarked some of the money for a very nice M1903-A3 Springfield military rifle, vintage 1944.

[roamer65]

28. Bela Lyon Pratt's incuse design...one of the best ever.

"BLP" just below the Indian's neck are his initials. I have a $5 and $2.50.

My thing is Liberty Head and St-Gaudens $20 Double Eagles.

[safeinOhio]

14. My advice for the little guy

Don't want to dish out about $1060. for a gold coin. You do pay a premium when you buy one. Buy a buck or two, face value, pre1964 silver coins every once in a while. Right now I'm buying up Forever Stamps, $41./hundred. Postage goes up plus inflation. You'll never lose on them. In 10 years you'll at least double your money. One doesn't have to have a ton of $ to invest. A little here and a little there adds up. I sold a few gold coins last month to buy a "good deal" used car. So, it really only cost me half the 2008 price. In case it goes down, I did make out. Time it so you only sell when it's higher than you paid for it. Good luck.

[tuvor]

16. Record high, my butt. Why does everyone forget about inflation?

In 1980 gold was at about $680 per ounce.

That's over $1700 in today's dollars.

[high density]

23. It's the same reason why CNBC, et al love talking "points"

when all that really matters are percentages.

[lonestarnot]

26. Stupid question, but

What's the formula for calculating then dollars to today's dollars. Just curious.

[tuvor]

29. I don't know if there's a definitive "formula"...

But I use an application on my Palm called InflationMaster. "InflationMaster uses actual inflation data published by the United States Federal Reserve and takes into account years with high inflation, years with low inflation even deflationary years."

I googled around a bit for you, and found this, which suggests that this application might be using the Consumer Price Index to come up with its results. However, there are other methods, too:

Six Ways to Compute the Relative Value of a U.S. Dollar Amount, 1790 - 2007
http://www.measuringworth.com/uscompare/

[0007]

17. I'm going gold.

[Phx_Dem]

32. Today's (thurs) not a bad day to get in

GLD is down 1.3%, SLV down 2.87%

[khaos]

19. still has a long way to go

[tom_paine]

24. Of course it did. The dollar is well on it's way to being worthless toilet paper.

The bankrupt money of a morally, intellectually, and economically bankrupt Empire.

We're no Rome, that's for damned sure. More like a bigger version of Ferdie Marcos' Phillipnes.

[roamer65]

27. We have now set a record 17% M3 money supply growth.

Gold will be $2000/ounce before we know it.